Exam (elaborations)
PERRY REAL ESTATE MODULE TWO TEST
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PERRY REAL ESTATE MODULE TWO TEST
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PERRY REAL ESTATE MODULE TWO TESTIn assessing the buyer's wants and needs, the buyer's agent should inquire about all of
the following EXCEPT: - Answers- 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. - Answers- True
________ may create an undisclosed dual agency unintentionally, inadvertently or
accidentally. - Answers- 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 ______. - Answers- Obedience of lawful instructions
Within what discipline is the study of ethics? - Answers- 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The principle of caveat emptor has largely been superseded by what? - Answers- Seller
disclosure laws
The concept of ethics was derived from the ___ word "ethos", which means character,
habit, disposition or custom. - Answers- 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? - Answers- 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: - Answers- Showing the property*
(Assisting in negotiating counteroffers, presenting offers, showing the property,
answering questions)
In real estate, the ______ of the firm is the agent. - Answers- 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: -
Answers- 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
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