chapters 11-13 idaho real estate Quiz

When is a prospective buyer or seller to receive the agency disclosure brochure?

• Upon the first meeting

• Prior to writing a contract

• Before closing a transaction

• First substantial business contact

What is the purpose of the buyer or seller signing the agency disclosure brochure?

• To establish a client relationship

• To create a customer relationship

• To acknowledge receiving the brochure

• To secure a real estate activity

If a buyer is a ‘customer’ and not a ‘client’, what duties must the agent extend to the ‘customer’?

• None, unless there is a written contract

• Must collect fee or commission from another party to a transaction

• Disclose adverse material facts

• Verify accuracy of statements made by a seller

A Exclusive Buyer Representation Agreement will:

• Be binding only when an offer and acceptance has been completed

• Disallow the buyer from previewing property without their agent

• Create a legally binding contract

• Bind the buyer for an unlimited time

A real estate agent would be classified with what type of agency?

• Universal

• General

• Special

• Specific

The Idaho Brokerage Representation Act was created to identify obligations between the consumer and the:

• Buyer

• Seller

• Real estate licensee

• Real estate brokerage

How many types of agency can be practiced in Idaho?

• One

• Two

• Three

• Four

Signing the Agency Disclosure Brochure establishes what kind of agency relationship?

• None

• Client

• Customer

• Both customer and client

Where is the confirmation of an agency relationship contained?

• Agency Disclosure Brochure

• Purchase & Sale Agreement

• Buyer representation agreement

• Seller representation agreement

What is the primary difference between a customer and a client?

• Disclose adverse material facts

• Exercise reasonable skill and care

• Maintain confidentiality

• Lender approval