Take
Our Quiz (True
or False)
1.
A seller's agent is the
same as a listing agent, and is required by law
to obtain the best price and terms for the seller.
(True, or False?)
2.
If you contact the listing-seller
agent of a home that you want to buy, and if you
discuss your financial position or bargaining
tactics with that agent, he/she is required by
law to use your confidential information to the
seller's advantage. (True, or False?)
3.
Assume that your financial
position and bargaining tactics became known to
the seller through the listing-seller agent. You
have already scheduled a showing of the home with
that agent. At the showing, the agent asks you
to sign/initial a Dual Agency Disclosure Statement.
The listing-seller agent now becomes a dual agent
if you consent by signing that form.
(True, or False?)
4.
While
at the showing, the listing-seller agent asks
you to sign the Dual Agency Disclosure Statement,
and you do so. Assume that the seller was told
your confidential information when the listing-seller
agent scheduled the showing. You have consented
to dual agency because you signed the form, and
you should read OhioHouse Bill 354 Highlights.
(True, or False?)
5.
You do not have to consent
to dual agency or split agency.
(True, or False?)
6.
You do not have to sign away
your right to guaranteed full representation.
(True, or False?)
7.
In a real estate publication,
you see agents whose ads say "For all your
real estate needs," and "Thinking of buying
or selling a home?" These agents and their
companies could permit dual agency and split agency.
(True, or False?)
8.
You are interested in buying
a home listed with XYZ Realty. Instead of contacting
the listing-seller agent, you contact "someone
you know in real estate," who happens to be
an agent at the office where the home is listed.
The listing-seller agent now becomes a split agent,
your "buyer agent" becomes a split agent
also, and a management level licensee is the "designated
dual agent."
(True, or False?)
9.
Your buyer-split agent has
left your mortgage application open on his/her desk.
The listing-seller-split agent, who represents the
seller of the home you want to purchase, walks in
and sees your confidential information. If that
agent uses your information to the seller's advantage,
the brokerage may be in violation of the law.
(True, or False?)
10.
Your buyer-split agent and
the management level licensee-dual agent are discussing
your financial position while standing around the
XYZ Realty coffee machine. The phone rings on your
buyer-split agent's desk, and it's the home inspector
that you had hired. He tells your buyer-split agent
that the home you intend to buy has a bad roof.
"It'll be about $3,000 for a new roof,"
your agent tells his/her supervisor, "and my
buyers want me to get the sellers to pay for a new
one. I'm not worried, though. My buyers said if
the sellers won't pay, then they will. They don't
really want to, but they can afford to." Assume
that the listing-seller-split agent overheard the
conversation while pouring him/herself a cup of
tea. If that agent uses the conversation to the
seller's advantage, the brokerage may be in violation
of the law. (True,
or False?)
11.
Assume that your buyer-split
agent, the listing-seller-split agent, the management
level-designated-dual agent, the office broker,
and their spouses are playing cards on a Friday
night, as they often do, and have done so for many
years. When they talk about your financial position
and bargaining strategy, the brokerage may be in
violation of the law.
(True, or False?)
12.
When your confidential information
is breached, as it was breached in 9, 10, and 11,
your buyer-split agent must inform you immediately,
and also must offer to resign representation. If
you are never informed of the breach, and no offer
to resign is ever made to you, the brokerage violates
the law.
(True, or False?)
13.
Every real estate company
permitting dual agency and/or split agency is required
by law to inform you: "That in serving as a
dual agent, licensees in the brokerage represent
two clients whose interests are, or at times could
be, different or adverse."
(True, or False?)
14.
All real estate companies
that allow dual agency or split agency are required
to inform you: "That as a result of the dual
agency, the dual agent may not be able to advocate
on behalf of the client with the same skill and
energy the agent may have if the agent represents
only one client."
(True, or False?)
15.
Every real estate company
permitting dual agency and/or split agency is required
by law to inform you: "That the client does
not have to consent to the dual agency."
(True, or False?)
16.
All real estate companies
that allow either dual agency or split agency are
required to inform you of your options for representation
"...if the client does not consent..."
to dual /split agency, and inform you that your
options include "...the right of the client
to terminate the agency relationship and seek representation
from another source."
(True, or False?)
17.
The members of NAEBA, the
National Association of Exclusive Buyer Agents,
always protect the rights of and represent the best
interests of homebuyers, and never the sellers.
(True, or False?)
18.
An Exclusive Buyer Agent never
represents two sides in any real estate transaction.
(True, or False?)
19.
An Exclusive Buyer Agent can
always guarantee to keep your financial information
and bargaining strategy absolutely confidential.
(True, or False?)
20.
Whether you're buying your
first home, second home, luxury home or a home For
Sale By Owner, you want an Exclusive Buyer Agent
because we only represent one client...you, the
homebuyer...First, Last, and Always.
(True, or False?)
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