Chapter 4 Quiz Flashcards

Chapter 4 Quiz Flashcards What are included steps in agency disclosure?a. Discloseb.Electc. Confirmd. all answers are correct.

• all answers are correct.

When you authorize a broker to act for you "after" he or she

has already done so, it is known as:a. implied authority.b.

estoppelc. ratificationd. post authorization.

• ratification

Which form identifies items of value attached to the structure or land and states whether these items are operational?a. Buyers and Sellers Agreementb. Real Estate Transfer Disclosure Statementc. Visual Inspection Agreementd. Residential Listing Agreement

• Real Estate Transfer Disclosure Statement

An agency relationship does not require which of the following?a. Fiduciaryb. Competentc. Honestd. A payment of consideration

• A payment of consideration

An association of real estate brokers that provides a pooling of listings, recent sales, and the sharing of

commissions on a specified basis is called a(n):a. advisory

committeeb. regional listing servicec. multiple listing serviced. local association of REALTORS®.

• multiple listing service

The advisory to obtain phone numbers and account numbers only from Escrow Officers, Property Managers or Landlords at the beginning of the transaction is included in which form?a. Seller Advisoryb. Agency Disclosurec. Wire Fraud and Electornic Funds Transfer Advisoryd. None of the answers are correct

• Wire Fraud and Electornic Funds Transfer Advisory

Which of the following would be considered a tort?a.Fraudb. Negligencec. Secret profitd. Any of the answers are correct

• Any of the answers are correct

Real estate laws in California related to real property apply

to:a. all answers are correctb. 1- to 4-unit residentail

property.c. commercial property.d. vacant land

• all answers are correct

In what way can a real estate agency relationship be created?a. By ratificationb. By express or written authorityc.By estoppeld. Any of the answers are correct

• Any of the answers are correct

A non-listing broker with whom the listing broker agrees to share a commission (not necessarily ½ and ½) if the non-listing broker sells the property isa. dual broker.b.secret broker.c. MLS broker.d. cooperating broker.

• cooperating broker.

In California, any person in real estate who is acting in return for compensation from others, must have a

Department of real estate license to:a. sell or offer to sell.b.

buy or offer to buy.c. solicit prospective buyers and

sellersb. all of the answers are correct.

• all of the answers are correct.

When a salesperson chooses to leave the employ of a

broker, that broker must notify the DRE within:a. 5 days.b.

10 days.c. 30 days.d. 45 days.

• 10 days.

Which of the following would be a reason to terminate an agency relationship?a. Expiration of termb. Destruction of propertyc. Death of the brokerd. Any of the answers are correct

• Any of the answers are correct

A contract to employ a broker as an agent, to do certain things for the owner/seller and serve as an employment

contract for personal service is called a:a. listingb. listing

pledgec. listing codicil.d. listing notification.

• listing

The unethical practice of not giving a new listing to the MLS until the listing broker first tries to sell that listed property through only the other agents within the company is called

a:a. secret listing.b. invisible listing.c. pocket listing.d. none

of the answers is correct.

• pocket listing.

The categories "General Disclosure Duties" and "Statutory Disclosure Duties" can be found at the beginning of which form?a. Residential Listing Agreementb. Agency Disclosure Agreementc. Seller's Advisoryd. None of the answers are correct

• Seller's Advisory

Civil law requires that both parties to a transaction be informed of the various options they have regarding agency representation. Which form is used for this purpose?a.Agent Visual Inspection Disclosureb. Disclosure Regarding Real Estate Agency Relationshipc. Real Estate Listing Agreementd. Real Estate Purchase Agreement

• Disclosure Regarding Real Estate Agency Relationship

Which form "limits and defines the agents scope of duty to inspect normally accessibility areas of the property"?a.Seller Inspection Advisoryb. Buyer Inspection Advisoryc.Agent Visual Inspection Disclosureb. None of the answers are correct

• Agent Visual Inspection Disclosure

What is the most common form used for the above contract?a. Open listingb. Net listingc. Option listingd.Residential listing agreement

• Residential listing agreement

What agency relationship requires the informed consent of both parties (buyer and seller)?a. Dual agencyb. Implied Agencyc. Estoppel Agencyd. General agency

• Dual agency