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36 Cards in this Set
- Front
- Back
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An agent has only a duty of honesty and fairness in dealing with A 3rd Parties. B Principals. C Attorneys. D City Officals |
A 3rd Parties |
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A has given B the impression that X is A's agent even though x has never given the authority to represent a. From b's the standpoint the agency is A Power of Attorney. B Constructive Agency. C Ostensible. D Rectified agency |
C ostensible |
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Broker brought a property found for a client. Sells it to the client. What is this called |
Secret profit |
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When a real estate agent acts as a buyers agent, he can do all the following except: A present offers directly to the seller. B present offers to the seller and sellers agent. C withhold confidential info about the buyer from the seller. D act as an exclusive agent of the seller |
D act as an exclusive agent of the seller |
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A licensee who misrepresents property to the buyer while acting as an agent of the seller is subject to A Disciplined. B Civil lawsuits. C Criminal penalties. D All of the above |
all of the above |
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Which of the following statements about escrow procedures is true? A a broker can never escrow a transaction. B Escrow agency changes from a dual agency to a separate agency. C when the escrow holder receives signed instructions, it is said to be a complete escrow. D the purpose of escrow is to have the escrow officer act as an arbitrator of disputes btwn the buyer and seller |
B escrow agency changes from a dual agency to a separate agency |
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Which of the following is closest to the same relationship as between a broker and seller. A trustee and beneficiary. B The broker and salesperson. C The mortgage and mortgagee. D The vendor and vendee. |
trustee and beneficiary |
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In regards to a listing contract a fiduciary relationship existed between the broker and. A The buyer. B The seller. C Both buyer and seller. D All of the above |
B the seller |
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Which of the following would not be essential in order to create an agency relationship. A A fiduciary relationship. B The agreement of the party to the agency. C And agreement to pay a commission. D A competent principal. |
an agreement to pay commission |
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In describing an agency contract which is most nearly correct A- Most multiple listing for exclusive listings. B- An open listing without a termination date is unenforceable. C- Often multiple listings Arnett listings. D- An exclusive agency need not contain a termination date. |
A- Multiple listings are exclusive listings |
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An agent who pays part of the commission to the buyer A- Must inform the seller.B- Is subject to criminal prosecution. C- Is subject to discipline by the real estate commissioner.D- Is subject to a civil lawsuit by the seller even if he discloses everything to the seller |
A- Is Agent May pay part of the commission to the buyer if he informs the seller |
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An agent who acts exclusively as the agent for the buyer May A- Present offers to the seller only. B- Present offers to the seller with the seller's agent present. C- Present offers to the seller's agent only. D- Is acting illegally |
B- Present offers to the seller with the seller's agent present |
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California Real Estate Law imposes upon a real estate agent the highest obligation of undivided interest and loyalty to his principal. This relationship is comparable to that of a: A- lessee to the lessor. B- Trustee to the beneficiary. C- Vendor to the purchaser. D- salesman to his or her broker |
B- trustee to the beneficiary |
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When acting as a listing agent. a real estate broker is liable to third parties for: A- only written contracts made in the name of his or her principal. B- actions of a cooperating broker who is the authorized subagent of the seller. C-his or her own torts. D- torts committed by his or her principal in the transaction |
C- his or her own torts |
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Fiduciary applies to the relationships btwn people in many different positions: A- trustor to beneficiary. B- Attorney in fact to principal. C- attorney to client. D- agent to seller |
A- trustor to beneficiary |
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which of the following is not required of a licensee under the current agency disclosure law? A- disclosure. B- election. C- Confirmation. D- Representation |
D- Representation 3 steps required under the agency disclosure law are : disclose, elect, and confirm |
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When may a real estate broker, acting as agent for the seller, refuse to sumit a buyers offer? A- when the owner is already accepted an offer. B- when the owner has already accepted a better ofer. C- when the owner has given broker express instructions not to submit any further offers. D- never, all offers must be presented |
C- A broker must present all offers unless they are frivolous or unless seller has expressly instructed broker to submit no further offers. |
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When a broker is representing the buyer exclusively under a buyer agency contract, which of the following is ? A- the buyers broker has no liability for acts of the listing broker. B- the buyers broker is responsible for his own and the listing broker's act. C- the buyers broker has a fidciary duty to the buyer and seller. D- the buyer broker must represent both parties |
A- the buyers broker has no liability for acts of the listing broker |
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By accepting the actions of an agent. even though there is no contract, a seller may create an agency by: A- estoppel. B- express agreement. C- ratifcation. D- Collaboration |
C- ratifcation |
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An agency relationship is said to create a fidciary relationship between principal and agent. Of the following relationships, which illstrates a fiduciary responsibility? A- any trustee to a beneficiary. B- Real estate broker to his client. C- A & B. D- neither A r B |
C- Both A & B |
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A broker acting as agent for a principal has as much authority as: A-other parties believe the agent to possess. B- the agent chooses to accept. C- the principal actually or ostensibly confers upon him. D- he chooses to accept as limited by the statute of limitations |
C- the principal actually or ostensibly confers upon him |
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Which of the following forms must be completed before an offer can be written? A- agency disclosure. B- deposit receipt. C- Real Estate transfer disclosure. D- listing |
A- agency disclosure |
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When a real estate agent acts as dual agent for both the buyer and seller in a 1031 exchange, and doesn't disclose his dual agency to both parties, he may: A- provide grounds for either party to rescind the purchase agreement. B-be prevented from receiving any commission. C- be disciplined by the real estate commissioner. D- any of the above |
D any of the above |
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Michelle a real estate broker sold a condo that was listed by a borker from another company. What is her relationship to the listing broker? A- principal. B- Third party. C- Co-agent. D- selling broker |
D- selling broker |
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An agency relationship such as in listing, may be terminated by all of the following methods except:A- resignation of the agency by the real estate broker. B- mutual termination by agreement of both the agent and the seller. C- destruction of the property with which the agency is concerned. D- revocation by the principal if the agent has an interest in the subject matter of the agency |
D revocation by the principal if the agent has an interest in the subject matter of the agency |
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a fiduciary relationship may be terminated by: A- agreement. B- revocation. C- death. D- all the above |
D- all the above |
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Broker White obtained a deposit from buyer Farley. The seller did not accept the offer. however the broker would not return the deposit. Farley contacted the RE commissioner. The commissioner can: A- act onyl as mediator. B- investigate as required by RE law. B- not act on this since it involves a RE license. D- not act on this since it involves civil court action |
B- investigate as required by RE law |
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An agency relationship is created by all of the following except: A agreement B ratification C specific performance D estoppel |
C specific performance |
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The relationship of loyalty and trust that exists between a principal and agent nearly resembles the relationship between: A brother and salesperson B trustee and beneficiary C lessor and lessee D optionor and optionee |
B trustee and beneficiary |
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What event does not terminate an agency? A death of listing agent (not broker) B full performance C expiration of term D destruction of listed property |
A- death of listing agent |
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What kind of agency is a listing? A speical agency B general agency C executive agency D duel agency |
A special agency |
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The relationship of a real estate salesperson to his her broker under the license law is as: A an employee. B an independent contractor. C a special agent. D either A or B |
A an employee |
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Which of the following is not essential to the creation of an agency relationship? A consent of the principal B competency of the principal C a fidciary relationship D agreement to pay consideration |
D agreement to pay consideration |
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To which of teh following does a real estate agent owe a fidciary duty? A third party B principle C escrow agent D customer |
B principal |
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a person designated in a written power of attorney to legally act for another in his stead is typically called A fiduciary B principal C attorney in fact D agent |
C attorney in fact |
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a broker who is employed by the seller is liable to the buyer if: A he acts under a power of attorney for seller B he acts in excess of the terms of his contract C the offer is accepted but the contract is not performed D the listing agreement has no termination date |
B he acts in excess of the term of his contract |
