Exam (elaborations)
ACEABLE AGENT: REVIEW TEST QUESTIONS with correct answers
- Course
- Institution
ACEABLE AGENT: REVIEW TEST QUESTIONS with correct answers
[Show more]
Content preview
ACEABLE AGENT: REVIEW TEST QUESTIONSwith correct answers
An agent with ABC Realty working under a verbal buyer agency
agreement with his client finds a house listed by his firm. Because ABC
is a small firm, most of its sellers have not consented to dual agency
since it is a rare occurrence. The buyer agent would like to show the
house, and potentially make an offer, but wants to comply with
Commission rules in doing so. Which of the following is correct?
Correct Answer-Verbal dual agency could apply in this circumstance if
the buyer and seller have given the oral authority to practice dual
agency.
An agent is working in an open house that is listed by another agent in
her firm. Because of the attractiveness of the property, the agent
experiences significant traffic and several unrepresented buyers. Which
of the following is most accurate regarding this scenario? Correct
Answer-Buyers could freely enter the house and discuss certain features
of the house and leave without having reviewed the WWREA disclosure
with the agent.
If there is a dispute regarding whether an item is a fixture, courts apply
the Total Circumstances Test. Which of the following considerations
would the court use in determining whether the property conveys with
the property or could be removed by the seller? Correct Answer-the
intention of the person who attached it
Which of these is an example of the doctrine of laches? Correct Answer-
An HOA allowed a neighbor to keep prohibited chickens for years, so
now the prohibition against chickens is not enforceable.
,Kirani prepaid the full year's property taxes on his home before selling it
on the last day of July to Emmy.
On the settlement statement, the property tax amount for August through
December will be recorded as a: Correct Answer-credit to Kirani, debit
to Emmy
What is an exclusive right-to-sell listing? Correct Answer-an agreement
in which the seller guarantees the named broker receives a commission
if the property is sold, regardless of who brings the buyer
Kelly's apartment building recently experienced damage from a flood,
leaving her unit uninhabitable. After nearly a month, her landlord
refuses to update her with information on repairs, but states she must
still pay rent on time. What law could Kelly enact in this situation?
Correct Answer-Doctrine of Constructive Eviction
A listing agent fails to disclose his knowledge of a hidden material
defect with the seller's property. The buyer's agent fails to discover this
defect and the buyer learns of the defect only after closing on the
property. What kind of liability would either of the agents have in this
situation? Correct Answer-the listing agent may be liable due to willful
omission of a material defect
A tenant chooses to withhold rent because his air conditioner has been
acting up. The landlord disagrees with the tenant regarding the air
conditioning and seeks to terminate the tenancy. What term describes the
landlord's option in this case? Correct Answer-summary ejectment
, Which of the following is often said to be an advantage of being an
independent contractor as a real estate agent? Correct Answer-
Independent contractors have more control over their schedules.
Johnna Wilson of ABC Realty presented an offer on behalf of her buyer
client on a property listed by Janice DeBerg of XYZ Realty. The offer
was $250,000 and the seller had until Wednesday at 4 pm to accept the
offer. After reviewing the offer, the seller counteroffered $260,000 on
Monday evening. By Wednesday afternoon, the seller had received no
response to the counteroffer, and she was getting anxious to have a
binding contract, so the seller instructed her agent to communicate, prior
to 4 pm on Wednesday, that she had accepted the original offer of
$250,000. Which of the following statements is most accurate? Correct
Answer-No binding contract exists as the counteroffer terminated the
original offer.
North Carolina Closing Attorney Ted is having Andres, his legal
assistant, conduct a settlement meeting.
Which of these activities will Andres need to have Ted handle? Correct
Answer-a buyer's question about how to interpret a paragraph on a
contract
Michael is a provisional broker. He received his license on March 1. He
is approaching his first license renewal on June 30. What are his
continuing education requirements? Correct Answer-Michael must take
eight hours of CE before his second license renewal.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller cracker. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75759 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now