Real Estate -

A buyer prospect is interested in seeing a house listed with a real estate company but does not wish to enter into a buyer agency agreement. A broker from the real estate company can show the buyer an in-house listing if the __________. Salesperson obtains the seller's permission -Buyer verbally agrees to buyer agency -Licensee provides the buyer with an agency disclosure that the real estate company represents the seller -Salesperson provides the buyer the buyer with a dual agency consent form

-Licensee provides the buyer with an agency disclosure that the real estate company represents the seller

The most common way to enter into seller agency is the __________. -Purchase and sale agreement -Form 17 Disclosure agreement -Listing agreement -Buyer agency agreement

-Listing agreement

The following is the definition of designated agency. -The buyer's agent and the seller's agent being from the same office requires the designated broker to be the designated agency (dual agency). -The selling agent represents a designated broker in a transaction. -The designated broker represents the buyer in a transaction. -The designated broker represents the seller in a transaction.

-The buyer's agent and the seller's agent being from the same office requires the designated broker to be the designated agency (dual agency).

The agency pamphlet is designed to inform and educate the public concerning agency law. In a real estate transaction, __________. -The consumer may pick it up at any public library -The consumer may obtain it by writing to the Washington Real Estate Commission's Agency Review Board -The licensee must give it only to the principal with whom the licensee has an agency relationship -The licensee must give one to all parties to whom the licensee renders real estate brokerage services

-The licensee must give one to all parties to whom the licensee renders real estate brokerage services

Which is an example of implied agency? -The seller's actions indicated that the agent was in fact their listing -agent. -The selling broker acted as a sub agent of the listing agent. -The buyer's agent communicated the offer to the seller. -The buyer's agent had purchased the seller auto.

-The seller's actions indicated that the agent was in fact their listing -agent. The seller's actions are an example of an ostensible agency, which means implied agency.

A licensee listed Bill's house and served as a seller's agent. After the house is under contract, Bill wants to buy another house and wants to be represented by his listing agent. Can the listing agent now represent Bill? -No, the licensee may only continue to represent Bill as a listing agent. -No, the licensee may not represent Bill because the listing agency relationship has been terminated. -Yes, the licensee may now represent Bill as a buyer's agent. -Yes, but the licensee must serve as a dual agent, representing Bill as a listing agent and a buyer's agent.

-Yes, the licensee may now represent Bill as a buyer's agent.

When a licensee is working with a buyer or seller but not representing them, this is called __________. -Buyer and seller agency -Customer agency -Client agency -non-agency

-non-agency Non-agency is when you are not working for a specified client. The licensee is also called facilitator.

Bill Smith is the listing agent, which makes him also the seller's agent. The buyer asks Bill why the seller wants to move. Bill cannot answer the question because as the seller's agent he must be confidential. Bill must answer the question because he must be loyal to the buyer. Bill cannot answer the question because he must be fair and honest with the buyer. Bill must disclose everything to the buyer and seller.

Bill cannot answer the question because as the seller's agent he must be confidential.

The most common way to enter into buyer agency is the __________. Buyer agency agreement Seller's listing agreement Purchase and sale agreement Shaking hands

Buyer agency agreement

Dual agency requires disclosure to which parties of the transaction? Seller Buyer Buyer and seller None of the above

Buyer and seller

The Real Estate Brokerage Agency Law requires that the licensee do all of the following EXCEPT __________. -Keep confidential all confidential information that the seller has provided -Advise the seller to seek expert advice on matters relating to the transaction that are beyond the agent's expertise -Disclose all existing material facts known by the licensee that might affect the sale and are not apparent or readily ascertainable to the potential purchaser -Conduct a property inspection

Conduct a property inspection

Two separate licensees from the same brokerage wish to represent different parties to a transaction. In this situation, __________. -Both licensees are presumed to represent both parties as dual agents. -Only one licensee from a brokerage may be involved in a transaction at any given time -If this relationship is permitted, the licensee has broken the law and is subject to fines, imprisonment, or both -Each licensee represents only the party with whom he or she has an agency relationship

Each licensee represents only the party with whom he or she has an agency relationship

What is not a type of agency? General agency Special agency Non-Specific agency Universal agency

Non-Specific agency Universal, general, and special are all types of agency.

The licensee must provide a pamphlet on the law of real estate agency to all parties to whom the licensee renders brokerage services when the party __________. -Waives his or her rights -Consents to dual agency -Signs an offer in a real estate transaction handled by the licensee Performs any of the above

Performs any of the above

What act does not terminate agency? Revocation by the principal Revocation by the licensee Mutual agreement Revocation by escrow agent

Revocation by escrow agent

What is a subagent in a transaction? The designated broker The escrow agent The buyer's or seller's agent The mortgage agent

The buyer's or seller's agent

What duties of agency continue after termination?Commission must still be paid. The licensee must keep the principal informed of any changes in the law affecting the principal. The duty to not disclose confidential information still remains. The duty to act in the best interest of the principal still remains.

The duty to not disclose confidential information still remains.

The seller's agent is required to disclose which of the following to the buyer? The reason for the sale of the property. The former residents had AIDS. The sellers were thinking of going bankrupt. The house is in the federally proclaimed flood plain.

The house is in the federally proclaimed flood plain.

A real estate licensee has signed a tenant representation agreement with a tenant who is looking for an apartment to rent. The licensee does not charge a fee to prospective tenants; rather, the licensee receives a commission from landlords. The licensee tells a landlord that the prospective tenant could probably pay a somewhat higher rent than the landlord is asking. Which of the following statements is TRUE? -The licensee owes the statutory agency duties to the landlord who pays the commission. -The licensee's disclosure to the landlord was appropriate under these circumstances. -The licensee's disclosure violated the statutory duties owed to the tenant. -Because the licensee is not charging a fee to prospective tenants, the licensee has violated Washington agency statute.

The licensee's disclosure violated the statutory duties owed to the tenant. Payment of a fee does not determine representation.

What duties (responsibilities) are the same for the licensee to a client, customer, or third party? Loyalty Confidentiality To deal honestly and in good faith Provide a Law of Real Estate Agency Pamphlet

To deal honestly and in good faith