BC Real Estate Trading Services Course Agency Relationships & Disclosure

Question 1

In BC, what is the primary duty of a real estate licensee acting as an agent for a seller?

Accepted Answer

To act in the best interests of the seller client

Answer

To obtain the lowest possible price for buyers

Answer

To remain neutral between buyer and seller

Answer

To maximize commission earnings

Question 2

Under BCFSA rules, when must a BC real estate licensee provide the 'Disclosure of Representation in Trading Services' form?

Accepted Answer

Before or at the earliest practicable opportunity when providing trading services

Answer

Only when writing an offer

Answer

Only when a buyer is represented

Answer

After the contract is signed

Question 3

In BC, a 'buyer's agent' owes which of the following duties to their buyer client?

Accepted Answer

Duty of loyalty, confidentiality, and to act in the buyer's best interests

Answer

Duty to disclose all buyer financial information to the seller

Answer

Duty to show only properties listed by their brokerage

Answer

Duty to recommend the seller accept any offer above asking price

Question 4

Under RESA in BC, 'designated agency' means:

Accepted Answer

Specific licensees within a brokerage are designated to represent each party, avoiding dual agency conflicts

Answer

Only the managing broker can represent clients

Answer

The brokerage can only represent buyers, not sellers

Answer

Agency is designated by the real estate board

Question 5

Which of the following is a duty owed to UNREPRESENTED parties (not clients) under BCFSA rules in BC?

Accepted Answer

Duty to deal honestly and disclose material latent defects

Answer

Fiduciary duty of loyalty

Answer

Duty to negotiate in their best interests

Answer

Duty to provide confidential information about other parties

Question 6

In BC, if a listing agent has information that is material to the buyer's decision, they must:

Accepted Answer

Disclose it to the buyer even if it is adverse to the seller

Answer

Withhold it to protect the seller's interests

Answer

Only disclose it if the buyer specifically asks

Answer

Disclose it only after the contract is signed