Real Estate 84 Chapter 1 Real Estate Practice Quiz.1. An agent receives an offer of $350,000 on a property that she has listed for $355,000. When
she is about to present the offer to the sellers, another offer comes in
...
Real Estate 84 Chapter 1 Real Estate Practice Quiz.1. An agent receives an offer of $350,000 on a property that she has listed for $355,000. When
she is about to present the offer to the sellers, another offer comes in for $300,000. She should:
A. present the lower offer only if the sellers reject the higher offer
B. present both offers at the same time
C. present the higher offer only after the sellers reject the lower offer
D. discard the lower offer, as it is clearly frivolous
Correct Answer: B Explanation: An agent must present all offers to the principal in a timely
manner, even offers that the seller is likely to reject.
2. At an open house, the listing agent begins giving advice to a prospective buyer regarding how
much to offer for the house, without explaining that she is a representative of the sellers. Which of
the following statements is NOT true?
A. The agent is not acting in accordance with her agency status
B. The agent is acting as an undisclosed dual agent
C. The agent has breached fiduciary duties to both parties
D. The agent has not violated any duties, because she is not performing real estate services
for the buyers
Correct Answer: D Explanation: The agent has become an undisclosed dual agent, and then
breached duties of loyalty to each party.
3. Which of the following would be considered a material fact that an agent would be compelled to
disclose?
A. The roof leaks during rainy weather
B. The house was the site of a suicide five years ago
C. The house was once rented by gang members
D. The house was once the headquarters for a doomsday cult
Correct Answer: A Explanation: An agent must disclose latent defects that would not be
discovered through ordinary inspection, such as a leaking roof. It is not material if the house was
the site of a crime, gang activity, or political or religious activity.
4. A clause in a listing agreement states that any member of an MLS who attempts to find a buyer
for a listed property is a cooperating agent, rather than an agent for the seller. This is a/an:
A. unilateral offer of subagency
B. offer of cooperation
C. dual agency agreement
D. agency by implication
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