Economy

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Real Estate

Quiz 5

admin 2019.05.07 15:16 Views : 12142

1 of 25 - Who can allow a listing to be cancelled during the term of the listing agreement?
 
The seller
The licensee
A cooperating broker
 
The broker
You answered incorrectly
Ultimately, it’s the broker’s decision to allow the listing to cancel.
2 of 25 - What type of agency representation refers to one broker representing the seller and another broker representing the buyer?
Implied agency
 
Single agency representation
Express agency
 
Dual agency representation
You answered incorrectly
Single agency representation refers to one broker representing the seller and another broker representing the buyer. Each broker has an exclusive representation with their respective client.
3 of 25 - A customer is not a client until
disclosures are signed.
 
a representation agreement is signed.
it is mutually and orally agreed upon.
the broker signs an agency form.
You answered correctly
4 of 25 - If a real estate agent fails to exert reasonable efforts to represent his or her client's interests, the agent could be found guilty of
 
misrepresentation.
perjury.
 
negligence.
fraud.
You answered incorrectly
If an agent fails to exert reasonable efforts to represent his client’s interest, the agent could be found guilty of negligence in court.
5 of 25 - When a lawsuit or complaint is filed against a real estate agent, who must determine whether or not an agency relationship has been created?
A broker
 
A judge
A member of the Commission
 
A hearing officer
You answered incorrectly
Often when a lawsuit has been brought or a complaint filed, a hearing officer must determine whether or not an agency relationship had been created.
6 of 25 - Which fiduciary act requires that an agent act in good faith and obey the principal's directions as outlined in the contract?
Care
 
Obedience
Loyalty
Accountability
You answered correctly
7 of 25 - If a seller lists his or her property at a particular broker's office, who has the job of obtaining the best possible transaction for the seller?
The broker
 
Everyone in the office
 
The licensee
The listing agent
You answered incorrectly
If a seller lists his or her property at a particular broker's office, everyone in the office has the job of obtaining the best possible transaction for the seller.
8 of 25 - Most of the sales of residential property involve two licensees-a listing broker and a
sales agent.
 
selling broker.
transaction broker.
dual agent.
You answered correctly
9 of 25 - All real estate must be performed under the supervision of
a judge.
an attorney.
an express agency.
 
a broker.
You answered correctly
10 of 25 - If a broker is representing a buyer-client, he or she must negotiate on behalf of the
seller.
broker.
 
buyer.
lien holder.
You answered correctly
11 of 25 - What informational handout should the listing agent provide the seller before a seller signs a listing agreement with the agent?
A Real Estate Agent Agreement Form
A Property Brokerage Form
A Listing Assignment
 
A Disclosure Regarding Real Estate Agency Relationships
You answered correctly
12 of 25 - What does an agent demonstrate by being honest as he or she can be with a customer while at the same time attempting to get his or her client the best transaction possible?
 
Honesty
Accountability
 
Fairness
Care
You answered incorrectly
The agent demonstrates fairness by being as honest and even as he or she can be with a customer while at the same time attempting to get his or her client the best transaction possible.
13 of 25 - In what type of agency relationship does the principal empower the agent to perform any and all actions that may be legally delegated to an agency representative?
Specific agent
Special agent
General agent
 
Universal agent
You answered correctly
14 of 25 - What type of agency is created between the broker and salespeople?
A special agency
 
A general agency
A universal agency
An employee agency
You answered correctly
15 of 25 - What is the best way to end agency?
Let the time limitation expire
Cancellation
 
To close the deal
Rescission
You answered correctly
16 of 25 - A licensee cannot give legal advice unless he or she
has permission from the broker.
is asked to by the client.
speaks with an attorney.
 
has a separate license to do that.
You answered correctly
17 of 25 - In what type of agency does a person or court give an agent full control over someone's life and belongings to meet a specific need?
A general agency
A specific agency
 
A universal agency
A special agency
You answered correctly
18 of 25 - What term describes when both the client and the broker agree to end the relationship that they are in?
Contingency
 
Rescission
 
Termination
Cancellation
You answered incorrectly
"Rescission is when both the client and the broker agree to end the relationship that they are in."
19 of 25 - Which fiduciary duty requires an agent to be accountable for all monies, documents, and other property he or she receives from the principal?
Loyalty
Disclosure of notice
Care
 
Accountability
You answered correctly
20 of 25 - When there is no buyer representation agreement in place, who actually represents a seller in a real estate transaction?
The licensee
The listing broker
 
The selling broker
An escrow officer
You answered correctly
21 of 25 - What term describes duties a broker has to a client to meet the needs of the client above the needs of everyone else, including him or herself?
 
Fiduciary duties
Representation duties
Client duties
Disclosure duties
You answered correctly
22 of 25 - What is it called when a broker wants to end a listing but the client does not?
 
Rescission
 
Broker renunciation
Client revocation
Recession
You answered incorrectly
"The broker can cancel the agency agreement through broker renunciation, but must have good cause to do so. For example, it might be when a client is not negotiating in good faith or when a client tells the licensee to violate Fair Housing laws."
23 of 25 - What term refers to a relationship established between a principal and a real estate agent?
Fiduciary
 
Brokerage agreement
 
Agency
Ministerial
You answered incorrectly
Agency is a relationship established between a principal and a real estate agent.
24 of 25 - When a licensee realizes that an agency has been undisclosed to someone, the problem can be corrected with
a chain of title.
power of attorney.
 
the proper disclosure.
a listing agreement.
You answered correctly
25 of 25 - What term refers to the person who hires a real estate agent and delegates to the agent the responsibility of representing his or her interests?
Consumer
 
Principal
Customer
Purchaser
You answered correctly

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