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Quiz5

Unit 5 – Real Estate Practices

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A client is the _______________________ in a transaction.
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Code of Ethics is very important because without ethics, _____________________.
Defining characteristic of a profession.
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The Selling Agent represents ____________________________.
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Always use proper care and effort to meet the agreed obligations is known as _______________________.
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Misrepresentation is _____________________________________________________.
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This listing may be giving to several agents, but only the agent to procure a ready, willing and able buyer will receive the commission.
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Licensees are not required to have the technical knowledge, skills or training possessed by competent third-party inspectors and investigators of real estate and related areas.
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An agreement may be void due to _________________________________.
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Licensees may not discriminate against, nor deny equal services to, nor be a party to any plan or agreement to discriminate against any person in any manner unlawful under applicable federal, state or local fair housing law.
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A licensee may not provide advice or opinions concerning the legal rights or obligations of parties to a transaction.
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Licensees shall not act to protect the public against fraud, misrepresentation and unethical practices.
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"Well, if the sellers don't provide you with a Real Estate condition report, you can sue them to get out of the contract."
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This type of listing is Illegal in the state of Wisconsin.
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Licensees shall be knowledgeable regarding laws, public policies and current market conditions on real estate matters and assist, guide and advise the buying or selling public based upon these factors.
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Client confidentiality is always required, even ____________________________.
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The Listing Agent represents ____________________________.
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The Firm and its Agents will keep confidential any information given to the Firm or its Agents in confidence, or any information obtained by the Firm and its Agents that they know a reasonable person would want to be kept confidential, unless the information must be disclosed by law or you authorize the Firm to disclose particular information. Which of the following must be disclosed?
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The Firm and its Agents will not place their interests ahead of your interests.
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The duty to exercise reasonable skill and care in providing brokerage services to you.
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A contract in which a principal (owner/client) employs one agent to find a buyer for the property they own.
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The duty to provide you with accurate information about market conditions within a reasonable time if you request it, unless disclosure of the information is prohibited by law.
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The agent is entitled to a commission during the term of the contact if they or any other broker finds a ready, willing and able buyer to purchase the listed property, EXCEPT the owner finds a buyer on their own without the assistance of the agent and therefore not owe the listing agent/brokerage a commission.
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A written listing con- tract making a firm the exclusive agent for the sale of property for a specific period of time, and which entitles the listing firm to a commission if the property is sold by the owner, by the firm, or by anyone else.
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The Listing Agent represents ____________________________.
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The agent agrees to use their best efforts to locate a property that meets their needs at the best price for a stated commission.
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A written listing agreement, which may be given to any number of firms, with the first firm to secure a buyer under the terms of the listing agreement earning the commission.
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The _____________________ owns the agreement signed between the Principal and the Agent.
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A listing agreement should include all the following except?
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The duty to safeguard trust funds and other property held by the Firm or its Agents.
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The Selling Agent represents ____________________________.
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A written agency agreement authorizing a firm to provide brokerage services to the client for the procurement of an interest in property and providing the terms whereby the firm may earn a commission.
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Agreeing to exclude certain other brokerages from seeing their own listings or prohibit their agents from showing their buyers the other broker’s listings is called _____________________.
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A buyer agency agreement should include which of the following?
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Civil Rights Act of 1866 of provided all except:
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Civil Rights Act of 1964:
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Civil Rights Act of 1968 of provided all except:
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Civil Rights Act of 1974 did which of the following?
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Agreeing to divide up the marketplace by geographical location or type of service provided since it reduces or eliminates competition is called _____________________.
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Which of the following doesn't violate the Civil Rights Act of 1968?
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Civil Rights Act of 1988 did which of the following?
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Refusal to show, rent or sell by falsely claiming that a property is not available violates which act?
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Steering violates which act?
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Refusal to show, rent or sell by falsely claiming that a property is not available violates which act?
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The Fair Housing Amendments Act of 1988 added protections for all except:
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The Family Status in Wisconsin include all except:
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Agreeing to set standard or minimum commission rates is called _____________________.
Page 47 of 49
According to the state of Wisconsin a brokerage must retain documents related to a real estate transaction for _____________________.
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As an agent you are not able to advertise a property in the following way except:
Page 49 of 49
A broker tries to force a client to work with or buy specific goods or services in order to receive the broker’s goods or services is called _____________________.

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