Question

When a dual agency is established in a one-to-four unit residential sales transaction (i.e., both parties are represented by the same broker) the broker and their agents may not pass on any information from one party to the other relating to:

a) the price the buyer may be willing to pay.

b) the terms of payment the seller may be willing to accept.

c) Both a and b.

d) Neither a nor b.

7. Brokers supervise and police the business-related conduct of their agents by:

a) setting the number of listings and sales to be acquired and closed.

b) overseeing the agents' management of time spent working for the broker.

c) analyzing the agents' incomes and expenses.

d) All of the above.

8. The Agency Law Disclosure form is mandated to be presented to all parties by a broker or their agent when listing, selling, buying or leasing for a term greater than one year:

a) commercial property.

b) property containing one-to-four residential units.

c) Both a and b.

d) Neither a nor b.

9. Failure of the seller's agent to provide the seller with the Agency Law Disclosure prior to entering into a listing agreement:

a) results in the loss of the broker fee on the sale if challenged by the seller.

b) does not result in the loss of the broker fee if later disclosed as an addendum to the purchase agreement.

c) only results in the loss of a broker fee when selling a one-to-four residential unit property.

d) has no effect on whether the agent is entitled to a broker fee.

10. The _____________ relationship established on entering into a listing agreement specifies the scope of activities the broker and their agents are to undertake and authorizes the broker to carry them out.

a) adversarial

b) management

c) employment

d) selling

Answer 1

1. c is the correct answer. In case of one to four residential transactions, the broker & their agents may not tell the seller the price the buyer is willing to pay. Alternatively, the broker may not tell the buyer the price the seller is willing to accept.
2. D is the correct answer. All of the above activities are supervised by the broker.
3. B is the correct answer. Property containing one to four residential units or mobile homes.
4. A is the correct answer.
5. A is the correct answer.