Test on Estate Agents and Property Transactions
Estate Agents and Property Transactions: A Student Guide
Test: Estate Agents
20 questions
Question 1: If a seller signs a dual mandate, they grant the sole right to sell their property to a single estate agent.
A. Yes
B. No
Explanation: A dual mandate is defined as a mandate given to two agents, not a single agent with sole selling rights. An agent with a sole mandate has the sole right to sell the house, whereas if mandates were given to more than one agent (like a dual mandate), the agent that gets the sale will get the commission.
Question 2: If another estate agent finds a buyer for a property under a sole mandate, can the agent holding the sole mandate claim the commission?
A. Yes
B. No
Explanation: If another agent finds a buyer, the agent with the sole mandate can claim the commission.
Question 3: Estate agents can help people buy and sell property without needing to be licensed, as long as they are registered with the Estate Agency Affairs Board (EAAB).
A. Yes
B. No
Explanation: The study materials state that estate agents 'are licensed to do this and are registered with the Estate Agency Affairs Board (EAAB)'. Therefore, they require a license in addition to being registered.
Question 4: The primary role of an estate agent is to analyze the seller's needs regarding their property.
A. Yes
B. No
Explanation: The study materials state that one of an estate agent's jobs is to "Analyse your needs as a buyer," indicating a focus on the buyer's needs, not primarily the seller's needs in this context.
Question 5: Estate agents advise sellers on how to make their home more marketable.
A. Yes
B. No
Explanation: The study materials indicate that a role of the estate agent is to "advise sellers as to how to make their home more marketable."