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Post 301 BRR Review Flashcards | StudBud
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Post 301 BRR Review
Post 301 BRR Review
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Comprehensive Review
Flashcards
51 cards
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Practice quiz
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Questions
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Answers
1
Exemptions to the Residential Property Disclosure Act do NOT include:
Residential resale
Lease to Own
Foreclosure
New Construction
2
Oral buyer agent may continue to represent a buyer who refuses to sign an agency agreement.
True
False
3
A Buyers Agent working with an unrepresented seller must disclose their agency status:
When they hire me
Never
First substantial contact
First initial contact
4
An agent representing both parties without the clients knowledge is legal.
False
True
5
An agent should assist a seller complete the RPOADS
True
False
6
Seller subagent may prepare a CMA for a buyer/customer.
True
False
7
We disclose our agency status to customers at first substantial contact, commonly defined as:
AIG - Any Info Given
PTM - Price, Terms, Motivation - specifics
OPP - Other Peoples Problems
MMM - Money, money, money
8
Property management agreement must include all the following except
beginning and ending date with automatic renewal
authority of property manager
how compensation will be paid
authority for manager to sell property
9
How long does a provisional broker have to remove the provisional status?
30 months from date of licensure
2 years from date of licensure
18 months from date of licensure
1 year from date of licensure
10
In Designated Dual Agency:
I dunno
You are considered your clients "coach" or advocate
You are considered the "referee" or middleman. You don't take sides
I cannot be a Provisional Broker
11
If listing agent passes along incorrect information provided by seller, the agent may be guilty of ...
negligent omission
willful misrepresentation
negligent misrepresentation
willful omission
12
The seller must disclose lien information in the listing agreement....
False
True
13
An agent must take a listing, if the seller wants to hire his firm.
False
True
14
A broker cannot continue to be an oral buyer agent if the buyer refuses to sign an agreement.
False
True
15
The city of Raleigh is planning a major road widening project:
Because it's public knowledge, no disclosure is required
A listing agent would need to disclose this to a buyer only
The listing agent must disclose.
The seller needs to disclose on the RPOADS and that is the only requirement
16
The formula for the Income Capitalization Approach (for income producing properties) is:
PVEONDC
SMTM
EON
PVEON
17
Which of the following is not a duty of a property manager?
Prepare management plan
Prepare operating budget
Prepare federal income taxes
Establish rental schedule
18
A broker doing a BPO for a fee must inspect interior and exterior of property
True
False
19
When must a buyer agent disclose his agency relationship to a seller or seller's agent?
Before Closing
First Substantial Contact
Before signing a buyer agency agreement
Initial Contact
20
A broker may waive their duties in the listing agreement.
False
True
21
Which is NOT true regarding Oral buyer agency?
I need to know if dual agency is permitted
We need to still discuss my compensation
I can still get paid and it's easier
Must be reduced to writing before presenting an offer
22
If a married couple own property, both must sign the listing agreement.
True
False
23
Spot the material fact:
RDUs flight path
Gang related Homicide
Grandma's spirit won't leave
Pedophile
24
I'm a listing agent and received a sign call. I tell the caller I can get them a deal if they write the offer with me:
This is dual agency but is ok
Sounds like undisclosed dual agency - you didn't talk about your status
Nope, not ok, walk away
This is great business practice
25
Who is held responsible for incorrect information entered in MLS by an unlicensed assistant?
BIC
Listing Agent
Seller
Unlicensed assistant
26
What must a seller give a buyer, if the house was built before 1978?
Nothing
Guarantee the house is lead free
Disclosure and EPA booklet
Warranty against lead paint
27
Willful means:
Should have known
Unintentionally
Purposeful
What had happened was
28
When moving to a new firm, an agent may take his listing.
True
False
29
Buyer agent must tell a FSBO he represents the buyer
only if the buyer wants to make an offer
after showing the property
at first substantial contact
at initial contact
30
A broker may email just sold postcards to an entire neighborhood if ...
with permission of each property owner
Current listings are omitted
the neighbood is the broker's marketing area
an opt out option is included
31
Which is true regarding Sq Footage
Minimum ceiling height is 9 feet
The area of the stairs counts on both levels
Must have a permantly installed air conditioning
Brokers can pull the tax records in a hurry
32
Oral Buyer Agency Agreements:
Is what I prefer because it is less pressure
Cannot be allowed under any circumstances
Must be reduced to writing before closing
Must be reduced to writing before presentation of an offer
33
The best comp is
the comp exactly like the subject sold 12 months ago
the comp with the least number of adjustments
most similar active listing
sold comp on the same street as subject
34
TILA/Regulation Z regulates the way Brokers advertise. We cannot advertise "trigger terms". Not a trigger term -
See me for 3% financing!
Payments only $890/month!
Up to 98% Loan to Value!
Low Low Low, Come on down!
35
Agency Agreements include all of the following except:
Anti discrimination clause
Escape clause
Brokers license number
Definite termination date
36
Limited service broker may list property but not agree to show to prospects.
False
True
37
I am brand new to real estate. I need business. Which marketing option is not allowed?
Door knocking my neighborhood
Soliciting active listings to convince I'd do a better job
Calling expireds after cross referecing the MLS
Calling FSBO's after checking the DNC registry
38
If a buyer does not hire an agent to represent him/her, who does the agent represent?
Both buyer and seller
Seller as a subagent
Buyer as a customer
Neither party
39
You are allowed to legally call people on the DNC registry whom you have an established business relationship within:
18 months
30 days
12 months
3 months
40
The Lead Based Paint Disclosure:
Must be given when the home is built prior is 1987
Requires the sellers test for lead based paint
Is only required when a broker is involved
Must be given when the home is built prior to 1978
41
In designated dual agency,
one agent is designated to represent both parties
the client and broker go back to single agency
the BIC can never be a designated agent
provisional brokers cannot be designated
42
WWREA disclosure must be reviewed with a prospect before
making initial contact
an offer is presented
closing
providing any brokerage services
43
The doctrine of Caveat Emptor means:
Sellers must disclose all material facts on the property disclosure
Sellers do not have to disclose material facts
Property listed "AS - IS" does not need to have material facts disclosed
Brokers can waive liability by putting "buyers agent to confirm" in MLS
44
A good property manager should always:
Reinvest the owners profits
File the owners tax returns
Maximize the owners profits
Avacado
45
A buyer may rely on the seller's RPOADS to determine if there are any defects.
True
False
46
A broker must advise a seller of his rights and obligations in RPOADS & MOG
False
True
47
Standard qualifying ratios for a conventional loan are:
28% & 36%
26% & 38%
20% & 30%
29% & 35%
48
If an agent does not complete CE by June 10, her license will be inactive June 11.
False
True
49
It is June 11th and I haven't paid my renewal fee. My status is:
Current
Active
Expired
Inactive
50
It is June 11th and I haven't done CE, my status is:
Active
Expired
Inactive
Current
51
A broker is permitted to represent both buyer and seller in the same transaction when ....
the broker is a subagent rather than the agent of the seller
the broker feels the parties will benefit from dual representation
commission fee is paid by the seller
both parties have been informed and agree to dual representation
