An agent received a $500 bonus check from a seller. What should she do with the check?

CONTRACTS/AGENCY

Quiz
•
Business
•
University
•
Hard

Maenetta Jackson
FREE Resource
13 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The check is considered commission, and it should be written to and given to her principal broker
Tell the seller she can accept only cash and the broker cannot know about the bonus
Tell the seller that her broker does. not allow any of the agents to accept bonus checks
Cash the check and say nothing to her broker
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On a listing appointment, the seller told the agent hat he was learning disabled and illiterate. He asked the agent to read the listing agreement to him. After a lengthy discussion answering all of the seller's questions, the seller said he understood the terms and placed an X where the agent indicated. Is this a valid listing contract?
Yes, because the seller is illiterate, not incompetent
Yes, but only if the seller has an attorney verify what the agent said
No, because an illiterate person can never enter into a valid contract
No, because an illiterate person must have a guardian explain all documents to him
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When the buyer made an offer on a property, he gave the agent $500 in cash for the earnest money. After the offer was accepted, the agent deposited the cash into his personal account, and a week later, wrote the broker a check for the $500 deposit. Is this action legal?
Yes, if the broker told him to follow that procedure
No, because it is a commingling of funds
Yes, if the buyer gave permission for the agent to follow that procedure
No, because it is embezzlement
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following documents would NOT create an agency relationship?
Property management agreement
Sales contract
Listing contract
Buyer agency contract
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To insert additional terms into the contract, the agent would use
An addendum
An adaptation clause
A contingency clause
A new contract
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
For their down payment, the buyers brought $20,000 cash to the closing table. Which form must be filed with the Internal Revenue Service to report this transaction?
1099
1003
8300
8303
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An agent for ABC Realty has 15 listings. Another agent for ABC Realty has a buyer under contract that is interested in one of the company's listings. The broker appointed Agent A as the exclusive agent of the seller, and agent B is the exclusive agent for the buyer. This arrangement is an example of
Express agency
Implied agency
Designated agency
Undisclosed agency
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