ADHI Legal Aspect of Real Estate CH 1-5 Flashcards

ADHI Legal Aspect of Real Estate CH 1-5 Flashcards An agent could be personally liable for tort committedOf the following, which is TRUE about real estate agents' liability?Allows a minor to contract-Getting Married-Entering Military Service-Emancipation May be appealed to the courtsDecisions fo the Bureau of Real Estates.UnenforceableThe passage of time can make a valid contract Civil LawOur system of statutes in California could be described as PuffingA hyperbolic sales statement, not made as a representation of fact and not interpreted as facts is known as.Unruh ActThe Act that prohibits discrimination in business establishments is Specific Performance (Ch 1 )When a court forces a party to perform as agreed, this is known as All Answers must be disclosed1. Personal Relationship Buyer- and realtor2. Other Offers3. The amount of Agent Anticipated Profit.Which would need to be disclosed to a client by the real estate lincensee Ostensible AgentAn agency created by a principal who intentionally, or by want of ordinary care, cause a third person to believe another to be his or her agent who is not really employed by him or her would be a Respondeat SuperiorBy what legal theory are brokers liable for the acts of salespersons in their employ FraudIntentional deceit to induce a party to act to his or her detriment is known as Right to appeal to a jury trialOf the following, which would NOT be considered an advantage of voluntary arbitration?The defendant commences the action with a complaintWhich of the below statements about lawsuits is NOT correct?50,000Maximum amount for Recovery Account with any one transaction High School DiplomaNot a requirement to be a broker/realtor in California Option ListingListing -> has the right but not obligation to purchase the property Civil ActionsMost Lawsuits involving real estate matters can be described as Disclose to buyer all known material facts A listing agent (agent of the seller) is required to do which of the following?Stare decisisReliance on previous decisions is best described as Three YearsDeath of an occupant upon a property is required to be disclosed if the death happened within the last Brokers are liable for RealtorsAs it relates to liability for torts committed by a real estate salesperson, which of the following is true?

A Public HearingIn adopting regulations, an administrative agency must provide for.The Fifth AmendmentThe power of eminent domain is based on which amendment to the U.S Constitution?A franchiseThe right to operate under a common name and marketing plan could be best described as Compensatory Damages (Money)Money damages to cover the loss for an injury sustained are known as Agent would be personally liable for the tort When an agent commits a tort while carrying out agency duties All Statements are True1. Good for Ten Years2. Can be Renewed3. When Recorded, create a general lien in the county of recordation.Which is a true statement about judgements?Monetary DamagesEquitable remedies would include all of the below EXCEPT Special AgencyThe relationship that exists between a broker and an owner under a listing is most likely a 250,000The maximum amount that the Recovery Account will pay for one real estate licensee is Refusal of the principal to accept an offer An agency relationship for a stated period of time could be terminated prior to the expiration date by all of the following, EXCEPT Group BoycottingGroup real estate brokers refusing to do business with a given company is a violation of the Sherman Anti-trust Act, AKA = Business and Professions CodeThe regulation of real estate in licensees is covered in the Latent DefectsDefects that are unlikely to be seen by the naked eyes are known as False representation upon direction of Principal Agents could be held personally liable if they Those dealing under a duty executed power of attorneyWhich of the following would be exempt from real estate licensure?Administrative Procedure ActThe Real Estate Commissioner conducts hearings in accordance with the Office BuildingA Real Estate Agency disclosure form is NOT required to be given to the buyer and seller of an Undue influenceImproper Persuasion.Nephew persuading elderly relative to transfer property to him for less than actual valued.Ratification or EstoppelBroker Thomas, who was not your agent, told perspective tenants that he was your agent to lease your property.Thomas leased your property, and accepted the rents from the tenant. You CANNOT now deny the agency because of.Dual Agent MUSTFully disclose the dual agency to both parties and obtain written permission from both the buyer and seller in order to act as a dual agent.

The parties consent to the agencyA legal agency requires that All of the listed.1. Parol Evidence can be admitted to show intent.2. Words > Numbers3. Hand Written > Typed.Which statement describes how a court will interpret an ambiguous contract?Superior CourtsMost real estate disputes are adjudicated in Considered to have the force and effect of law to real estate licensees The regulations of the Real Estate Commissioner are An InjunctionThe remedy in which a person is ordered to cease and desist from an activity known as.A Blind AdAn ad that fails to disclose the the advertiser is an agent is known as Real PropertyThere is no uniform code for sales of EstoppelYou made a statement that induced a person to act based upon reliance on the statement. The legal principle that may now prevent you from asserting facts that are contrary to your previous declaration would be known as.Express written contractThe preferred method of creating an agency relationship is Corporate officer deathAll of these events would terminate an agency EXCEPT Successor LiabilityThe legal theory buyer of a business is liable for the seller's back sales taxes.Non binding dispute resolutionMediation could be described as Inability to collect a commission should a sale be madeAn agent failed to give an owner a copy of the agency disclosure form at the time the residential listing was taken.The most likely consequences for the agent will be.Compensatory DamagesWhich is NOT an equitable remedy?Civil LawThe Equal Credit Opportunity Act is best described as All that is listed1. Sue for Recission2. Accept the Property as is3. Sue seller and Broker Close of Escrow > Seller broker had materially misrepresented the income > Purchaser could An offer to create an agency relationship An agency relationship could be created by all of the following EXCEPT Arbitration is binding upon the parties whereas meditation is not The principal difference between arbitration and mediation is that.Disclose whether it's a single or dual agency situationWhen settling a home, a listing agent must do which of the following.Liquidated Damages (Ch 1 )When parties agree beforehand on what the remedy will be for breach of a contract, this is known as The District AttorneyCriminal action against a real estate licensee for a wrongful act is brought about by which of the following parties?$7000 (70%)Liquidated damages - > breach of the buyer > $10,000 deposit > buyer intend to occupy the property The Agency is coupled when an interestA principal CANNOT unilaterally terminate an agency when PRLS Licenses are good 2 yearsPrepaid Rental Listing Service (PRLS) Transfer Disclosure StatementOn which of the following forms would sellers be required to disclose all known defects on a given place of real estate?

RescissionWhen both parities agree to cancel a contract, this is known as Appointment by the Governor of California The Real Estate Commissioner ascends to the position by State StatuesLaws governing ownership rights are set forth in Compensation to the agentWhich is NOT a requirement of an agency relationship?Written Agency AgreementThe equal dignities rules concerns NovationAn agreement whereby one party to a contract is discharged and another party becomes obligated is a Exempt from continuing education requirements for licensee renewal Licensee- 70+ years old, Good standing of 30+ years.AgentOne who works for or acts on behalf of a principal is known as a/an A broker and his or her principalA fiduciary relationship exists between which of the following parties Department of Housing and Community Development Currently, Mobile homes must be registered annually with the Easton vs Strassburger (1984)Real Estate Licensee -> Visual inspection on normally accessible are of the property 1-4 units properties.Two YearsVerbal Contract - California ValidOral real estate lease for six month.Exemplary DamagesDamages awarded by a court in excess of actual damages suffered by a plaintiff known as English Common LawFrom a Historical perspective, most of California's real estate law originally came from More than 10 days lateA Lender may charge a late fee when a payment is A civil proceeding regarding the dispute Of the following, which could settle a commission dispute?Specific Performance (Ch 5)The fact that every parcel of real estate is unique is the reason for the remedy of Net ListingThe listing contract wherein the amount of compensation is any amount over specified price is known as a The Superior Court ($100,000)The court that has original jurisdiction regarding a claim in the amount of $100,000 would be The First AmendmentWhich constitutional amendment allows a homeowner to place a For Sale sign on his or her home.Complications from AIDSif a death occurred by which of the following methods would the cause of death not need to be disclosed?Secret ProfitAny compensation received without the knowledge and consent of the principal is known as a/an A Quiet Title ActionA legal action brought in order to determine ownership rights in real property would be Private citizens cannot discriminate in the sales of private real estate Jones vs Mayer Independent ContractorsMost real estate employment state that real estate salespeople are considered