Utah Real Estate

Test Prep

Julie lists her home for sale with Monica. Monica later brings buyer Bill, who loves the property and wants to make an offer. Bill asks Monica to represent him. What fiduciary benefits will both Julie and Bill be giving up?

Confidentiality

Which fiduciary duty survives the transaction?

confidentiality

which of the following would NOT terminate an agency relationship?

the buyer decided they no longer like their agent and their agreement has not yet expired.

Broker Bob can do which of the following as the agent for the seller?

Championing the seller at the highest level

An agent stating: “this home has the most glorious mountain views of any home in the entire valley.” This is an example of

Puffing

In the state of Utah, all agency relationships are between the principal and…

The broker

Agent Amanda has listed her own home for sale. An unrepresented buyer would like to make an offer on her home. Which of the following is NOT a legal option for Amanda?

She can represent the buyer as a limited agent

Broker Cheryl gets an angry phone call from a buyer who is working with Shauna, one of the agents in Cheryls office. The buyers wants to be released from her agency agreement and hire another agent. Which of the statements are false?

The buyer is stuck with the agent forever

Jake is the agent for the seller. which of the following statements are true about jakes role in representing the seller?

Jake owes the duties of loyalty and confidentiality to the seller

in the state of Utah, all agency relationships are between the principal and

the broker

What is a fiduciary duty?

A legal responsibility of one party to act in the best interest of another. Honesty and loyalty to the customer.

Rick realtor enters into an agency agreement with bonnie buyer. in this situation bonnie is the

principal

in the state of Utah, all agency relationships are between the principal and

the broker

fiduciary is

One in whom special trust and confidence is placed

The fiduciary duty that requires an agent to properly hold safe and account for all monies that come into an agents possession is called

accounting for funds

the fiduciary duty that requires an agent to act competently and capably to serve their client is

reasonable care and diligence

another name for limited agency is

dual agency

section 5 of the real estate purchase contract exists to

confirm agency relationships that have previously been established

the specific fiduciary duties is listed in which agreement

buyer broker agency agreement and the exclusive right to sell

Amanda violated her fiduciary duties she owed to her client when she

bought her clients property

Which form creates agency with a buyer?

Exclusive Buyer Broker Agency Agreement

in section 1 of the exclusive buyer broker agency agreement the “date” that the agent writes in the line is the…

Date on Which The Agreement Terminates

A ____ fee is charged to execute a transaction.

Brokerage

Section 2 of the Buyer Broker Agreement & Agency Discloser deals with:

The Brokerage Fee Owed by The Buyer to Their Agent

Section 3 of the Exclusive Buyer Broker Agency Agreement

Protection Period

The purpose of section 5 of the exclusive buyer broker agency agreement is:

to spell out the duties owed by the buyers agent

an event in which the party to a contact fails to fulfill the terms of the agreement such as if a buyer is unable to pay for a property, is often referred to as:

Default

If the sellers lender or mortgagee may call the entire unpaid balance of the loan immediately due if the seller participates in certain types of transactions such as:

Due on Sale Clause

A ____ is a fee charged by a broker to execute transactions

Brokerage Fee

An event in which a party to a contract fails to fulfill the terms of an agreement, such as if a buyer is unable to pay for a property:

Default

which form creates agency with a seller?

Exclusive Right to Sell Agency Agreement

What is an owner of record?

The Person Recorded on Public Real Estate Records As the Owner of The Property

What kind of Professional advice can an agent give to their clients?

Agents are Meant to Provide Real Estate Advice ONLY. As they are NOT Licensed to Provide Legal, Tax, or Inspection Advice.

Marketable Title is:

A Title that has no encumbrances such as mortgages or otherwise has these waived by the buyer so that the property can be sold.

A Seller’s _____ is document to give a home seller an accurate estimate of their net proceeds.

Net Sheet

The purpose of the Limited Agency Consent Agreement is:

To Disclose that the Buyer and The Seller are Being Represented by the SAME Broker

Fiduciary Duties consist of:

OLD CAR- Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Reasonable Care

Which is one of the conditions for a limited agency agreement?

Agreement is which one party grants another party the authority to perform particular legal acts On Their Behalf.

What is personal property?

Personal property is something you can pick up and move around

The purpose of the For Sale By Owner Commission Agreement & Agency Disclosure is:

To Disclose that the Seller is Unrepresented

Selling Agent has a ______ with the seller for a commission

Contract

What is a sale by owner commission agreement?

The form is used to disclose that a seller is unrepresented by an agent when an agent is representing a buyer.

The three forms that are absolutely necessary when entering into Limited Agency are:

1. Buyer Broker Agency Agreement 2. Exclusive Right to Sell 3. Limited Agency Consent Agreement

The appropriate time for making disclosure to a buyer is:

As soon as reasonably possible

The memory trigger for remembering when the very latest time for us to get the Buyer Broker Agency Agreement signed is

ABC’s

The purpose of section 5 of the exclusive right to sell listing agreement and agency disclosure is:

To spell out the duties owned by the listing agent

In section 1 of the Exclusive right to sell listing agreement and Agency Disclosure, the “Date” that the agent writes in the line is the:

Date on which the agreement terminates

Section 3 of the for sale by owner commission agreement and agency disclosure deals with:

Protection Period

Section 2 of the exclusive right to ell listing agreement and agency disclosure deals with:

the amount of commission owed by the seller

The disclosure that provides the authorization for the brokerage to advertise the property in the MLS can be found in the:

The Exclusive right to sell listing agreement and agency disclosure

Fred wants to sell his own home as a For Sale By Owner. Alexis Agent represents a Buyer who has made an offer other purchase Fred’s home. Before presenting the offer to Fred, Alexis needs to make certain that Fred signs:

For Sale by Owner Commission Agreement & Agency Disclosure

Robert is going to be representing b both the Buyer and the Seller in a residential real estate transaction. Before he ever touches a Real Estate Purchase Contract for either client, Robert needs to make certain that both of his clients sign the:

1. Buyer Broker Agency Agreement 2. Exclusive Right to Sell 3. Limited Agency Consent Agreement

The purpose of the For Sale by Owner Commission Agreement & Agency of Disclosure is:

To Disclose that the Seller is Unrepresented