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can't do anything for Stacey without an agency agreement. Stacey is Rebecca's customer. Which of the following situations is an example of a non-agency relationship? Dutton was previously a licensee. He's selling his home, and he wants Wanda, who's currently licensed, to assist him with the paperwork. Kendra represents Steven in the sale of his home by helping him complete the necessary paperwork to make his offer. Licensee Alexa works closely with her buyer clients' lender to be sure the lender has all information needed to approve the loan. Licensee Ingrid helps her neighbor Jeremy spruce up his house before Jeremy's agent holds an open house. Dutton was previously a licensee. He's selling his home, and he wants Wanda, who's currently licensed, to assist him with the paperwork Once you enter an agency relationship with someone, that individual becomes your client, otherwise known as a(n) ______. Adversary Principal You represent Benjamin, who is listing his condo. A broker from another firm, Tanya, reaches out to you because she has a buyer who's interested in Benjamin's condo. You and Tanya need to sort out some of the finer points of your agency relationship before you can start negotiations. Which one of the following contracts do the two of you need? A buyer agency contract A cooperation agreement between brokers What's the term for someone who's been given the authority to act on behalf of someone else? Agent Agent Your buyer client put in the contract she signed with you specific instructions stating that you should "advertise the property in trade magazines," so you are creating three visual advertisements. What kind of authority are you acting on? Apparent Express Paulo is a property manager for several large properties. Which type of agent is he in relation to the landlord/client? Dual General Which of the following statements is true about implied authority? It encompasses actions that are reasonable for you to take on your client's behalf. It is established when another person assumes you're an agent and acts on that assumption. It is illegal in North Carolina. It's based on an express written agreement between you and your client. It encompasses actions that are reasonable for you to take on your client's behalf. Which one of the following statements about fiduciary relationships is true? In these
relationships, the principal acts on behalf of the agent. They're relationships in which trust is involved. Licensee Dana and her potential client Dawnice are discussing agency relationships. What will determine the type of agency relationship they decide to enter into? How much money Dana gets paid The contract they sign Tyler is looking to lease a property that's suitable for the small commercial warehouse he needs to establish. Which of the following contracts would be the most appropriate for him? A buyer agency contract A tenant representation contract Buyer April is interested in Wayne's condo. Steve represents April, and Wanda represents Wayne. Who are the principal(s) in this sales transaction? April and Wayne April and Wayne In which of the following cases did a principal enter into an agency relationship with a broker rather than with a real estate firm? In none of these cases. The real estate firm is always the agent. When the broker is affiliated with a firm that employs five or fewer people. When the broker is affiliated with a firm that employs six or more people. When the broker works independently. In none of these cases. The real estate firm is always the agent. You're a buyer agent in North Carolina. When should you disclose your agency relationship with the seller and seller's agent? After the seller and seller's agent deliver the offer to purchase The initial contact with the seller or seller's agent As the owner of a rental property, Julia is likely to delegate which of the following tasks to a property manager? Addressing maintenance and inspection issues Addressing maintenance and inspection issues Neal is a North Carolina real estate agent as well as a real estate auctioneer in North Carolina. Which of the following is true about his position? He doesn't have to disclose dual agency. He doesn't have to disclose dual agency. Paulo is a property manager for several large properties. Which type of agent is he in relation to the landlord/client? Dual General A party to a dual agency agreement asks you to "lean my way and make this work." You must NOT ______. Accept a
commission Put either party at a disadvantage Lettie is an affiliated real estate agent in North Carolina. What does this mean? Lettie can only perform managerial tasks for her firm's clients. Lettie works under the supervision of a broker-in-charge. You represent a North Carolina buyer, Dennis. When should you discuss dual agency with him and find out if he consents to it? At closing, when the documentation is signed At first substantive contact, when you discuss his agency options Lily is a licensee who works for a brokerage that allows dual agency. She has an existing agency relationship with Heather, who is trying to sell her home. Lily meets Pamela, an unrepresented buyer, at the open house for Heather's home. Pamela says she wants to buy the house and would like Lily to represent her. Can Lily represent Pamela as well as Heather? No, under no circumstances. Yes, but only if both Heather and Pamela consent in writing to dual agency. XYZ Brokerage entered into a new agency agreement with principals Claire and Tom. Which of the following is true about this relationship? All brokers affiliated with XYZ Brokerage are Claire and Tom's agents. All brokers affiliated with XYZ Brokerage are Claire and Tom's agents. Joe has a property management agreement that outlines his obligations to the property owner. What type of agent is Joe? Dual General Your potential buyer client Vernon is on the fence about signing a buyer agency agreement with you. What's your next step as a North Carolina licensee? Give Vernon your contact info and tell him to get in touch
when he changes his mind. Tell him that if he doesn't sign, you'll be a dual agent. Explain what that means.
Which of the following documents in North Carolina does NOT create a binding contract once the agent and client have signed it? A buyer agency agreement The "Working with Real Estate Agents" brochure Licensee Clint, who works for ABC Brokerage, signed a listing agreement with Paolo. Which of the following is true about this situation? ABC Brokerage is the agent in this relationship. ABC Brokerage is the agent in this relationship. Engaging in a disclosed dual agency relationship presents an inherent _____. Conflict of interest Conflict of interest Property managers most often serve as which type of agents? Dual General In which of the following listing agreement terminations is there LEAST likely to be a penalty for terminating the agreement? The agent abandons the listing. The client and agent mutually agree to terminate the listing. Silvia's buyers are self-employed. They are worried they did their taxes wrong and want her to review the documents before they send them off to the bank underwriter. What's the best way for Silvia to perform her duty of reasonable care for them? Advise them to take their tax returns to an accountant or tax attorney for review. Advise them to take their tax returns to an accountant or tax attorney for review. Henry's duty under North Carolina license law to properly account for moneys includes which of the following? He must ensure his buyer clients get the lowest price possible on their purchase. He must safeguard any money or anything of value he's received. Marcus listed his property with Home Sweet Home Realty and one of its listing agents, Ron Savage. About a month later, Ron filed for bankruptcy. Which of the following statements about this situation is true? Bankruptcy has no impact on
agency agreements. The agency agreement only terminates if the broker or the principal declares bankruptcy. Which of these is NOT one of the ways in which an agency relationship may be terminated without penalty for either the agent or the principal? Delaney signed a buyer's representation agreement with Martha. After Delaney made an offer on a house, she changed her mind and terminated the agency agreement. Martha listed Sonja's home for sale. Martha helped Sonja negotiate an offer and performed the other tasks required of her. The closing has taken place. Phyllis listed her home with Brad. Brad put the property on the MLS, but Phyllis hasn't heard from him in more than two months. Richard listed Ole's ski chalet for sale. Two weeks later, an avalanche destroyed the property. Delaney signed a buyer's representation agreement with Martha. After Delaney made an offer on a house, she changed her mind and terminated the agency agreement. Katy's home that was listed for sale was destroyed by fire. Under which of these methods will her listing agreement terminate? Completion Force of law Which of the following would violate client confidentiality if you were representing a seller? Telling a buyer about a leaky roof Telling a buyer the lowest price the seller would be willing to accept Trina's property is listed with Avalon Homes. The market is a little slow, and Trina's listing is a high-end home, where sales are even slower. She's had several showings, but no offers. The term of the listing agreement is nearly over. What happens when the termination date is reached? The listing expires and is
automatically terminated. The listing expires and is automatically terminated. Which one of these is an example of a North Carolina buyer agent carrying out the duty of properly accounting for funds? Gary seeks out confidential information about the seller of a home his client is interested in, specifically the seller's motivation to sell. Lenny lines up a showing of a home that fits his buyer's wish list, even though the commission split is far lower than he normally sees. Sasha terminates her agency agreement with her client when he refuses to abide by state antidiscrimination laws. Tiffany ensures her client has copies of all the contracts he signs, and keeps him updated on how his earnest money funds are being handled. Tiffany ensures her client has copies of all the contracts he signs, and keeps him updated on how his earnest money funds are being handled. Jenson signed a seller agency agreement with Susan. Right before closing, a hurricane destroyed the property. What happened to Jenson and Susan's agreement? It's terminated once the specified term in the agency agreement expires. Jenson and Susan can mutually agree to terminate the agreement. The agreement terminates by force of law. The client can revoke the agreement but may be considered in breach of contract. The agreement terminates by force of law. A client terminates a listing agreement before its expiration date. What happens now? The agent must send the
client a notice of release form. The client may owe a commission anyway. Agency may be legally terminated in which of the following ways? The agent finds a better client. The principal broker becomes incapacitated. Which of the following is an example of an agent following North Carolina agency law? Ari didn't present the buyer's offer to the seller, since it was a lowball offer. Francine disclosed information about the flooding basement to the buyer and the buyer's agent. Candace and Phil Tolson listed their home for sale with Trent Richards, the broker for Richards Homes. Sadly, Trent became incapacitated due to a car accident. What's the status of the listing agreement? Because
the listing agreement is with the brokerage firm, the agreement continues. The agreement terminates by operation of law. Which one of the following is an example of a North Carolina seller's agent carrying out the duty of loyalty? Harry ensures his clients know about any potential issues that might interfere with a smooth transaction, including any possible conflicts of interest Harry might have. Jared receives an offer from a buyer and makes some reasonable inquiries into that buyer's financial readiness. Lindsay advises her client against reducing the sale price on the listing, but then processes the discount as her client requested. Sandra refuses to share information about her client's motivation to sell with the buyer's agent, even when asked. Lindsay advises her client against reducing the sale price on the listing, but then processes the discount as her client requested. Real estate professionals' fiduciary responsibilities as they relate to loyalty include ______. Disclosing all facts, both minor or material, to customers Placing clients' interests above all other interests, including the licensee's own Which of these North Carolina licensees has breached the duty of confidentiality? Bernard, who updates his listings on the MLS with photographs and property details Charlene, who informs her seller client that she overheard a prospective buyer couple describing the type of property they'd like to find Maggie, who explains to visitors at her open house that the sellers are moving out of the country, even though she doesn't have explicit permission from the sellers to tell anyone this Sal, who contacts sellers who aren't working with another licensee and informs them that he has a buyer who would be very interested in their home Maggie, who explains to visitors at her open house that the sellers are moving out of the country, even though she doesn't have explicit permission from the sellers to tell anyone this Which of the following actions would result in the legal termination of an agency agreement? The client wants the seller to make improvements to the
property. The term specified in the agency agreement expired. Melissa signed a six-month listing agreement with Greg on February 12. Her property is very specialized, and Melissa was adamant about the sales price. By September, the property still hadn't sold. Melissa expressed her displeasure with Greg for his inability to sell the property. What's the status of the listing agreement? Greg can renounce the listing because Melissa refuses to listen to reason about the sales price. Melissa and Greg's agreement expired in August. Ginnie's Aunt Becca listed the old family mansion with Ginnie. Ginnie put it on the market for Becca, but then she and her cousins talked with Becca and decided they wanted to keep the property in the family. What's the best way to terminate the agreement? Becca should revoke the listing. Ginnie and Becca can mutually agree to terminate the agreement. North Carolina broker Celeste knows she's responsible for disclosing material facts about a property she's listed, and she also knows that she must also keep certain information confidential. Which of the following facts should she NOT disclose? The property has a failing central air
conditioning unit. The property needs to be sold quickly because her client is in bankruptcy. Renee listed her property for three months starting on March 13. By August, the property hasn't sold. This is after lots of marketing and effort from the agent, a price adjustment, and several showings. Renee decided to list the property with another firm. Under which of these conditions can Renee list the property with another firm without breaching her agreement? She can terminate with no penalty as long as she lists with another firm. The listing agreement expired. When the listing agreement's purpose has been fulfilled, what happens to the agency agreement? Agency continues for future transactions. The agency agreement terminates by completion. Alice listed a three-bedroom home for her client, but before she finds a buyer, the home burns to the ground. What happens to the agency agreement that Alice has with her client? The agency agreement continues as created unless Alice and her client can mutually agree to terminate it. The agency agreement is terminated if the property is destroyed. The pool at Rory's listing in North Carolina had been prepped for winter for several weeks when he signed the listing contract with the seller, who assured Rory that it was in good working order. Rory had no reason to disbelieve the homeowner, so he told prospective buyers that the pool was fine. The property sold, spring arrived, and the new owners called Rory to complain that the pump didn't work and the pool drain appears to be clogged. What best describes Rory's actions? Negligent misrepresentation Negligent misrepresentation Which of these is NOT a duty that North Carolina licensees owe to the non-client principals in a transaction? Acting competently Loyalty Marcus, a North Carolina listing agent, told a potential buyer that his seller client's property had no flooding issues, even though the seller had mentioned water in the basement a few years back before the yard was properly graded. Which of the following statements is true? Marcus committed negligent omission. Marcus committed willful misrepresentation because he knew his statement was false. Marcus didn't commit misrepresentation because the property currently has no flooding issues. Marcus isn't guilty of anything. Marcus committed willful misrepresentation because he knew his statement was false. As a North Carolina licensee, which of the following best describes your duty of honesty to all parties? Accurately accounting for money and property received in a timely manner Telling the buyer that your seller client would be willing to accept $20,000 less than the asking price Telling the seller that your buyer clients' lease is up, and they have to move out as soon as possible Using your professionalism to uncover a problem with the boundaries that determine the size of your client's property Using your professionalism to uncover a problem with the boundaries that determine the size of your client's property North Carolina licensee Tyler is providing brokerage services to Gayle Owens, who is selling her 1992 ranch. Tracey and Brian, who are represented by agent Jessica, made an offer on Gayle's home. To whom does Tyler owe the duties of honesty? Gayle Gayle, Tracey, Brian, and Jessica North Carolina broker Marian's buyer client Dan hired Stowaway Title Company (of which Marian is a part owner) to conduct his closing. As a result, Marion received a small referral fee from the company. Who must consent to this fee being paid? Dan Dan North Carolina licensees owe the duty of honesty to ______. All parties involved in the transaction All parties involved in the transaction North Carolina broker Horace's new listing needs a complete rehab. It's riddled with mold, termite damage, and lead-based paint. Thankfully, the seller is being cooperative. He knows there are problems and is open to being honest. Which of the following advertisements for it is most appropriate? "A perfect investment opportunity for a seasoned investor!" "Property being sold as-is. Please see Horace Platt for details." Which of the following is an example of a North Carolina licensee NOT executing the duty of honesty? Gerome agreed to list a commercial property, even though his expertise is in residential real estate. Margaret never answers questions that are out of her area of expertise. Taylor, Jared's buyer agent, helped him write his offer and reviewed it to make sure it said what he wanted. Terry referred a buyer client to an environmental specialist to determine whether the spots on the walls in the closet were mold. Gerome agreed to list a commercial property, even though his expertise is in residential real estate. Which of the following is NOT an example of a misrepresentation or omission? Kari knows that the low rent she's advertising for some new apartments is too good to be true, but she advertises it anyway. Katherine's ad for her newly-renovated home states, "new from the studs up." Her carpenter has a different story. Kevin's MLS remarks note that the condo has the city's "most beautiful twilight view of downtown and the bay." Kim notes that the property is next to a "serene, peaceful green space." It's next to an industrial park. Kevin's MLS remarks note that the condo has the city's "most beautiful twilight view of downtown and the bay." Marvin knows that three-bedroom properties with two bathrooms sell quickest in his market. In an ad for a new listing, he wrote, "Bonus room could easily be a third bedroom", even though he knows from experience that this isn't true because the room is too small, has no egress and no heat source, and can only be accessed by walking through a bathroom. Is Marvin guilty of misrepresentation? No, because any buyers interested in the bonus room as a third bedroom should be able to see for themselves that it won't work. No, because the term "easily" is subjective. Yes, because he billed the property as a three-bedroom when it only has two. Yes, because he knew there would be major issues converting that room to a bedroom. Yes, because he knew there would be major issues converting that room to a bedroom. After the closing, North Carolina broker Donna ensures that her client and customer both have copies of all transactional paperwork. Which duty is Donna performing? Acting competently Delivering agency documents Which of the following tasks that North Carolina broker Jen performs does NOT represent the duty of accounting to all parties? She avoids commingling trust funds with her firm's operating funds. She discloses the terms of the listing agent's compensation to her client. North Carolina licensees are required to be honest with all parties in a transaction. While performing this duty, it's important for licensees to _______. Be able to provide answers to any question asked Stay within their scope of expertise North Carolina broker Chen has just received a $5 gift card to a local coffee shop from a mortgage company. The accompanying note said it was a thank you for referring one of her buyer clients there. Which of the following is true about Chen's situation? Accepting this gift without disclosing it to her client is illegal. This is an example of a gift with nominal value, so she doesn't have to disclose it. Trina's client asked for her advice on a legal matter. What should Trina do? Give the client the best advice she can based on her personal experience. Refer her client to an attorney. Yvette is selling her North Carolina property. Several potential buyers showed interest in the property at a recent open house. When does Yvette need to provide the potential buyers with the Residential Property and Owners' Association Disclosure Statement and the Mineral and Oil and Gas Rights Disclosure? At settlement Either when an offer is made, or sooner Ryan, a new licensee, has performed the four following actions this past week. Which one is a violation of unfair trade practice laws? Created
and used intentionally misleading advertising. Created and used intentionally misleading advertising. North Carolina brokers should disclose any defects or other information about the property's condition that they _______. Actually
know of Actually know of Julio and Martina are under a land installment contract for a property that they intend to use for their business, Home Sweet Home Kennels. The lot is three acres, but there are commercial zoning restrictions their salesperson Charles didn't disclose. What is Charles guilty of violating? The Fair Housing Act The Unfair and Deceptive Trade Practices Act Which of the following statements is true about those who sell property as-is in North Carolina? Just like other sales, those who sell as-is properties aren't required to disclose anything. The seller must disclose material defects about the property in accordance with any requests from the buyer's lender, but not otherwise. The seller must obey federal disclosure laws but is exempt from state disclosure requirements. They must disclose defects that could damage the buyer's health. Just like other sales, those who sell as-is properties aren't required to disclose anything.
A recent homebuyer is upset with a North Carolina real estate licensee who didn't disclose that the property was owned by a convicted sex offender. The new owner is threatening to file a lawsuit. Did the licensee fail in the duty to disclose a material fact? No, because news of this offender was widely reported to the local community and was publicly available, so the licensee's duty to disclose was waived. No, licensees aren't required to disclose that a property was owned by a sex offender because this isn't considered a material fact. Yes, licensees have a duty to disclose any negative details about a property. Yes, licensees must always disclose if a property was owned by a convicted sex offender. No, licensees aren't required to disclose that a property was owned by a sex offender because this isn't considered a material fact. The EPA-approved pamphlet titled "Protect Your Family From Lead in Your Home" provides buyers and renters with _____________. A list of health centers that can treat the effects of lead toxicity Information about identifying and controlling lead-based paint hazards Amanda's agent Farroukh thought it would be helpful to advertise all the appliances as new, when, in fact, the receipts show they are five years old. Farroukh could be found guilty of violating _______. North Carolina's Unfair and Deceptive Trade Practices Act North Carolina's Unfair and Deceptive Trade Practices Act Which of the following best describes designated agency?Which of the following BEST describes a designated agency transaction? It's only designated agency (a form of dual agency) when the same firm represents both the buyer and the seller in the same transaction and the firm has designated two different licensees to each represent the respective interests of a client.
What is the meaning of designated agency?Designated agency is a way for a brokerage to provide agency representation services to consumers, as an alternative to the traditional common-law agency model.
Which of the following statements about designated agency in Illinois is true?In Illinois, which of these is TRUE concerning designated agency? The answer is license law requires the licensee to disclose that a designated agency relationship exists. A designated agent is a person authorized by the sponsoring broker to act as the agent of a specific principal.
Which one of the following provides the best example of single agency quizlet?Which one of the following provides the best example of single agency? An agent from one firm acts as the agent for the buyer. After a few meetings, the Stinsons sign a listing agreement with broker Vera so she can sell their house.
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Which of these situations is an example of designated appointed agency quizlet?
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