Download Quiz 2 Practices Exam Question And Answers 2024 and more Exams Nursing in PDF only on Docsity!
Answers 2024
One of the requirements for a person applying for a reciprocal license, is that the state of residence of the person applying for the reciprocal license must give reciprocity to Oregon licensees. True or False? - correct answers ✅True In most states, the maximum amount a broker may charge a seller is - correct answers ✅Any amount agreed to between the seller and the broker. Fiduciary responsibilities of an agent to his principal (client) include all of the following EXCEPT: a. legal advice b. loyalty c. accounting for funds or property received d. faithful performance - correct answers ✅legal advice State and local laws that restrict or prohibit discrimination in the availability of rental housing may - correct answers ✅be more restrictive than federal statutes and prohibit additional forms of discrimination. From the broker's point of view, one of the least desirable listings is a(n) - correct answers ✅open listing
Answers 2024
If a broker associated with a principal real estate broker sells his own real property, he must - correct answers ✅Transmit all documents and funds through his principal broker, and prior to the sale, inform the prospective buyer in writing of his interest in the property. The forms of discipline which the Commissioner may impose on an agent in recourse for their actions include - correct answers ✅suspend or revoke their license. reprimand the licensee. deny the issuance or renewal of a license. If, in showing a property, the salesperson said "In my opinion, this house is absolutely the greatest in the world," the salesperson - correct answers ✅is puffing The detailed disclosure of property defects (or lack thereof) on a form is often produced by a real estate association, and is called - correct answers ✅a seller's disclosure statement The civil rights act of 1866 prohibits - correct answers ✅racial discrimination
Answers 2024
Frank Morrow listed his property with broker Ted Scott. The listing agreement authorized Scott to act as the sole agent of Morrow and entitled Scott to a commission regardless of who sold the property. This is an example of:
- correct answers ✅An exclusive right to sell listing Fiduciary responsibilities of an agent to the principal include faithful performance, loyalty and provision of legal advice. True or False? - correct answers ✅False In most residential purchase agreements, the purchaser has the right to withdraw from the purchase without forfeiture of the earnest money if he cannot obtain necessary funding. True or False? - correct answers ✅True If a real estate broker decides to become "inactive" and asks a principal broker to terminate their business relationship, the principal broker must: - correct answers ✅Return the real estate broker's license without delay to the Real Estate commissioner. Real estate license law prohibits real estate brokers from buying or selling property on their own behalf without - correct answers ✅full disclosure of their license status
Answers 2024
A person seeking enforcement of the Civil Rights Act of 1866 may do so by filing an action in the federal court. True or False? - correct answers ✅True If a broker receives several offers on the same property at the same time, she must submit for the seller's review - correct answers ✅all of them All written offers are to be tendered to the seller - correct answers ✅promptly Under the Fair Housing Law of 1968, apartment managers may discriminate against which of the following categories of people: a. pet owners b. females c. american indians d. white anglo-saxon protestants - correct answers ✅pet owners An offer along with a check for earnest money was submitted to a principal broker on a Saturday morning. There was no statement in the offer directing the principal broker to hold the check until the seller either
Answers 2024
After the seller has accepted an offer, the sales agent should deliver a copy of the agreement first of all to the lender. True or False? - correct answers ✅False A seller's property disclosure statement is not necessary when - correct answers ✅The seller is a court-appointed receiver The property is brand new construction The seller is a government agency If, upon receipt of an offer to purchase under certain terms, the seller makes a counteroffer, the prospective purchaser is - correct answers ✅relieved of their original offer. Oregon's agency disclosure law - correct answers ✅allows real estate licensees to represent both the seller and the buyer. A situation where one or more individuals under the age of 18 are domiciled with a parent or other person having custody is described as familial status. - correct answers ✅True
Answers 2024
Which of the following would be considered "dual agency"? I. Two brokers from two different companies who are cooperating with each other to sell the same piece of property. II. A broker who acts for both the buyer and the seller. - correct answers ✅A broker who acts for both the buyer and the seller. Donald Van Dorn has entered into a listing agreement to sell his home through Broker David Polk. Polk is the only broker who has the right to sell the home during the listing period. But Van Dorn has reserved the right to avoid liability for the commission by selling the home himself. This kind of agreement is called - correct answers ✅an exclusive agency Where do you find the "time is of the essence" clause? - correct answers ✅Earnest money agreement The seller tells the principal broker that termites have destroyed the floor and that the swimming pool is in violation of the city setback requirements. Which of the following must the principal broker disclose to a prospective buyer? - correct answers ✅Both the condition of the floor and the pool violation
Answers 2024
The commission split between Johnson and her principal broker was 65% to the broker, 35% to the principal broker. What was Johnson's commission from the sale of the home? - correct answers ✅$1, A Multiple Listing Service (MLS) enables brokers to show each other's properties to their clients, and give properties greater market exposure. True or False? - correct answers ✅True The Fair Housing Law of 1968 applies to single family and multi-family housing. True or False? - correct answers ✅True If a tract of land is 264 feet wide by 660 feet deep, the value of the land at $1,600 per acre is - correct answers ✅$6, The duty of reasonable care implies competence and expertise on the part of the broker. True or False? - correct answers ✅True The Commissioner may revoke or suspend a real estate broker's license for - correct answers ✅-Inducing a seller to break a listing contract with another principal broker to
Answers 2024
substitute a new listing contract with the broker's principal broker. -Violating Oregon's discrimination statutes -Failure to deliver a completed copy of an offer to purchase to the purchaser and seller within a reasonable amount of time. The Real Estate Commissioner may discipline an Oregon real estate licensee whenever the licensee - correct answers ✅-Promises there will be future profits on the resale of the property. -Acts as an agent for both parties in a transaction without the knowledge and written permission of all parties for whom the licensee is acting. According to the Administrative Rules and Regulations of the Real Estate Agency, when must the licensee first give a copy of the earnest money agreement to the prospective buyer? - correct answers ✅When the buyer makes the offer While listing a property, an agent was told by the seller that he would not sell to persons of a certain race. The agent should - correct answers ✅refuse to take the listing with that exception
Answers 2024
Agreement. What are some of the issues with deadlines in the contract? - correct answers ✅-Financing contingency deadline. -Professional inspection deadlines. -Title report and Covenant, Codes and Restrictions (CC&R) review deadlines. In Oregon, if the Buyer does not sign the Sale Agreement, the contract is still considered enforceable. True or False? - correct answers ✅False If both John and Mary Doe are the owners of record of the property being listed for sale, who needs to sign the Listing Agreement for it to be valid? - correct answers ✅Both Mary and John Doe
