ANSWER 28, 39, 30

Consumers can be vulnerable and real estate salespeople must make sure they are treated with due care and fairness. Which of the following statements explains one of the steps a registrant would take to deal fairly with consumer vulnerabilities? A salesperson should explain to a consumer that total costs to close a transaction may be more than anticipated, so additional funds may be necessary Buyers are always given a cooling off period of 10 days after they make an offer to purchase real estate. Standard form agreements should always be used so there is no need to explain the wording of the fine print to the parties. Buyers are always treated as clients because a salesperson only has disclosure requirements under REBBA 2002 when a buyer is not a customer. Which of the following statements most correctly describes the role of a lawyer in a typical residential real estate transaction? Lawyers always review and approve the agreement before it becomes binding Therefore, every offer will be conditional upon obtaining the approval of the buyer and seller's lawyer. Lawyers are required to follow the Code of Ethics section of the Real Estate and Business Brokers Act, 2002 whenever they are involved in closing a real estate transaction. Lawyers usually meet with the seller or buyer once an agreement has become binding in order to prepare the required documents to complete the sale of the property. Lawyers advise buyers and sellers about the market value of the real estate and also ensure that written agreements are carefully and correctly drafted. Which of the following statements is true regarding the marketing services a brokerage or a salesperson might offer to a buyer? Marketing plans are used to assist the brokerage in obtaining a commitment from the buyer by entering into a representing agreement Buyers should carefully inspect a property as a salesperson is not expected to be able to identify circumstances that may indicate a material latent defect. Once a salesperson is made aware of the price range the buyer is financially qualified for, there is no need to further establish a buyer profile. The services that a brokerage provides to a seller can also function as a marketing tool to introduce the property to a potential buyer