FREE AND STUDY GAMES ABOUT CH 4 EXAM QUESTIONS

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FREE AND STUDY GAMES ABOUT CH 4 EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -16 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: For a broker to legally be paid a kickback or rebate, they must have performed a ____, held an appropriate _____, and all parties must be _____ of the payment.

Answer:

service, license, advised Question 2: A licensee who uses words or actions that mislead a member of the public can result in the creation of a(n) ________.

Answer:

implied agency Question 3: In a nonresidential transaction, a broker may assign one or more sales associates to represent a buyer and one or more sales associates to represent a seller in the same transaction as single agents if both parties have assets of _____ or more.

Answer:

$1 million

Question 4: A sales associate is a ____ of the broker's principal.

Answer:

subagent

Question 5: Agency relationships are legally based on ___ and _____.

Answer:

trust, confidence Question 6: In agency law, an agent that is empowered to perform a single act on behalf of their principal has a ____ agency.

Answer:

special Question 7: The only brokerage relationship that includes fiduciary duties is _____.

Answer:

single agency Question 8: A member of the public may select from one of three options when working with a broker, which are ____, _____, and _____.

Answer:

transaction broker, single agency, nonrepresentation

Question 9: A licensee can create an agency relationship ___ or _____.

Answer:

accidentally or inadvertently Question 10: If the principal refuses to sign or initial the Consent to Transition to Transaction Broker notice form, the broker is required to continue to act as a(n) _____

Answer:

single agent

Question 11: Brokers in a nonresidential sale are not required to use _____.

Answer:

written disclosures Question 12: In agency law, an agent whose continuing authority is limited to a single trade or business has a ___ agency.

Answer:

general Question 13: The Consent to Transition to Transaction Broker notice is required to be ____ or _____ for transition to occur.

Answer:

initiated, signed Question 14: Before showing a property allowing a buyer to sign to buy, or a seller to sign a listing agreement, a licensee must provide the party with a written brokerage relationship form when acting in the capacity of a ____ _____ or ____ _____ relationship.

Answer:

single agency no brokerage Question 15: Brokers are required to retain copies of all disclosure documents for transactions that have resulted in a contract being entered into for a period of at least how long?

Answer:

five years Question 16: A licensee assigned by a broker to act as a single agent of a buyer or seller in a nonresidential transaction is titled a _____.

Answer:

designated sales associate