Unit 2 and 3 Exam: Competency

Reasonable supervision of licensees with two or more years of experience shall include . 1. Specific training in office policies 2. Assistance in the preparation of contracts 3. Review of documents in preparation of closing 4. Review of all executed contracts in order to maintain assurance of competent preparation

4. Review of all executed contracts in order to maintain assurance of competent preparation

In the Exclusive Right-to-Sell Listing Contract, all of the following would be considered a material fact to be disclosed to a buyer, EXCEPT . 1. That the neighbor next door has an easement to cross the property 2. That the roof leaked two years ago, but has been repaired 3. That the house has lead paint 4. That the home has not been tested for radon

4. That the home has not been tested for radon

Ann needs to vacate her unit due to a job change that will require her to move to the Western Slope.Ann . 1. Will automatically forfeit her entire deposit if she moves 2. Will be requested by the landlord or owner a verification of the job change before allowing Ann to vacate the unit 3. Must receive permission from her landlord in order to sublet her unit 4. Unless the lease states otherwise, may sublet her unit

4. Unless the lease states otherwise, may sublet her unit

Lead is most often found in all the following EXCEPT . 1. Paint 2. Minerals in the ground 3. Water sources caused by old lead pipes 4. Lead solder

2. Minerals in the ground

An agent with less than two years experience can expect the employing broker to . 1. Be or assign a mentor 2. Provide training within weekly sales meetings 3. Co-Sign all contracts 4. Personally, or through an assigned experienced licensee, attend closings or be available for assistance

4. Personally, or through an assigned experienced licensee, attend closings or be available for assistance

An employing broker may . 1. Delegate supervisory authority to other experienced licensees in the office 2. As a favor and at no fee, prepare legal documents for a "For Sale by Owner" 3. Accept a fee from a title insurance company for placing business with them 4. Use trust account funds of others, as long as they are replaced within 30 days

1. Delegate supervisory authority to other experienced licensees in the office

Concerning measurements of a residential property, a licensee . 1. Must disclose the source of the measurement 2. May use the assessor measurement even if it is apparently wrong 3. Does not need to measure the home if a previous agent had already measured the home 4. Must measure the home to the standards set by the American National Standards Institute

1. Must disclose the source of the measurement

When must a disclosure be given relating to how the broker will work with a potential client? 1. At the time the contract is written. 2. Prior to the time the contract is written. 3. Before a broker receives confidential information from a buyer or tenant about their needs, motivations, or financial qualifications. 4. Before meeting the potential client

3. Before a broker receives confidential information from a buyer or tenant about their needs, motivations, or financial qualifications.

When must a buyer sign the Lead-Based Paint Disclosure Form? 1. After completion of the risk assessment or after inspection of the property 2. After receiving the pamphlet "Protect Your Family From Lead in Your Home". 3. By the date set forth in the contract. 4. Only if the property was built after January 1, 1978.

3. By the date set forth in the contract.

The brokerage relationship established between the seller and the designated broker extends to 1. The employing broker 2. The firm 3. Other brokers employed by the broker 4. No one but the designated broker

4. No one but the designated broker

If a Lead-Based Paint Disclosure (Sales) Form is not signed by the seller and required real estate licensees prior to accepting an offer on a residential dwelling for which a building permit was issued prior to January 1, 1978, the contract is . 1. Valid unless challenged 2. Lacking and possibly amended or extended 3. Voidable by the buyer 4. Valid, the LBP disclosure must be signed by the date set forth in the contract

4. Valid, the LBP disclosure must be signed by the date set forth in the contract