Download Perry Real estate module two test questions with correct answers and more Exams Real Estate Management in PDF only on Docsity!
Perry Real estate module two test questions
with correct answers
In |assessing |the |buyer's |wants |and |needs, |the |buyer's |agent |should |inquire |about |all |of |the |following | EXCEPT: |- |VERIFIED |ANSWER✔✔-Criminal |history |(income, |credit, |and |location |in |which |you |want |to | live) True |or |false: |REALTORS, |when |acting |as |principals |in |a |real |estate |transaction, |remain |obligated |by | the |duties |imposed |by |the |Code |of |Ethics. |- |VERIFIED |ANSWER✔✔-True ________ |may |create |an |undisclosed |dual |agency |unintentionally, |inadvertently |or |accidentally. |- | VERIFIED |ANSWER✔✔-Implied |agency A |buyer's |agent |should |pre-screen |the |buyer |to |determine |what |areas |of |town |the |buyer |is |interested |in |seeing. |If |the |agent |does |not |show |the |buyer |properties |in |this |area, |the |agent |has |breached |the | duty |of |______. |- |VERIFIED |ANSWER✔✔-Obedience |of |lawful |instructions Within |what |discipline |is |the |study |of |ethics? |- |VERIFIED |ANSWER✔✔-Philosophy |(within |the | discipline |of |philosophy, |the |study |of |ethics |examine |right |and |wrong |moral |behavior) The |principle |of |caveat |emptor |has |largely |been |superseded |by |what? |- |VERIFIED |ANSWER✔✔-Seller | disclosure |laws The |concept |of |ethics |was |derived |from |the |___ |word |"ethos", |which |means |character, |habit, | disposition |or |custom. |- |VERIFIED |ANSWER✔✔-Greek The |salesperson |received |$2,800 |commission |on |her | 35 |percent |share |of |the |total |commission |of |the | sale |of |the |property |that |sold |for |$160,000. |What |was |the |commission |rate? |- |VERIFIED |ANSWER✔✔- 5 |percent |($2,800 |divided |by |.35= |$8,000 |is |the |total |commission |before |the |agent |split. |$8,000 | divided |by |$160,000 |= |.05% |is |the |commission |rate.)
Some |states |require |agents |to |provide |minimum |services |on |listings. |These |services |include |all |of |the | following |except: |- |VERIFIED |ANSWER✔✔-Showing |the |property* |(Assisting |in |negotiating |counteroffers, |presenting |offers, |showing |the |property, |answering |questions) In |real |estate, |the |______ |of |the |firm |is |the |agent. |- |VERIFIED |ANSWER✔✔-Principal |broker* A |buyer's |agent |finds |out |that |her |client |has |bad |credit |and |will |not |be |able |to |pay |the |price |offered | in |a |purchase |contract. |The |buyer's |agent |does |not |disclose |this |information |to |the |seller, |who |is | unrepresented |on |the |sale. |The |buyer's |agent |is: |- |VERIFIED |ANSWER✔✔-Must |treat |an | unrepresented |seller |with |honesty |and |fair |dealing* A |buyer |makes |an |offer |on | 100 |East |Main |Street |through |her |agent, |Sara |Smith. |Ms. |Smith |finds |out | that |the |roof |on |the |property |has |leaked |several |times |in |the |past, |but |she |does |not |pass |this | information |on |to |the |buyer. |Ms. |Smith |has |breached |the |duty |of |- |VERIFIED |ANSWER✔✔-Disclosure A |buyer's |agent |should |ensure |that |a |buyer |receives: |- |VERIFIED |ANSWER✔✔-ALL |the |above | (A |seller |disclosure |form, |a |signed |purchase |contract, |an |agency |disclosure |form) Socrates |is |the |founder |of |what? |- |VERIFIED |ANSWER✔✔-science |of |ethics* If |a |listing |agent |begins |to |speak |to |a |buyer |about |her |finances |but |does |not |represent |the |buyer, |the |agent |could |be |creating |what? |- |VERIFIED |ANSWER✔✔-Undisclosed |dual |agency* If |a |seller |has |her |property |listed |with |a |broker |and |the |buyer |is |unrepresented, |the |buyer |is |a |_____ | of |the |broker. |- |VERIFIED |ANSWER✔✔-None |of |these |above |(client, |customer, |principal)* Sue |Simms |is |a |buy's |agent. |She |shows |the |property |located |at | 500 |Main |Street |to |her |buyer-client, | Sandy |Smith. |During |the |showing, |Sue |realizes |that |she |would |like |to |make |an |offer |on |the |property. | Sandy |wanted |make |an |offer |on |the |property. |If |Sue |makes |an |offer |while |representing |Sandy, |she | could |be |in |violation |of |which |fiduciary |duty? |- |VERIFIED |ANSWER✔✔-Loyalty
A |parcel |of |vacant |land | 80 |feet |wide |and | 200 |feet |deep |was |sold |for |$200 |per |front |foot. |How |much | money |would |a |salesperson |receive |for |her | 60 |percent |share |in |the | 10 |percent |commission? |- | VERIFIED |ANSWER✔✔-$960 | Multiply | 80 |by |$200. |Then |take |$16,000 |and |multiply |by |10% |for |$1,600. |Then |multiply |$1,600 |by |6. | The |total |is |$960. Normally, |agency |can |be |created |by |an |express |agreement |between |the |parties, |and____. |- |VERIFIED | ANSWER✔✔-All |the |above (Ratification, |estoppel, |and |implication) If |an |agent |tries |to |represent |both |the |buyer |and |the |seller |without |full |and |complete |disclosure, |this | is |called. |- |VERIFIED |ANSWER✔✔-Undisclosed |dual |agency Danny |holds |an |open |house |for |his |seller, |Larry. |While |there, |an |interested |buyer |comes |to |view |the | property. |The |buyer |decides |to |make |and |offer |but |wants |buyer |representation. |Danny |refuses, | stating |that |he |is |a |dual |agent |on |the |sale. |IS |this |correct? |- |VERIFIED |ANSWER✔✔-No |because |dual | agent |requires |knowledge |and |consent A |buyer's |agency |agreement |can |be: |- |VERIFIED |ANSWER✔✔-All |the |above A |buyer's |agent |can |be |paid |- |VERIFIED |ANSWER✔✔-A |commission, |a |flat |fee, |or |an |hourly |rate (All |the |above) The |NAR |rewrote |their |bylaws |and |code |for |ethics |to |recognize |all |agency |relationship |except |- | VERIFIED |ANSWER✔✔-It |recognizes |all |the |above (The |seller |agency, |buyer |agency, |and |disclosed |dual |agency) Patricia |is |helping |Howard |handle |the |paperwork |for |the |sale |of |his |farm. |She |is |only |acting |as |a | transaction |broker, |not |an |agent. |Is |Patricia |bound |by |the |Code |of |Ethics? |- |VERIFIED |ANSWER✔✔-
Once |an |agency |relationship |is |established, |it |can |only |be |terminated |if |- |VERIFIED |ANSWER✔✔- completion |of |performance |of |the |agreement |occurs Betty |Buyers |tells |her |agent |that |she |makes |$100,000 |per |year |and |wants |to |buy |a |property |in |the | $300,000 |range. |Betty |asks |her |agent |not |to |repeat |this |information. |Nevertheless, |her |agent |repeats | this |information |at |a |cocktail |party. |Her |agent |has |violated |which |of |the |following? |- |VERIFIED | ANSWER✔✔-Confidentiality This |can |be |accomplished |expressly |in |writing |or |orally |accepting |the |acts |or |by |the |principal |taking | the |benefits |of |the |past |acts. |- |VERIFIED |ANSWER✔✔-Ratification Joan |tells |agent |Fred |that |she |wants |to |sell |her |home. |Fred |calls |his |potential |buyer |clients |to |see |if | they |are |interested. |Even |though |Joan |and |Fred |do |not |have |a |signed |agreement, |these |actions |could |create: |- |VERIFIED |ANSWER✔✔-Implied |agency Most |agree |that |the |most |influential |thinker |in |modern |ethics |is |who? |- |VERIFIED |ANSWER✔✔- Immanuel |KANT This |is |the |individual |who |hires |and |delegates |to |the |agent |the |responsibility |of |representing |his |or | her |interests. |- |VERIFIED |ANSWER✔✔-Principal
