Real Estate 45 Hour Post Licensing Accurate 100%

Real Estate 45 Hour Post Licensing AccuratSingle Agent - ANSWER A broker who represents either the seller or the buyer in a real estate transaction, but not both. single agent notice - ANSWER A disclosure form informing the principal of the duties of his single agent. appraising - ANSWER The process of estimating the market value of property. principal - ANSWER (1) The person who enters into a fiduciary relationship with a single agent licensee. (2) The amount of money remaining due on a mortgage loan. buyer brokerage agreement - ANSWER An agreement between a buyer and a broker for the broker to provide services to a buyer for compensation. The broker may be acting as a single agent, a transaction broker, or a nonrepresentative. Consent to Transition to Transaction Broker - ANSWER A disclosure form that allows a single agent to become a transaction broker. The notice must be signed by the principal before the broker can make the change. No brokerage relationship notice - ANSWER A disclosure that must be given by a licensee who does not represent a buyer or a seller before entering into an agreement or showing a property. Designated Sales Associate - ANSWER A sales associate who is appointed by a broker as a single agent for a buyer or a seller in a nonresidential transaction when another sales associate in the firm has been appointed as the single agent for the other party in the transaction. Both buyer and seller must have assets of at least $1 million and agree to the arrangement. assets - ANSWER Things of value owned by a person or organization. T or F: A transaction broker may tell a buyer if he knows that the seller will take less than the asking price. - ANSWER The answer is false. The transaction broker may not reveal that the seller might accept a price less than the asking or list price. T or F: Licensees working with no brokerage relationship to the customer owe the customer the duty of confidentiality. - ANSWER The answer is false. Licensees working with no brokerage relationship owe only three duties to the customer: dealing honestly and fairly, disclosing all known facts that materially affect the value of the residential real property that are not readily observable to the buyer, and accounting for all funds entrusted to the licensee. T or F: A single agent who transitions to transaction broker may not disclose to another party any information learned while serving as a single agent. - ANSWER The answer is true. The agent may not disclose to the other party any confidential information learned while a single agent. T or F: A licensee who acts as a transaction broker must give a transaction broker notice before showing a house to a prospective buyer. - ANSWER The answer is false. A licensee need not give a brokerage relationship notice when the licensee is acting as a transaction broker. T or F: A single agent for one party in a transaction may decide to work with the other party with no brokerage relationship. - ANSWER The answer is true. A single agent for one party in a transaction may decide to work with the other party as a nonrepresentative. T or F:Nonresidential buyers and sellers must have personal assets of $100,000 before a broker may appoint designated sales associates in a transaction. - ANSWER The answer is false. In order for a broker to appoint designated sales associates in a nonresidential transaction, buyers and sellers must have personal assets of at least $1 million. T or F:Only single agents may call their customers "principals." - ANSWER The answer is true. Because only single agency creates a fiduciary relationship, only single agents may call their customers "principals." T or F: A transaction broker owes loyalty to her buyer. - ANSWER The answer is false. Loyalty is a duty of a single agent. A transaction broker provides limited representation to a buyer, a seller, or both in a real estate transaction but does not represent either in a fiduciary capacity. T or F: A licensee who acts as a single agent must give a single-agent disclosure notice before showing a duplex to a prospective buyer. - ANSWER The answer is true. Because a duplex has four or fewer units, it is considered residential property. A licensee in a residential sales transaction must give a brokerage relationship notice to potential buyers before the showing of property. T or F: Licensees may act as designated sales associates in a residential transaction. - ANSWER The answer is false. Designated sales associate status may be used only in a nonresidential transaction. community association - ANSWER A residential homeowners association in which membership is a condition of ownership of a unit in a part of a residential development that is authorized to impose a fee that may become a lien on the parcel. radon - ANSWER A colorless, odorless gas occurring from the natural breakdown of uranium in the soil. Many experts believe radon gas to be the second-leading cause of lung cancer. innocent purchaser status - ANSWER An amendment to the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) that exempts from liability those landowners who made reasonable inquiries about hazardous substances before purchasing the property. T or F: A married couple filing jointly may exclude a maximum of $250,000 of gain on the sale of their personal residence if the taxpayers owned and occupied the residence for at least two of the previous five years. - ANSWER The answer is false. A married couple filing jointly may exclude a maximum of $500,000 of gain on the sale of their personal residence. Tor F: A licensee can call a past customer up to 18 months after the customer's last purchase, even if the customer's number is on the National Do Not Call Registry. - ANSWER The answer is true. A licensee can call a past customer up to 18 months after the customer's last purchase, or up to three months after that customer makes an inquiry or submits an application to the company. False Or Misleading Statement - ANSWER In real estate, a statement made by a licensee or a party in a real estate transaction that is not factual. Property Condition Disclosure - ANSWER A form designed for disclosure to a buyer of any property defects. The form is normally signed by the seller, and the buyer signs a receipt that the buyer has received the disclosure. Ad valorem tax disclosure Contract to purchase - ANSWER Require BUYER disclosure: Disclosure that property taxes may increase after the purchase from reassessments Brokerage relationship disclosures - ANSWER Required Buyer or Seller Disclosure: Entering into a representation agreement or showing a property Buyer or seller Review this unit for detailed disclosure requirements Condominium Act—purchase cancellation - ANSWER BUYER: 15-day cancellation privilege when buying from a developer; 3-day cancellation privilege when buying a resale unit T or f:If a listed house was the site of a homicide six months earlier, the licensee must de 100%