BC Real Estate Trading Services Course Agency Relationships & Disclosure 4

Question 1

Under RESA, 'trading services' in BC includes which of the following?

Accepted Answer

Showing property, presenting offers, and negotiating on behalf of buyers or sellers

Answer

RESA defines trading services broadly to include showing property, writing and presenting offers, negotiating terms, and other activities done on behalf of a buyer or seller for compensation.

Question 2

In BC, the 'duty of confidentiality' means a licensee must:

Accepted Answer

Not disclose the client's confidential information to third parties without consent

Answer

The duty of confidentiality requires the licensee to protect the client's personal, financial, and negotiating information from disclosure to third parties without the client's consent.

Question 3

In BC, which of the following best describes the 'duty of accounting'?

Accepted Answer

Accounting to the client for all monies received on their behalf and keeping these in trust

Answer

The duty of accounting requires an agent to account for all money received on behalf of a client, hold it in trust, and provide a full accounting of all funds received and disbursed.

Question 4

Under BCFSA rules, if a buyer asks a seller's agent whether the seller will accept less than the listed price, the agent should:

Accepted Answer

Decline to disclose the seller's confidential information and suggest the buyer make an offer

Answer

A seller's agent owes the seller a duty of confidentiality. They cannot disclose the seller's minimum acceptable price or other confidential negotiating information to the buyer.

Question 5

In BC, a listing agreement grants the brokerage which type of authority over the seller's property?

Accepted Answer

Authority to market the property and present offers on behalf of the seller within agreed terms

Answer

A listing agreement grants the brokerage authority to market the property and present offers on the seller's behalf. It does not grant authority to accept offers — only the seller can accept.

BC Real Estate Practice Test

BC Real Estate Practice Test

BC Real Estate Trading Services Course Agency Relationships & Disclosure 4