Pennsylvania Real Estate Salesperson Exam — All Questions
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A seller receives an offer and returns it to the buyer with the price raised by $5,000 and all other terms unchanged. This response is legally a:
- a.Valid acceptance creating a binding contract
- b.Option contract
- c.Counteroffer that rejects the original offer✓
- d.Unilateral contract
Any change to the material terms of an offer is a counteroffer, which rejects the original offer and creates a new one the original offeror may accept or reject. Until the parties agree on all terms, no contract exists. Mutual assent requires an unconditional acceptance.
A listing agreement in which the seller pays a commission only if the listing broker personally produces the buyer, and pays no commission if the seller sells the property themselves, is a(n):
- a.Exclusive-agency listing✓
- b.Exclusive-right-to-sell listing
- c.Open listing with net terms
- d.Net listing
Under an exclusive-agency listing, one broker is appointed but the seller reserves the right to sell without owing a commission. It differs from an exclusive-right-to-sell listing, where the broker earns a commission no matter who finds the buyer. The distinction turns on whether the seller retains a right to sell commission-free.
An agent owes a client the duty to keep the client's information private and to place the client's interests above the agent's own. These duties are best described as:
- a.Duties owed equally to all parties in the transaction
- b.Statutory duties owed only to the buyer
- c.Duties that end the moment an offer is signed
- d.Fiduciary duties owed to the principal✓
An agent owes fiduciary duties, including loyalty and confidentiality, to the principal (client). These duties require the agent to promote the client's interests and protect confidential information. Customers, by contrast, are owed only honesty and fair dealing.