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Salesperson Exam Prep

Category - Real Estate

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A broker who is hired by an owner to sell his property must reveal all significant and material information to the principal. Which of the following would be considered material information and must be revealed?

The new lender will require the buyer to maintain an impound account
Agent’s knowledge that a better offer to purchase is imminent
The prospective buyer is of oriental descent
None of the above

Explanation

Answer: B. The existence of a better offer that is imminent could very well be a material fact to the seller. If would probably influence his decision on a present offer.

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Real Estate Agent / Broker / Salesperson Exam Prep

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Real Estate Agent / Broker / Salesperson Exam Prep

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