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Terms in this set (15)Which of the statements is true concerning a designated agency? Neither the broker nor a broker's agent act as a dual agent. A broker may designate one agent to represent both buyer and seller. Designated agency is virtually synonymous with dual agency in terms of client relations. Two designated agents may not be involved in the same transaction. Neither the broker nor a broker's agent act as a dual agent. According to BRRETA, a broker engaged by the seller is required to make timely disclosures to the buyer regarding all material facts pertaining to existing adverse physical conditions in the immediate neighborhood within how many miles of the property? One mile Two miles Three miles Five miles one mile Which of the following is true concerning a broker engaged by a tenant? Is considered a conflict with the landlord relationship and is not allowed under Georgia law Present all offers to/from a tenant except when an existing lease is in place Disclose to the tenant adverse material facts of which the broker has actual knowledge Disclose to the tenant adverse material facts of which the broker has either actual or implied knowledge Disclose to the tenant adverse material facts of which the broker has actual knowledge Georgia law defines a transaction broker by which of the following? A broker who performs ministerial A broker who performs ministerial acts for one or more of the parties to a transaction A broker who has entered a relationship with one of the parties to a transaction and is paid only by that party A broker who is representing one or more of the parties and is paid by one or more of the parties of the transaction A broker who performs ministerial acts for one or more of the parties to a transaction Which of the following duties are associated with a transaction broker? Negotiating a lease for a landlord-client Representing the seller of a home in presenting a purchase agreement Obtaining a listing agreement from a property owner Filing out a lease form with a prospective tenant Filing out a lease form with a prospective tenant Which of the following are duties owed by the broker after completion of the engagement? An accounting of all monies and property relating to the engagement Continued confidentiality of all information for a period of 5 years Continued confidentiality of all information for a period of 3 years No duties are owed by the broker to the client after the terms of engagement have been fulfilled An accounting of all monies and property relating to the engagement It is the prospective tenant's obligation to: provide the broker with IRS records for the prior 3 years. reveal to the broker any other current or past brokerage relationships in the prior 3 years. disclose to the prospective landlord his/her financial qualifications. maintain a file record of inspected rental properties in the prior year. disclose to the prospective landlord his/her financial qualifications. In order to establish agency, the broker must: establish either an oral or written fiduciary relationship with a prospective client. establish a written fiduciary relationship with a prospective client. establish proof of an existing brokerage engagement through a compensation agreement with a client. tell the client of available options in order make an informed decision. tell the client of available options in order make an informed decision. Which of the following duties are the responsibility of a broker engaged by a landlord? Keeping confidential everything the landlord has disclosed to him, without exception Advising the landlord on legal or other matters that are beyond his expertise Timely accounting for all money and property received in which the landlord has or may have an interest Seeking additional offers to lease the property while the property is subject to a lease, or letter of intent to lease in all cases Timely accounting for all money and property received in which the landlord has or may have an interest Under Georgia Code, which is true concerning a broker's responsibility to a buyer? Brokers must seek a property acceptable to the terms of the seller. Brokers must seek a property acceptable to the terms of both buyer and seller. Brokers must fairly represent the buyer but is accountable to the seller. Brokers must seek a property acceptable to the terms of the buyer. Brokers must seek a property acceptable to the terms of the buyer. Which of the following is true regarding ministerial acts performed by the seller's broker for the buyer? Performing ministerial acts is a violation of the brokerage engagement with the seller. Performing ministerial acts for the buyer forms a brokerage engagement with the buyer. Performing ministerial acts for the buyer cannot be construed to form a brokerage engagement with the buyer. It is not permissible for a broker engaged by a seller to show alternative properties to prospective buyers. Performing ministerial acts for the buyer cannot be construed to form a brokerage engagement with the buyer. Which is true concerning the broker-tenant relationship? May not perform ministerial acts for the landlord which violates the fiduciary relationship May assist the prospective landlord only with showing property and writing a lease agreement May provide client information only to other MLS member agents May assist the landlord in ministerial acts May assist the landlord in ministerial acts Which of the following statements is true concerning a transaction broker? An agent must disclose any adverse neighborhood facts which may be present within a 1 mile radius of a subject property. An agent must procure in writing and disclose any agency relationship in place. An agent must disclose any adverse conditions within the MLS defined neighborhood. To avoid liability, an agent must provide all parties both actual and imputed knowledge about the property. An agent must disclose any adverse neighborhood facts which may be present within a 1 mile radius of a subject property. Under Georgia Code, which is true concerning a broker's responsibility to the landlord? Provide expert financial advice related to every lease transaction Presenting all offers except those authorized by written consent Presenting all offers except those associated with leased property Must provide additional back-up offers for both leased and unleased properties Presenting all offers except those authorized by written consent Under BRRETA, a broker who performs services for a client owes that client or customer: only the duties and obligations within this law, unless the parties expressly agree otherwise in writing and signed by the parties. all duties contained within this law and those expressly implied by the intent of the law. a fiduciary relationship with that client or customer in carrying out the specified duties. a confidential but non-fiduciary relationship where any change in that relationship must remain confidential to all outside parties only the duties and obligations within this law, unless the parties expressly agree otherwise in writing and signed by the parties. 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