Real Estate Exam Practice Sample Agency and License Law Test

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Real Estate Agency Exam
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1. If a sales agent leaves a real estate brokerage. What happens to the listings of that agent?
  The listings remain with the broker
  The listings transfer to the new agency with the agent
  The listings are terminated
  The clients have the option of terminating the listing
 
2. When is a broker's commission earned?
  When a willing and able buyer makes an offer that meets a seller's terms and price
  When the buyer takes possession of the new home
  When the escrow is opened
  When the purchase money is received by the seller
 
3. What information would not be required to be disclosed by the seller of a home?
  A known material defect
  Liens affecting the property
  The reason for selling
  Any potential natural disaster threats
 
4. What type of listing agreement does not require the real estate broker to be the procuring cause of the sale?
  An open listing
  An exclusive agency listing
  An exclusive right to sell listing agreement
  A net listing
 
5. A real estate agent tells a client that all the agencies in the area have agreed to charge 6% commission to sale properties this is:
  Against anti-trust laws
  Legal if ten percent is approved by NAR
  Allowed, to standardize the industry
  A common practice in most states
 
6. If a broker receives money as an earnest deposit, where must the money be deposited?
  In the broker's bank account
  In the broker's trust money account
  In the seller's bank account
  Only in an attorney's bank account
 
7. When should an agent disclose a dual agency?
  After a contract is signed
  Before closing
  At some point
  As soon as possible
 
8. If an agency relationship is formed by signing a written listing agreement, it is said to have formed by:
  Estoppel
  Caveat emptor
  Express agency
  Escheat
 
9. What is an example of an agent's fiduciary responsibilities?
  Accounting
  Disclosure
  Confidentiality
  All of the above
 
10. What type of listing could create the most competition between the owner and listing agent selling the home?
  An open listing
  An exclusive right to sell agreement
  An exclusive agency agreement
  An option listing
 

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