Consumer Notice Quiz

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What is the primary duty of a licensee acting as a seller agent?

To make a continuous effort to find a buyer/tenant for the seller/landlord (correct)

To act in the buyer's best interest

To keep all confidential information about the property confidential

To reveal all known material defects about the property

What duties does a subagent have when working under a seller agent?

To reveal all known material defects about the property

To have the same duties and obligations as the seller agent (correct)

To keep all confidential information confidential

To act in the buyer's best interest

When acting as a buyer agent, what is the main responsibility of the licensee?

To make a continuous effort to find a property for the buyer/tenant (correct)

To act in the seller's best interest

To disclose all known material defects about the property

To keep all confidential information about the property confidential

What is one exception mentioned where a seller agent can reveal confidential information?

When it concerns known material defects about the property Signup and view all the answers

What happens if a licensee is acting as a buyer agent and the buyer is already bound by another contract?

The licensee must make no further effort to find a property for the buyer/tenant Signup and view all the answers

What is a key difference between a dual agent and a transaction licensee?

A dual agent works for both parties, while a transaction licensee has no agency relationship with a consumer. Signup and view all the answers

What duty does a designated agent have regarding confidential information within the real estate company?

To ensure that no confidential information is disclosed within the company Signup and view all the answers

What is a restriction placed on a transaction licensee regarding disclosure of certain information?

Sharing confidential information about material defects of the property Signup and view all the answers

In what scenario does a broker automatically become a dual agent in a real estate transaction?

When supervising all licensees within the company Signup and view all the answers

What is a fundamental requirement for a licensee to act as a dual agent in a real estate transaction?

Obtaining written consent from both seller/landlord and buyer/tenant Signup and view all the answers

What duty do all licensees owe consumers, regardless of the business relationship selected?

Present all written offers and communications to the parties involved. Signup and view all the answers

When can the duty to disclose conflicts of interest be waived?

When the seller's property is under contract and the waiver is in writing. Signup and view all the answers

What is one of the duties that licensees owe consumers in real estate transactions?

Disclose financial interests in recommended services at the time they are suggested. Signup and view all the answers

What action must licensees take regarding escrow and deposit funds?

Account for these funds and ensure they are handled properly. Signup and view all the answers

In what situation should licensees advise consumers to seek expert advice?

For matters beyond the licensee's expertise related to the transaction. Signup and view all the answers

What is one of the negotiable terms that must be addressed in an agreement/disclosure statement between a licensee and a consumer?

The property's zoning classification Signup and view all the answers

What is the purpose of the Real Estate Recovery Fund mentioned in the text?

To reimburse victims of fraud by real estate licensees Signup and view all the answers

What action is required before a licensee can represent a consumer in a business relationship according to the text?

A written agreement must be signed by the consumer Signup and view all the answers

When can a licensee be presumed to represent a consumer without a written agreement?

A business relationship is never presumed Signup and view all the answers

What must all sales agreements contain regarding the property's zoning classification according to the text?

The property's zoning classification unless zoned solely or primarily for single-family dwellings Signup and view all the answers

In your own words, please give a brief explanation of this document as you would present it to client. (Role Play)

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