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27 Cards in this Set
- Front
- Back
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What word best describes an agent’s responsibility to the client?
A. Fiduciary B. Authority C. Exclusive D. Estoppel |
A. Fiduciary
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Which of the following is NOT a way to create an agency?
A. Agreement B. Contract C. Ratification D. Estoppel |
B. Contract
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An agent can place their listings on what service to allow all members
to view an available listing? A. Commingling B. Open listing service C. Multiple Listing Service D. Net listing service |
C. Multiple Listing Service
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Which of the following duties is NOT considered a duty owed to the
principal by the agent? A. Fiduciary B. Flexibility C. Full disclosure D. Loyalty |
B. Flexibility
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What percentage of the state license fee is contributed to the
Recovery Account? A. 2% B. 5% C. 7% D. 10% |
B. 5%
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When is an agent’s commission earned?
A. Upon entering into the listing agreement B. Upon posting the listing on the Multiple Listing Service C. When the listing contract expires D. When the agent finds a ready, willing and able buyer who meets all of the sellers’ terms |
D. When the agent finds a ready, willing and able buyer
who meets all of the sellers’ terms |
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Commission rates are determined by
A. Real estate commission B. State legislature C. Brokers D. Sellers |
C. Brokers
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What term best describes an agent’s responsibility to the client?
A. Fiduciary B. Authority C. Exclusive D. Estoppel |
A. Fiduciary
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A broker who takes an option on his or her own listing is conducting the transaction:
A. As a third party B. As a subagent C. Through power of attorney D. At arms length |
D. At arms length
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An agent who represents both the buyer and the seller has what type of agency?
A. Dual Agency B. Estoppel C. Ratification D. Flexibility |
A. Dual Agency
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The listing agent must fully disclose all facts to
A. The buyer B. The seller C. Both the buyer and seller D. Neither the buyer nor seller |
C. Both the buyer and seller
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Ostensible agency is most closely related to
A. Ratification B. Agreement C. Estoppel D. None of the above |
C. Estoppel
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Which of the following is NOT a way to create an agency?
A. Agreement B. Contract C. Ratification D. Estoppel |
B. Contract
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Agents can place their listings on what service to allow all its members to see the available listing?
A. Commingling B. Open Listing Service C. Multiple Listing Service D. Net Listing Service |
C. Multiple Listing Service
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Brokers who show clients properties found on the Multiple Listing Service are referred to as:
A. Cooperating Brokers B. Principals C. Clients D. Sellers |
A. Cooperating Brokers
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When a broker accepts a deposit from a buyer without permission from the seller, the broker
is acting as A. The seller’s agent B. The buyer’s agent C. Both the buyer’s and seller’s agent D. Neither the buyer’s nor seller’s agent |
B. The buyer’s agent
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Which of the following is not one of the types of misrepresentation?
A. Innocent B. Negligent C. Fraudulent D. Blatant |
D. Blatant
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Puffing is a form of
A. Misrepresentation B. Tort C. Agreement D. Listing |
A. Misrepresentation
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Which of the following duties is NOT considered a duty owed to the principal by the agent?
A. Fiduciary B. Flexibility C. Full Disclosure D. Loyalty |
B. Flexibility
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What percentage of the state license fee is contributed to the California Recovery Account?
A. 2% B. 5% C. 7% D. 10% |
B. 5%
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Is a broker who takes an option on his or her own listing eligible to make a commission on the
transaction? A. Yes, provided the agent fully discloses his intentions or interest in the property to the sellers B. Yes, disclosure is not required, as it is the broker’s listing C. Yes, as long as the seller agrees to the commission D. No |
A. Yes, provided the agent fully discloses his intentions or interest in the property to the
sellers |
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Which of the following would cancel an agency?
A. Full performance B. Destruction of the property C. Death of the principal or agent D. All of the above |
D. All of the above
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If an agent cancels an agency agreement, causing damages for the principal, is the agent responsible for
these damages? A. Yes, but only if damages exceed $1,000 B. Yes, but only if damages exceed $1,500 C. Yes, regardless of the dollar amount of damage D. No |
C. Yes, regardless of the dollar amount of damage
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When is an agent’s commission earned?
A. Upon entering into the listing agreement B. Upon posting the listing to the Multiple Listing Service C. When the listing contract expires D. When the agent finds a ready, willing and able buyer who meets all of the seller’s terms |
D. When the agent finds a ready, willing and able buyer who meets all of the seller’s
terms |
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The promise of a principal not to interfere with an agent’s prospective economic advantage
in finding a ready, willing and able buyer by having separate negotiations with the third party behind the agent’s back best is described as which of the following? A. Duty of care B. Loyalty C. Obedience D. Commingling |
A. Duty of care
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When is a seller required by law to deliver the Real Estate Transfer Disclosure Statement to
a buyer? A. When the buyer views the home for the first time B. At the close of escrow C. Before a purchase contract or offer is made D. When a purchase contract or offer is made |
C. Before a purchase contract or offer is made
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Commission rates are determined by
A. Real estate commissions B. State legislature C. Brokers D. Seller |
C. Brokers
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