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PSI Agency Test ?s
| Question | Answer |
|---|---|
| A buyer's agent who is calling to set up a showing on a listed property should disclose the fact that she represents the buyer so that the listing agent can avoid: a. paying a commission b. disclosing material facts d. divulging confidential info | C |
| A licensee acting on behalf of a property owner is best described as: a. fiduciary b. dual agent c. ratified d. impied agent | A |
| A listing agreement between a real estate brokerage firm and a seller is known as what form of agency? a. special b. universal c. general d. exclusive | A |
| A person who hires or appoints an agent is called the: a. customer b. principal c. attorney in fact d. fiduciary | B |
| As a listing agent, what obligations do you owe to an unrepresented buyer? a. loyalty and honesty b. honesty and fairness c. loyalty, fairness and honesty d. fairness only | B |
| In a single agency relationship, a real estate broker represents: a. only a buyer or seller, not both b. both buyer and seller c. buyer only d. seller only | A |
| The relationship between a real estate agent and his or her client is which of the following? a. universal agency b. general agency c. dual agency d. fiduciary | D |
| The type of agency in which an agent has legal authority to act in place of the principal is known as: a. specific agency b. special agency c. universal agency d. general agency | C |
| Specific Agency | |
| Special Agency | |
| A form of agency that gives the agent the broadest powers to act for the principal. | Universal Agency |
| General Agency | |
| The type of agency which is typical in property management, in which the agent has limited authority to bind the principal is known as: a. special b. general c. universal d. specific | B |
| When a real estate agents represents more than one party in a transaction and this representation is with knowledge and written consent of all parties: a. revoked license b. dual agency and revoked license c. dual agency d. singhe agency | C |
| Which form of agency gives the agent the broadest pwoers to act for the principal? a. universal agency b. general agency c. special agency d. all grant the same powers | A |
| TRUE OR FALSE An exclusive agency listing permits the owner to sell witout being liable for a commission. | TRUE |
| TRUE OR FALSE A broker may never recover a commission if the contract was accepted after the lsiting expired? | FALSE The borker can receive a commission if he procures the buyer during the listing periond and seller accepts offer after listing period expires. |
| TRUE OR FALSE The amount of a broker's commission for the sale of a home is limited by law. | FALSE |
| Type of listing that permits the owner to sell without being liable for a commission. | Exclusive agency listing |
| T earn a commission, a listing broker with any exclusive listing must procure a ready, willing and able buyer at the seller's listing terms and: a. close the sale b. deomonstrate procuring cause c. arrange financing d. nothing else | |
| A broker is entitled to a commission regardless of who sells the property during the listing period if he or she has which of the following listings? a. open b. exclsive right to sell c. all of these d. net | B |
| The listing that provides the broker will be paid a commission regardless of who sells the property, including the owner. | Exclusive right to sell listing |
| A broker listing that commission will be paid if sold "by you, by me, or by anyone esle" is: a. open listing b. does not comply with the statute of frauds c. exclusive agency listing d. exclusive right to sell listing | D |
| A listing that allows an owner to list concurrently with more than one brokerage firm is: a. net listing b. illegal c. exclusive agency d. open listing | D |
| A broker with an exclusive listing has a contractual obligation to distribute the listing among certain other brokers. | Multiple listing- a multiple listing service is an organization of brokers who have agreed to exchange listings. |
| A multiple listing service is: a. organization for exchanging information and sharing fees b. advertising service for listings c. referral service d. type of listing | B The MLS allows brokerage firms to exchange property info and set cop op fees for the sale of property. |
| A salesperson for ABC realty has moved to XYZ realty. What happens to the listings the salesperson took at ABC realty? a. they belong to abc b. listings transfer to xyz c. listings are void d. belong to salesperson so transfer to xyz | A |
| A salesperson wants to show a property twice in one day. The second time she: a. should call the listing broker again b. should call again if she doesn't know the listing agent c. must call again only if it's for another buyer d. no need 2 call | A |
| Can you revoike a contract before expiration date on an exclusive right to sell employement contract? | Yes but the seller could be liable for damages. |
| A seller gave two firms an open listing on her home. Firm #1 advertised but did not show, Firm #2 showed the property but seller sold it to a friend instead. Which is true: a. seller owes nothing to either firm b. firm 2 is due compensation | A Only the party procuring the buyer gets paid in an open lisitng. |
| All of the following are true of an exclusive agency listing contract except: a. it always requires paying a commission b. it is bilateral c. must be written d. must have an ending date | A |
| Exclusive listing vs exlusive right to sell | |
| All of the following are true of an exlcusive agency listing EXCEPT: a. listing must be in writing b. there must be a definite termination date c. owner must pay brokerage a commission if anyone else sells d. owner must pay even if he sells | D |
| All of the following would terminate a listing EXCEPT: a. death of listing agent b. destruction by tornado c. bankruptcy of listing brker d. expiration of time | A |
| An agency listing agreement between owner and broker: a. does all of these b. contains responsibility of broker & owner c. creates fiduciary d. employment contract | A |
| Exclusive listing contracts are all of the following EXCEPT: a. bilateral b. unilateral c. express d. terminated upon death of principal | B |
| If a brokerage produces a ready, willing & able buyer at seller's terms & seller refueses to sell, the commission: a. must be negotiated b. is earned by broker c. is paid by the buyer d. is not earned | B |
| If a sale fails to close because of a failure on the buyer's part, the listing broker's commission: a. is not earned b. is paid by the buyer c. must be awarded by the court d. is paid by the seller | A |
| Membership in a multiple listing service is an advantage to: a. sellers, buyers & brokers b. buyers only c. brokers only d. sellers only | A |
| The length of a safety clause in a listing agreement is etermined by: a. negotiation between seller and broker b. the real estate commission c. state law d. local ordinance | A |
| The principal broker at xyz realty has told her salespeople to try and only sign listings that give the most protection: a. exlusive agency b. open listing c. exclusive right to sell d. net listings | C |
| The type of listing that allows more than one brokerage firm to list the property is known as: a. open listing b. exclusive right to sell c. exclusive agency d. nonexclusive listing | A |
| To be enforceable, a listing must be: a. dated b. open ended c. written d. written or oral | C |
| To earn a commission, a listing broker with any exclusive listing must procure a ready, willing and able buyer at the seller's listing terms and: a. arrange financing b. nothing else c. close the sale d. demonstrate procuring cause | C |
Created by:
jenkasick