Fall 2013 Legal Update

25 Questions | Total Attempts: 528

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Fall 2013 Legal Update

Presented by Bill Jansen Recorded October 7, 2013


Questions and Answers
  • 1. 
    All clients in a real estate transaction in California are clients of the agent, not the broker?
    • A. 

      True

    • B. 

      False

  • 2. 
    CAR Disclosure Charts are useful guides for which forms to use, what triggers a disclosure and where to get further information?
    • A. 

      True

    • B. 

      False

  • 3. 
    Listing agents have a duty of honesty and fair dealing to the buyer who is represented by another brokerage?
    • A. 

      True

    • B. 

      False

  • 4. 
    If the parties have initialed the Arbitration paragraph, they can ignore arbitration if the amount in dispute is within the jurisdiction limits of Small Claims Court?
    • A. 

      True

    • B. 

      False

  • 5. 
    If a seller signs and returns an offer to buyer’s agent after it has expired, there is a valid, binding Purchase Agreement?
    • A. 

      True

    • B. 

      False

  • 6. 
    Starting a sentence with the words “Seller shall….” or “Buyer will…” is the best way to create a contingency in the contract?
    • A. 

      True

    • B. 

      False

  • 7. 
    Good practice would be to read back through the offer, addenda and counter-offers to make sure that all of the changes from document to document make sense and there are no contradictions or confusion?
    • A. 

      True

    • B. 

      False

  • 8. 
    Sellers should be advised to disclose ALL old reports and inspections in their possession no matter how old?
    • A. 

      True

    • B. 

      False

  • 9. 
    “Home has several normal minor settlement cracks” is a good way to describe cracks observed in a property?
    • A. 

      True

    • B. 

      False

  • 10. 
    Buyer’s three-day right to rescind the purchase agreement does not start until buyer signs the TDS?             
    • A. 

      True

    • B. 

      False

  • 11. 
    The seller must sign the listing agent’s AVID prior to delivery to the buyer.
    • A. 

      True

    • B. 

      False

  • 12. 
    If a seller who otherwise would be required to complete a TDS has not actually seen the property, they are exempt from completing the TDS?
    • A. 

      True

    • B. 

      False

  • 13. 
    If a buyer submits an offer to a seller who signs the offer with no changes, there is an accepted contract at that moment?
    • A. 

      True

    • B. 

      False

  • 14. 
    A seller doesn’t have to disclose defects that have been repaired?
    • A. 

      True

    • B. 

      False

  • 15. 
    If there was a prior lawsuit affecting the property, seller doesn’t have to disclose that lawsuit if the case is closed?
    • A. 

      True

    • B. 

      False

  • 16. 
    If a seller is exempt from completing a TDS, they still have to disclose all material facts known to them affecting value or desirability?
    • A. 

      True

    • B. 

      False

  • 17. 
    If a neighbor tells you, the listing agent, that a neighbor is selling drugs you don’t have to disclose anything because it might not be true?
    • A. 

      True

    • B. 

      False

  • 18. 
    As a listing agent, I should make sure that the seller has the opportunity to review and update a previously-completed TDS to be certain it is accurate prior to delivering it to the buyer’s agent?
    • A. 

      True

    • B. 

      False

  • 19. 
    It is okay to write two offers for two different buyers at the same time on the same property if my manager says it is okay and will supervise the offers?
    • A. 

      True

    • B. 

      False

  • 20. 
    If I have a listing and have my own offer when there are other offers to be presented at the same time, it is okay if I tell the seller that I will treat all offers fairly?
    • A. 

      True

    • B. 

      False

  • 21. 
    If my buyers discover defects after the close of escrow that they feel seller should have disclosed, I am obligated as their agent to honor their request to help them go after the seller for failing to disclose?
    • A. 

      True

    • B. 

      False

  • 22. 
    Pocket listings can be dangerous because they often result in a dual agency, selling within the company, without ever having been exposed to the market?
    • A. 

      True

    • B. 

      False

  • 23. 
    If I am representing divorcing sellers, and one spouse instructs me to reduce the price and the other doesn’t want the list price changed, I am obligated to change the price?
    • A. 

      True

    • B. 

      False

  • 24. 
    An initial deposit is required to have consideration to create a binding contract?
    • A. 

      True

    • B. 

      False

  • 25. 
    My buyers countered the seller’s Counter-Offer No. 1 with Counter-Offer No. 2 which was sent to the listing agent.  The buyers then changed their minds and signed the original Counter-Offer No. 1 and sent it to the listing agent which created a valid contract?
    • A. 

      True

    • B. 

      False

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