45-HR. CA REAL ESTATE PRACTICE COURSE » Summer 2021 » Section 9 Unit 2 Exam

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Question #1
Which of the following is a true statement regarding a licensee’s role in preparing a real estate contract?
A.   A licensee's role is limited to filling in the blanks.
B.   A licensee must use standardized language when writing an addendum.
C.   A licensee may not alter an existing form.
D.   A licensee has legal authority to draft any real estate contract or addendum.
Question #2
Jeremy signed a listing agreement with a broker, Ralph. Jeremy was then run over by a cement truck and died. What happens to his agreement with Ralph?
A.   It is terminated.
B.   It gets assigned to Jeremy's attorney.
C.   It continues and is binding on Jeremy's heirs.
D.   It becomes void.
Question #3
Which of these statements accurately describes what a seller is agreeing to in the seller representations portion of a listing agreement?
A.   Sellers must disclose financial issues that may affect the sale, such as delinquency in payments, bankruptcy, or receipt of a notice of default.
B.   Sellers must disclose all material facts about the property.
C.   Sellers will represent the brokerage and need to behave with professionalism.
D.   Sellers must own the property with a clear title.
Question #4
Andy has decided to drop the price on his townhome. His listing agreement states the list price as $650,000. How can he account for the price drop?
A.   Once the listing term expires, he may relist it at the new price
B.   Ask his agent to change it on the MLS
C.   He cannot change it, but may accept a lower offer
D.   Complete a Modification of Terms form before changing it on the MLS
Question #5
Amy is working with seller clients who have suggested they would like the property to go to another African-American family. Which section of the listing agreement would help Amy convey why she cannot market the property this way?
A.   Fair housing rules
B.   Anti-discrimination disclosure
C.   Equal housing opportunity
D.   Illegal practices
Question #6
California law requires a notice about compensation to the broker in the listing agreement. What does that notice need to communicate?
A.   Net listings are required by law.
B.   The amount or rate of the commission is not fixed by law.
C.   Net listings are illegal.
D.   The amount or rate of the commission is fixed by law.
Question #7
Why is it so necessary to obtain signatures on a listing agreement?
A.   Your broker may be fined for approving a listing agreement that is not signed.
B.   Signatures are required to list the property on the MLS.
C.   Every blank needs to be filled in on a form contract.
D.   Any real estate contract must be in writing to be enforceable.
Question #8
What does the successor and/or assigns section of the Residential Listing Agreement state?
A.   It states that the listing agreement is binding on the seller's heirs.
B.   It prohibits the seller from assigning the listing agreement to anyone else.
C.   It prohibits the licensee from assigning the listing agreement to the licensee's broker.
D.   It prohibits the seller from assigning the listing agreement to another licensee.

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