IRES Iowa Real Estate Salesperson - Set 4 - Part 3
Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.
Question 41: A buyer walks into an open house held by the seller's agent and is not represented by anyone. Even though the agent works for the seller, the buyer is still owed a baseline standard of treatment. Which duties does the agent owe this customer?
Question 42: A homebuyer wants a broker to work solely for her interests in locating and negotiating a purchase. She signs an employment contract engaging the broker for that purpose. Which document establishes this fiduciary relationship between the buyer and her broker?
Question 43: A seller tells a broker she wants a fixed amount from the sale and the broker may keep everything the price brings above that figure as compensation. Because this creates a conflict with fiduciary duty, which listing type is illegal in many states?
Question 44: A broker receives an earnest money check from a buyer and must place it in a trust account, keep it separate from operating funds, and be ready to report exactly where the money sits. Which fiduciary duty governs this handling of funds?
Question 45: A homeowner signs a listing that names one broker as sole representative and promises that broker a commission if the property sells during the term, no matter who actually finds the buyer. Which type of listing agreement is described?
Question 46: A buyer's agent in Cedar Rapids learns that the seller of a downtown loft has already relocated out of state and is paying two mortgages, information that would strengthen the buyer's negotiating hand. Which fiduciary duty requires sharing this with the client?
Question 47: A seller in Dubuque directs her listing broker to schedule all showings after six in the evening and to reject any offer contingent on the buyer selling another home first. Which fiduciary duty obligates the broker to follow these lawful instructions?
Question 48: When a homeowner in Ankeny signs a listing agreement, the broker becomes a fiduciary who must hold the principal's affairs in special trust and confidence throughout the transaction. Which single term describes the collection of legal duties this relationship imposes on the agent?
Question 49: A seller in Des Moines and a broker sign a written listing agreement that formally states their intentions, terms, and conditions for marketing the home. When parties create an agency by an oral or written agreement stating its terms, which method of creation applies here?
Question 50: A licensed agent decides to buy, for his own account, a Dubuque condo that is listed with his brokerage. Before proceeding, agency law requires a specific step to protect the seller. What must the agent do because of this personal interest?
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