Ch 4 Review Questions Flashcards

Ch 4 Review Questions Flashcards Your seller client needs to sell his property quickly to take a job in another city. What do you do with this information?a.You tell the buyers this so the house sells quicklyb. You keep this information confidentialc. You tell the buyers only if they askd. You reveal this information only to a buyer's agent

• You keep this information confidential

A broker will earn a commission on the sale of a property whether or not she was the procuring cause of the transaction under what type of listing agreement?a. Open listingb. Multiple listingc. Exclusive agency listingd.Exclusive right to sell listing

• Exclusive right to sell

What kind of relationship exists between an agent and a principal?a. Exclusiveb. Specialc. Compensatoryd.Fiduciary

• Fiduciary

To whom does an agent always owe her fiduciary responsibility?a. Buyerb. Sellerc. Customerd. Principal

• Principal

A real estate broker takes a listing to sell someone's house.What is the relationship between the broker and the seller?a. Agent-principalb. Client-customerc.Agent-customerd. Principal-principal

• Agent- principal

What part of fiduciary duties requires the agent to use her skills and abilities in her client's best interest?a.Obedienceb. Carec. Disclosured. Confidentiality

• Care

Accounting requiresa. a monthly expense statement provided to the clientb. the conversion of funds to pay expensesc. co-mingling of fundsd. no co-mingling of funds

• no co-mingling of funds

An agent representing both a client and a customer would be practicinga. single agencyb. dual agencyc. exclusive agencyd. open agency

• dual agency

Which of the following types of information does not have to be disclosed to the seller client?a. The buyer's financial conditionb. An offer that the agent feels is unacceptably lowc. The fact that the buyer owns a part interest in a sailboat with the agentd. The occupation of the buyer

• The occupation of the buyer

A real estate broker generally acts as what type of agent?a.Universal agentb. General agentc. Special agentd. Ratified agent

• Special agent