Which of these would be an example of dual agency?AA

Unit 7 : Real Estate Brokerage & the Law of Agency Flashcards

A property manager is BEST described as aA)special agent.B)facilitator.C)general agent.D)universal agent.C While in the employ of a real estate broker, a provisional broker has the authority toA)accept a commission from another broker.B)advertise a property on his or her own behalf.C)assume responsibilities assigned by the broker.D)act as an agent for the seller.C Which of these would be an example of dual agency?A)A broker-in-charge assisting a buyer client in the purchase of a property that was listed by a provisional broker of the firmB)A provisional broker and a broker licensee from firms that are cooperating in a transactionC)A broker finding a buyer for a for sale by owner propertyD)A firm that represents buyers and sellers A A broker lists a property for sale at $100,000 with a 5% commission. The broker obtains a verbal offer to purchase the property from a prospective buyer. The seller indicates to the broker that the offer would be acceptable if submitted in writing. Before it can be put into writing, the buyer withdraws the verbal offer. In this situation, the broker would be entitled toA)only a partial commission.B)no commission.C)sue the buyer for breach of contract.D)a commission of $5,000.B Concerning the North Carolina Residential Property Owners' Association Disclosure Statement, all of the following are true EXCEPTA)the listing broker is responsible for disclosing all known material facts about the property.B)a broker should encourage the owner to disclose all material facts on the prescribed Residential Property and Owners' Association Disclosure Statement.C)the seller may choose to not report a material fact, even if it's known, on the Residential Property and Owners' Association Disclosure Statement.D)a broker should complete the Residential Property and Owners' Association Disclosure Statement for the seller to expedite matters.D In a typical agency relationship between a broker and a client, the broker's commission is determined byA)state law.B)mutual agreement.C)the local real estate board.D)minimums based on the property type.B

A real estate broker acting as the agent of the seller...A)can agree to a change in price without the seller's approval.B)can accept a bonus from the buyer without the seller's approval.C)has a fiduciary duty to the buyer.D)is obligated to render faithful service to the seller.D A seller tells her listing broker that there is termite damage in the framework around the garage door and that her deceased husband did some plumbing and electrical work in the kitchen several years ago without getting a permit. If the broker fails to disclose these facts to a potential buyer and his broker, the listing broker is guilty of...A)negligent misrepresentation.B)willful omission.C)willful misrepresentation.D)negligent omission.B In real estate, which of these is the person who hires and delegates to an agent through a brokerage contract the responsibility for representing that person's best interests ?A)Agent or subagentB)Lender or loan officerC)Facilitator or transaction brokerD)Principal or client D OLD CAR is an acronym used to remember the fiduciary duties owed by a broker, by law, to a principal. OLD CAR stands for the duties of obedience, loyalty, disclosure of information, confidentiality,A)accounting, and resolution services.B)accuracy, and resolution.C)accuracy, and reasonable care.D)accounting, and reasonable skill, care, and diligence.D The common law of agency evolved over time, dating back to origins inA)Massachusetts.B)England.C)Greece.D)Canada.B All of the following situations will terminate a listing EXCEPT...A)death of the individual listing licensee.B)breach by either party.C)mutual agreement of the parties.D)destruction of the listed property.A Which of the following statements is TRUE about types of agency?A)A real estate licensee usually acts as a general agent of an affiliated firm.B)A buyer's agent usually acts as a universal agent for the buyer.C)A property manager usually acts as a special agent of the landlord.D)A listing agent usually acts as a general agent of the seller.A Due to its all-encompassing power, which type of agency is seldom practiced by a real estate broker in a typical real estate transaction?A)A broker agentB)A universal agentC)A general agentD)A special agent B The fiduciary obligations of an agent are owed to...A)all parties involved in the transaction.B)the individual that signs a disclosure.C)the person who employed the

agent.D)the party who pays the agent.C Which of the following situations is considered a material fact in North Carolina?A)House is rumored to be

haunted.B)Convicted sexual offender lives in the neighborhood.C)Nearby land is being considered for a landfill.D)Criminal activity occurred on the property.C