Buyer Agency Quiz | Join LanMac Today

1. If an expiration date is not included in the Term portion of the agreement, how long is the agreement in effect?

Indefinite expiration date

30 days

90 days

The Agreement is not binding

2. What is the state real estate commission rate for a buyer?

0

3

2

There is not one

3. How much commission is a buyer required to pay a buyers agent?

2%

2.5%

$0

3%

4. A buyer has signed a buyer agency agreement for 3%, how much of this is the buyer responsible for paying?

The amount the seller is offering

0%

Any amount negotiated on a purchase agreement

3%

5. As the Buyer agency agreement is written, what is the maximum bonus you can collect on top of the agreed commission?

$0

1%

$2,500

Unlimited

6. If you do not include a set commission amount on your buyers agency agreement, what is the default amount of commission?

3%

The amount that the listing brokerage offers

$0

The amount indicated on the purchase agreement

7. Can you disclose the buyers identity to a seller or other 3rd parties?

Only with the buyer's permission

Never

Always

Choice 4

8. How much commission is a seller required to pay to a buyer's agent?

1%

4%

3%

$0

9. How can the buyer agency agreement be terminated?

Buyer and buyers agent agree in writing

In writing by either the buyer or buyer’s agent

It cannot be terminated

With a buyer agency termination form

10. A buyer has signed a buyer agency agreement for 2.5%, the seller and listing brokerage are offering 3.5% to a buyers agent. How much commission can you collect as the buyer’s agent?

3.5%

.5%

2.5%

$0