PRA 4 QUIZ
The buyer is in front of a house for sale, and with a cell phone, calls the listing agent. What disclosures, if any, must the listing agent make to this buyer?
Any information that you give me at this time is not considered to be confidential
A real estate licensee was representing a buyer. At their first meeting, the buyer explained that he planned to operate a dog-grooming business out of any house he bought. The licensee did not check the local zoning ordinances to determine in which parts of town such a business could be conducted. Which fiduciary duty did the licensee violate?
Care
Which of the following may obligate a buyer client to owe a fee to the real estate agent?
Signed a written agency agreement
For how long must a real estate licensee retain a copy of the signed Consumer Notice?
Six months
The broker had a listing with a seller who had a heart attack and is in a coma and is not expected to live. In this situation, what is the status of the listing?
The agency relationship has been terminated
Which of the following is an example of dual agency?
The broker acting for both the buyer and the seller in the same transaction
The agent has visited the prospective sellers three times hoping to list the property. When should the listing agent present the Consumer Notice to these sellers?
The first time the licensee visits the home
A buyer who is a client of the broker wants to purchase a house that the broker has listed for sale. Which of the following is TRUE?
The seller and the buyer must be informed and agree to have the broker represent both of them
In Pennsylvania, what is necessary in order to be compensated?
Written agreement between a real estate licensee and a consumer
By Pennsylvania law, all of the following must receive the Consumer Notice EXCEPT
a corporation is selling the property
The relationship of a broker to a client is that of
a fiduciary
A customer may expect all of the following EXCEPT
confidential information
A broker did not have enough money in the business account to pay two salespeople, so he wrote two checks out of a trust account. After the next closing, the broker put the money back into the trust account. This an example of
conversion
An errors and omissions insurance policy would most likely offer protection against an allegation of
forgetting to turn on the burglar alarm after showing the property
When hired by a management agreement, the broker represents the
owner
Statements by a real estate licensee exaggerating the benefits of a property are called
puffing
A licensee is hired as a buyer's agent by a first-time buyer to help with the purchase of a home. The buyer confides that being approved for a mortgage loan may be complicated by his bankruptcy filing two years ago. The buyer would like to find a seller who will accept an installment sale. In this situation, a correct statement about the licensee's responsibility regarding this information during the presentation of an offer to purchase a property is that the licensee is
required to disclose it because it is a material fact—information important to the seller's evaluation of the offer
In Pennsylvania, the broker is providing communication and document preparation services and is assisting both parties in a transaction without advocating for either party. This broker is a
transaction licensee
Who does the real estate broker represent?
whoever hired the broker