Duties of Real Estate Agents Unit 1 Flashcards

Duties of Real Estate Agents (Unit 1) Flashcards Jamal, a seller, lists his property. Jamal has noticed that there is a small leak in the roof. He completed the Residential Property and Owners' Association Disclosure Statement (RPOADS) before he listed the property. On the RPOADS, he marked "No Representation" on question #5, which stated, "Is there any leakage or other problem with the dwelling's roof?" Which of the following statements is TRUE?A) Jamal has complied with the North Carolina Residential Property Disclosure Act because it requires a seller (with few exceptions) to complete the form and the seller can choose "No Representation" to answer the questions.B) Jamal must disclose the leak in the roof and does not have to complete the RPOADS.C) Jamal does not have to complete the RPOADS. It is optional for all sellers in North Carolina.D) Jamal has not complied with the North Carolina Residential Property Disclosure Act because he must disclose.A (Jamal has complied with the North Carolina Residential Property Disclosure Act because it requires a seller (with few exceptions) to complete the form and the seller can choose "No Representation" to answer the questions) Which of the following statements BEST describes principal?A) The person who authorizes another to act on the agent's behalf within specified parameters and to whom the agent owes certain legal dutiesB) The person who authorizes another to act on the principal's behalf within specified parameters and to whom the agent owes certain legal dutiesC) The person acting for and on behalf of the principal within the bounds of the authority granted and who owes fiduciary duties to the principalD) The person designated or employed by an agent to perform all or part of the agent's assigned tasks or services on behalf of the agent's principal B (The person who authorizes another to act on the principal's behalf within specified parameters and to whom the agent owes certain legal duties) A stigmatized property must always be disclosed to a client in North Carolina.False Which of the following statements is TRUE regarding agency agreements?A)Listing and property management agreements must be express written agreements from the beginning of the relationship and buyer agency agreements and tenant representation agreements can be in oral agreements for a period of time.B)Listing and buyer agency agreements must be written agreements from the beginning of the relationship and property management agreements and tenant representation agreements can be oral agreements for a period of time.C)Listing agreements

and property management agreements can oral agreements for a period of time and buyer agency agreements and tenant representation agreements must be in written agreements from the beginning of the relationship.D)Listing agreements, property management agreements, buyer agency agreements, and tenant representation agreements can all be oral agreements for a period of time.A (Listing agreements and property management agreements must be express written agreements from the beginning of the relationship and buyer agency agreements and tenant representation agreements can be in express oral agreements for a period of time) Which of the following BEST describes the fiduciary duties owed from an agent to their principal?A)Obedience, loyalty, disclosure, confidentiality, accounting, and reasonable skill, care, and diligenceB)Obedience, loyalty, and disclosureC)Reasonable, skill, care, and

diligenceD)Honesty, fairness, disclosure of material fact, and present offers A (Obedience, loyalty, disclosure, confidentiality, accounting, and reasonable skill, care, and diligence) A listing agent advertises in MLS that a property has gas heat and instead it has electric heat. The listing agent has taken the word of the seller on this matter and a buyer buys

the property with the understanding there is gas heat. The listing agent will most likely be guilty of which of the following?A)Willful omissionB)Willful misrepresentationC)Negligent omissionD)Negligent misrepresentation D (Negligent misrepresentation) Derrin hires Austin with Best Homes Realty to list his home for sale. As Austin is completing the listing agreement,