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