Agency Real Estate Flashcards

Agency Real Estate Flashcards

True or False: A licensee representing a buyer or tenant

client does not breach a duty or obligation to that client by working on the basis that the licensee shall receive a higher fee or compensation based on a higher selling price.True Licensees MUST provide the agency disclosure informational pamphlet to prospective sellers or lessors and buyers and lessees at the first face-to-face contact.True

True or False: A licensee shall not be liable to a client for

providing false information to the client if the false information was provided to the licensee by a customer unless the licensee knew or should have known the information was false.True True or False The licensee MUST retain the signed and dated receipt included in the pamphlet for 7 years.False A dual agency shall not be construed to exist in a circumstance in which the licensee is working with both the landlord and tenant, as to a lease which does not exceed a term of _______,and the licensee is the landlord.a. 3 yearsb. 2 yearsc. 1 yeard. 4 years

• years

When providing ministerial services, the agency disclosure informational pamphlet may NOT be presented.True All of the following would be considered a ministerial act,

EXCEPT:a. representing both the buyer and the seller in

the same transaction.b. responding to questions from persons walking into a licensee's office concerning brokerage services offered or particular properties.c.accompanying an appraiser, inspector, contractor or similar third party on a visit to a property.d. describing a property or the property's condition in response to a person's inquiry.

• representing both the buyer and the seller in the same

transaction."A client shall not be liable for the acts or omissions of a licensee in providing brokerage services for, or on behalf of, the client", best describes which of the following?a.vicarious liabilityb. agency exclusionc. singular liabilityd. a cooperative brokerage agreement

• vicarious liability

If a party will NOT sign the agency disclosure information pamphlet, the licensee MUST prepare written documentation as to the nature of proposed transaction, time and date pamphlet was provided and any reason given for NOT signing.True

When a document is required to be signed in the presence

of a Notary and two witnesses, we say it is must be in:a.

authentic form.b. specific form.c. civil form.d. statute of frauds compliance.authentic form Licensees MUST treat all customers and clients honestly and fairly. However, there is NO requirement of confidentiality with a customer, confidences are due to a client.True The Real Estate Agency Disclosure Pamphlet is required under Louisiana law to be given to all prospective buyers/sellers and lessors/lessees.True Confidential information is information which, if disclosed, could materially harm the position of the client.True As specified in the Louisiana License Law, which of the following is NOT a ministerial act?a. Assisting an appraiser in determining the appropriate market value of a property.b.A referral to another broker or service provider.c.Completing business or factual information for a person represented by another licensee on an offer or contract to purchase.d. Describing a property or the property's condition in response to a person's inquiry.

• Assisting an appraiser in determining the appropriate

market value of a property.Ministerial acts are those acts that a licensee may perform for people that are _______in nature.a. informativeb.confidentialc. uncommunicatived. financial Informative

Redhibitory actions can only exist between:a. a buyer and

a seller.b. a buyer and a broker.c. a buyer and an agent.d.a seller and a broker.

• a buyer and a seller.

Designated Agency is a contractual relationship between a broker and a client.True