Practice Questions Real Estate Law

Front 1

Which of the following would be considered to be a dual agency?

a. The broker acting for both the buyer and the seller in the same transaction.
b. Brokers cooperating with each other.
c. The broker representing different principals.
d. The broker listing and selling the same property.

Back 1

a. The broker acting for both the buyer and the seller in the same transaction.

Front 2

The relationship of a broker to his or her client is that of a? (n)

a. trustee.
b. subagent.
c. fiduciary.
d. attorney in fact.

Back 2

c. fiduciary.

Front 3

A real estate broker acting as the agent of the seller...

a. is obligated to render faithful service to the principal.
b. can disclose the seller's minimum price.
c. should present to the seller only the highest offer for the property.
d. can accept an offer on behalf of the seller.

Back 3

a. is obligated to render faithful service to the principal.

Front 4

A broker is permitted to represent both the seller and the buyer in the same transaction when...

a. the principals are not aware of such action.
b. the broker is a subagent rather than the agent of the seller.
c. commissions are collected from both parties.
d. both parties have been informed and agree to the dual representation.

Back 4

d. both parties have been informed and agree to the dual representation.

Front 5

Which of the follolwing best defines the "Law of agency"?

a. The selling of another's property by an authorized agency.
b. The rules of law that apply to the responsibilities of a person who acts for another.
c. The principles that govern one's conduct in business.
d. The rules and regulations of the stat's licensing agency.

Back 5

b. The rules of law that apply to the responsibilities of a person who acts for another.

Front 6

A broker who is the agent of the buyer should do which of the following?

a. disclose to the seller that the buyer is a monority person.
b. disclose to the seller that maximum price ther buyer is willing to pay.
c. Present to the seller only offers that are acceptable.
d. Advise the buyer if the listing price of the seller's house is unrealistic.

Back 6

d. Advise the buyher if the listing price of the seller's house is unrealistic.

Front 7

Which of the following would not need to be licensed when acting for another person in the sale or lease of real estate?

a. One who is prsonally representing a dealer in real estate.
b. Anyone acting under a power of atorney.
c. A relative of the party.
d. A next door neighbor.

Back 7

b. Anyone acting under a power of attorney.

Front 8

Real property can become personal property by?

a. severance.
b. purchase.
c. hypothecation.
d. attachment.

Back 8

a. severance.

Front 9

Certain items on the premsises that are installed by the tenant and are related to the tenant's business are called?

a. fixtures.
b. emblements.
c. trade fixtures.
d. easements

Back 9

c. trade fixtures.

Front 10

Which of the following is not described as personal property?

a. Chattels.
c. Trade fixtures.
c. Emblements.
d. Fixtures.

Back 10

d. Fixtures.