The La Rue Team's Buyer Representation IQ Quiz

Try taking The LaRue Team's "Buyer Representation IQ Quiz" to find out your level of understanding of buyer representation and what it could mean for you. You can check the accuracy of your answers with the Team's automatic feedback. Then go to the section following the quiz for more information on buyer representation.

Buyer Representation IQ Quiz

1. A subagent of the seller working with a buyer is permitted to provide which of the following services to his buyer-customer interested in a home?

A.		price counseling
B.		price negotiation
C.		opinion of non-material facts about the home
D.		objective evaluation of the home
E.		all of the above
F.		none of the above

2. Telling a buyer that a seller's home is overpriced is a service that can be provided by which kind of agent?

A.		listing agent
B.		agent holding an "open house"
C.		agent who places ad in the local newspaper for the home
D.		subagent of the sellers
E.		all of the above.
F.		none of the above.

3. A buyer's agent would be obligated to do which of the following for his buyer client?

A.		Suggest a minimum earnest money deposit.
B.		Implement negotiating techniques on the buyer's behalf that attempt to get the seller to accept the buyer's offer.
C.		Notify his buyer-client of new listings before notifying buyer-customers.
D.		Show the buyer-client "For Sale by Owner" homes.
E.		all of the above.
F.		none of the above.

4. A real estate agent holding an "open house" is showing the home to a buyer-customer who asks the agent to present an offer on his behalf to the seller. While writing up the contract offer the agent is working for the buyer.

	True?
	False?

5. The listing agent of a piece of real estate is permitted to do which of the following when working with a buyer-customer?

A.		Follow through on details after the purchase contract has been negotiated. Attempt to resolve all problems to the seller's satisfaction.
B.		Provide a Comparative Market Analysis for the buyer only if the analysis supports the seller's listing price.
C.		Disclose material facts about the home but not provide an objective assessment of the property nor address any negative aspects of the property that are not material facts.
D.		Implement a negotiating strategy that will strengthen the seller-client's negotiating position.
E.		all of the above
F.		none of the above

6. Having buyer representation from a buyer's agent usually costs the buyer additional money at closing in the form of a commission, retainer fee, or hourly fee.

	True?
	False?

7. If a buyer-customer contacts Smith Realty about a Smith Realty listing, Smith Realty's duty of undivided loyalty to the seller-client obligates the company to:

A.		Devote full attention to the buyer's needs.
B.		Warn the buyer-customer not to disclose any information which will harm his negotiating position should he make an offer on the listing.
C.		Attempt to keep the buyer focused on the property that the buyer called about unless it's clear that the buyer is not the best buyer for the seller's property or the buyer rejects the seller-client's property.
D.		Disclose to the buyer all material facts and provide objective evaluation of the property.
E.		all of the above
F.		none of the above

8. What are some important services that a buyer's agent is obligated to provide to a buyer-client?

A.		Finding the best property for the buyer.
B.		Providing price counseling for the buyer.
C.		Providing price negotiation for the buyer.
D.		Keeping confidential information about the buyer-client's financial situation, negotiating position, or urgency in purchasing.
E.		all of the above
F.		none of the above

9. What are some important services that a buyer's agent could provide to a buyer client?

A.		Disclosing to buyer-client that a seller made a counteroffer to another buyer-client last week at $20,000 below list price.
B.		Taking buyer-client whose maximum level of affordability is $140,000 to a property in which the seller is asking $180,000 with the anticipation of negotiating a lower price.
C.		Assist buyer-client in making an objective evaluation of a property, including both positives and negatives.
D.		Assist buyer-client in making an objective comparison with competing properties.
E.		all of the above
F.		none of the above

10. Mr. Buyer tells a salesperson from Jones Realty that he will offer $125,000 for a property at 234 Main Street, but he will go as high $145,000 if necessary. In this scenario if Jones Realty is representing Mr. Buyer as a buyer-client, what is Jones Realty's legal duty?

	Keep Mr. Buyer's comment confidential.
	Tell the seller what Mr. Buyer said.

11. In the above scenario if Jones Realty is representing the seller, what is Jones Realty's duty?

	Keep Mr. Buyer's comment confidential.
	Tell the seller what Mr. Buyer said.