QUIZ Q/A #1
YES/NO | Is an agent required to obtain the seller’s approval to disclose the existence of offers?
YES | ARTICLE 1.1-5: The agent is required to obtain the seller’s approval to disclose the existence of offers. “In response to inquiries from buyers or cooperating brokers shall, with the sellers’ approval, disclose the existence of offers on the property. where disclosure is authorized, REALTORS shall also disclose, if asked, whether offers were obtained by the listing licensee, another licensee in the listing firm, or by a cooperating broker…”
YES/NO | Can an agent disclose the existence of an accepted offer without approval from the seller?
YES | ARTICLE 1.3-6: “REALTORS shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation.”
TRUE/FALSE | Upon the written request of a cooperating broker who submits an offer to the listing broker, the listing broker shall provide a written affirmation to the cooperating broker as soon as practical.
TRUE | ARTICLE 1.1-7: “When acting as listing brokers, REALTORS shall continue to submit to the seller/landlord all offers and counter-offers until closing or execution of a lease unless the seller/landlord has waived this obligation in writing.”
“Upon the written request of a cooperating broker who submits an offer to the listing broker, the listing broker shall provide, as soon as practical, a written affirmation to the cooperating broker stating that the offer has been submitted to the seller/landlord, or a written notification that the seller/landlord has waived the obligation to have the offer presented…”
TRUE/FALSE | A copy of each signed agreement and document should be provided to the signer client as soon as practical.
FALSE | ARTICLE 9: “…a copy of each agreement shall be furnished to each party to such a agreement upon the signing or initialing…”
MULTI-CHOICE | Listing REALTOR Jennifer has an existing listing agreement with seller Keisha. Under which of the following circumstances may REALTOR Lance approach Keisha to represent her in the sale of her home?
D | Lance cannot determine from the MLS whether Keisha’s home is exclusively listed.
* QUIZ RULES | Members providing complete and accurate answers to each quiz will be entered into weekly prize drawings to win free eKey fees for one (1) year (~$200 value); maximum one (1) winner per week. Weekly prize winners will be announced every Tuesday from Sep 08-29. Members who complete all four (4) quizzes (whether answers are accurate or not) will be entered into the grand prize drawing to win a refund for annual CCAR MLS fees (~$539 value); grand prize winner will be announced Tuesday, September 29, 2020. The Office Championship prize will be awarded to the firm/brokerage that records the highest level of participation in all four weekly quizzes; individual prizes for each team participant; total not to exceed $1,000. Refunds will be awarded in the form of gift cards.