Exam (elaborations)
Agency Relationships and Contracts - GA MLS (1
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Agency Relationships and Contracts - GA MLS (1
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Agency Relationships and Contracts - GAMLS
A broker deposited an earnest money check into his business account. The broker is
guilty of... - ANS-commingling
A broker has several salespeople employed at her office. Early one day, a member of
the sales staff brings in a written offer with an earnest money deposit on a listing. Later
that day, another salesperson brings in a higher offer on the same property, also with an
earnest money deposit. In accordance with the office policy, the broker does not submit
the second offer to the seller until the first has been presented and rejected. The seller
is not informed of the second offer. In this situation, the broker's actions are... - ANS-not
permissible, because the broker must submit all offers to the seller.
A broker represents a buyer interested in a house listed by another broker who is known
to be very difficult during negotiations. To best represent the buyer, the broker should
inform the buyer to... - ANS-write an offer if he is really interested in buying the property
A buyer entered into a buyer agency agreement that gave him the right to enter into
agency contracts with other agents. This best describes... - ANS-an open buyer agency
A buyer made an offer and gave the seller three days to accept. On the following day,
she found an FSBO property that she liked better. The buyer called the listing agent,
who was acting as a dual agent, to revoke the offer. The agent had no communication
of acceptance from the seller. Regarding this situation, the buyer must... - ANS-do
nothing more because she has notified the agent of her decision to rescind the offer.
A buyer signed an agreement to pay the agent when she purchased a property
described in the contract. The buyer signed... - ANS-an exclusive buyer agency
agreement
A buyer's agent would not recommend the buyer seek expert advice if the buyer
asked... - ANS-"How long has the property been on the market?"
A contract entered into without duress, menace, misrepresentation, or fraud means that
it meets the legal requirements of the... - ANS-reality of consent
A contract that has no legal force or effect is... - ANS-void
, A land contract, contract for deed, or installment contract has been reached between
the seller and buyer. It most likely means that... - ANS-vendor finances the property and
retains title until the final payment is made by the vendee
A listing agent lost the seller's house keys. The agent has breached their fiduciary duty
of... - ANS-accountability
A promise, or something of value, made by one party to induce another party to enter
into a contract is called... - ANS-legal consideration
A sales contract, land contract, or trust deed would give the buyer... - ANS-an equitable
title
A seller agreed to list his house for $190,000, but he was not informed that the actual
value of the property was $200,000. The agent purchased the property the next day.
This is an example of a violation of which of the agent's responsibilities? - ANS-loyalty
After an unsatisfactory home inspection, a buyer refused to purchase the property. After
learning of the required repairs, the listing agent advised the seller to conceal the
damage and to sell the property "as-is." Later, another buyer made an offer on the
property and her inspection did not reveal the damage. So, the buyer purchased the
property "as-is." In a lawsuit against the broker for the cost of required repairs, will the
buyer prevail? - ANS-Yes, because the agent must disclose known material defects that
are not disclosed by the seller.
After the buyer's offer was accepted, they applied for a loan. They could not secure a
loan to purchase the property. Which contract clause would allow the seller to receive
the earnest money deposit? - ANS-forfeiture clause
An agent for ABC Realty has 15 listings. Another agent for ABC Realty has a buyer
under contract that is interested in one of the company's listings. The broker appointed
Agent A as the exclusive agent of the seller, and Agent B as the exclusive agent for the
buyer. This arrangement is an example of... - ANS-designated agency
An agent forgot to get the buyer to sign the offer. What is the status of the offer? -
ANS-void
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