Brokerage Responsibility

Question 1 of 30

How many square feet in one acre?

24,650
46,530
43,560
55,430

Question 2 of 30

Mr. and Mrs. Conners sold their home and paid an 8% commission to their realtor. Assuming no other fees, if they walked away from the sale with $306,000, about how much did their house sell for?

$332,600
$328,400
$330,400
$327,900

Question 3 of 30

Which of the following is a violation of the Fair Housing act?

refusing to rent to someone who does not meet economic qualifications
not renovating second-story apartments to accommodate handicapped residents
not allowing a service dog in an apartment complex that doesn’t allow pets
a private club that provides lodging and gives preferential treatment to club members

Question 4 of 30

According to Fair Housing laws, which of these people is not considered disabled?

a person with alcoholism
a person with HIV infection
a former convict
a drug addict

Question 5 of 30

Sarah owns a warehouse and has decided to sell it as an open listing. She has contacted three brokers to sell it for her, Brokers A, B, and C. If Broker B makes the sale, who gets the commission?

Broker B
It is up to the brokers to decide how to split the commission.
It is up to Sarah to decide how to split the commission.
Brokers A, B, and C

Question 6 of 30

What information would be unethical for a listing agent to share with a potential buyer?

“The neighbors next door are really great and have two young children about the age of your kids.”
“The roof might need to be replaced in the next year or two.”
“The seller is very eager for an offer because he lost his job and found a new one in a different state.”
“The community association fees are $800 this year, but they will be going up to $1200 next year.”

Question 7 of 30

A subdivision has a rule that each home in the neighborhood be at least 2,500 square feet. This is an example of which concept?

restrictive covenant
cooperative ownership
homestead laws
Fair Housing Laws violation

Question 8 of 30

Which of the following describes a transaction brokerage?

The broker represents the buyer in the transaction.
The broker represents the seller in the transaction.
The broker represents both the buying and selling parties.
The broker does not represent either party, but provides general information and services to each.

Question 9 of 30

Who takes the biggest risk in an open listing?

the agent
the lending institution
the seller
the buyer

Question 10 of 30

An agency contract is being terminated. In which scenario might there be damages owed to one of the parties?

The agency files for bankruptcy.
The agent resigns from the contract because he is overloaded with homes to sell.
The owners discharge the agent because she was not acting in their best interest.
The property owner discovers another claim on the title of the house.

Question 11 of 30

A reconveyance deed ____.

can remove a lien without needing the signature of the trustee
removes a lien and is evidence a trust deed has been paid in full when it is signed by the trustee
requires court approval to remove a lien
is only used for personal property and not real property transfer

Question 12 of 30

When dividing a single plot of land into two or three units, the process is called ____, and the units are called ____.

subdividing; parcels
partitioning; lots
subdividing; lots
partitioning; parcels

Question 13 of 30

A reverse mortgage ____.

requires participant to be 62 or older and converts equity into cash
requires participant to be 62 or older and removes all remaining interest payments from mortgage
requires participant to be 65 or older and removes all remaining interest payments from mortgage
requires participant to be 55 or older and converts equity into cash

Question 14 of 30

Real property is defined as ____.

land and all personal property on that land
land and all chattel
land and everything permanently attached
land

Question 15 of 30

____ are rights and privileges belonging to the land.

Assignments
Appurtenances
Assemblages
Attachments

Question 16 of 30

Which of these is a fixture?

refrigerator
free-standing workbench
window blinds
microwave

Question 17 of 30

A ____ is a promise of real property, kept by the lender to secure the loan.

contract
note
deed
agreement

Question 18 of 30

All of these are good examples of severance except ____.

dividing a single room into two rooms
ripping up carpet
tearing down a fence
removing a bathroom sink

Question 19 of 30

Which lien is required by law to be paid first?

home equity loan
delinquent property taxes
personal loan
construction lien

Question 20 of 30

Which of these is not a type of leasehold estate?

estate in perpetuity
estate at sufferance
estate at will
estate for years

Question 21 of 30

Which of the following is an example of dual agency?

an agent who represents multiple buyers and sellers at the same time
an agent who represents multiple buyers at the same time
an agent who has a real estate license in two states
an agent who represents both the buyer and the seller

Question 22 of 30

When acting on behalf of a principal, an agent must ____.

do everything in their power to ensure the best possible outcome for the principal
balance the interests of the seller with the interests of the buyer
treat the principal’s interests and their own interests with the same level of care
put the principal’s interests before their own

Question 23 of 30

Which of the following is never allowed?

a seller who attempts to sell their own house without the help of an agent
an agent representing the buyer and seller of a single property
a salesperson with an expired license presenting an offer
an exclusive right-to-sell listing

Question 24 of 30

Broker Katie obtains an exclusive agency listing with seller Steve. Katie creates marketing materials and runs open houses for Steve’s home. Then, Steve finds a buyer on his own and sells the house without Katie’s help. What fee is Katie owed?

Steve must compensate Katie for the marketing materials but not for the time she spent running open houses.
Katie has not earned a fee.
Katie is entitled to the full commission.
Steve doesn’t owe Katie the full commission but must compensate her for the time and resources spent on marketing and open houses.

Question 25 of 30

Who usually pays a real estate commission?

the buyer and the seller of a property (an equal share)
the buyer (to his agent) and the seller (to her agent)
the buyer of the property
the seller of the property

Question 26 of 30

For a broker to earn their commission, they are legally obligated to ____.

engage in honest and fair dealing, practice reasonable care, and make all disclosures required by their state
sell the property at the highest possible price and have the sale approved by the commissioner’s office
make all disclosures required by the state, use the highest possible level of care, and have the sale approved by the National Association of Realtors
sell the property within 90 days

Question 27 of 30

Seller Donna signs an exclusive right-to-sell listing with broker Matt. As Matt works to market the property, a friend of Donna’s hears that the home is for sale and negotiates a price with Donna. Donna then sells her home directly to her friend without Matt’s help. Matt is owed ____.

his portion of the commission, but Donna gets to pocket the fee that would have gone to the buyer’s agent
no commission because Matt is not the procuring cause of the sale
the amount specified on an invoice tabulated and provided by Matt that shows the time he spent marketing Donna’s home and his hourly rate
the full commission agreed upon in the contract signed with Donna

Question 28 of 30

Which of the following must be true for an agency contract to be legally binding?

It must be notarized.
A verbal agreement implies an agency contract.
It must be approved by a judge.
It must be in writing.

Question 29 of 30

In the case of buyer agency, ____.

the listing agent is the principal
the seller is the principal
the buyer is the principal
the buyer’s agent is the principal

Question 30 of 30

Which of the following would not result in the termination of a listing agreement?

the death of one of the parties to the contract
destruction of the subject property
the agent’s fulfillment of all duties under contract and successful completion of the sale
the discovery of a structural problem with the home’s roof

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