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Real Estate Quiz
Agency Quiz
| Question | Answer |
|---|---|
| An agency relationship based on a formal agreement between the parties, either written or verbal, is | express agency |
| The person who is not being represented by a licensee but for whom the licensee is performing ministerial acts is known as the: | Customer |
| An agent has a fiduciary relationship with the | Client or Principle |
| The broker who finds the buyer is known as the: | Co-operating broker |
| The type of agency that exists between the real estate agent and his client is usually | special agency |
| The fiduciary duty that says the broker must always be mindful of the principal's interests and concerns, for example, acting to secure the highest possible price for his client's property is: | Reasonable Care |
| The fiduciary duty that says a broker must be faithful to his principal and work for no other interested party without the principal's knowledge or permission is: | Loyalty |
| The duties owed to the customer, the person you do not represent, by the agent are: | Honesty andtruthfulness |
| A person authorized by the broker to act as the agent of a specific principal is known as the: | Designated agent |
| A type of agency in which the agent represents only one party in any single transaction, and only owes fiduciary duties to that party, whether it is the buyer or the seller is known as: | Single agency |
| The agent is authorized to represent the broker in real estate transactions and owes the same fiduciary duties to the broker as to the client. The broker is therefore a principal of the sales associate | true |
| When acting as a dual agent, which of the following can the agent NOT disclose? | a. Confidential information, price or terms the seller or landlord will take ,price or terms the buyer or tenant is willing to accept that the licensee may know about either client, without permission. |
| An agent who is authorized to perform a specific act or to handle a specific business matter for the principal is called a: | Special Agent |
| Acts that a licensee may perform for a person that are informative in nature are called: | Ministerial acts |
| An agency relationship based on the actions of the parties is | implied agency |
| The fiduciary duty that says the broker must always be mindful of the principal's interests and concerns, for example, acting to secure the highest possible price for his client's property is: | reasonable care |
| While there are confidences due a client, there are no confidences with a customer. | true |
| A hidden structural defect that would not be discovered by ordinary inspection is called a: | latent defect |
| There are three basic types of buyer agency agreements. In which type is the agent guaranteed a commission regardless of who sells the property? | Exclusive buyer agency |
| The method by which an environmental hazard is reduced is called: | Abatement |
| To qualify as an independent contractor in the eyes of the IRS the agent must be licensed, must have a written agreement with the broker specifying independent contractor, and at least 90% of his income must be based on sales commissions. | True |
| In a Buyer Agency agreement, the commission is paid by: | Buyer |
| When has an agent earned a commission? | When the seller accepts a ready, willing, and able buyer |
| A federal law which establishes a statewide registry containing information on sex offenders is: | Megan's Law |
| Exaggerating a property’s benefits such as views or landscaping is called: | Puffing |
| A colorless and odorless radioactive gas that is produced by the natural decay of other radioactive substances is: | Radon |
| In ? 6 the EPA and the ? issued the final regulation on lead based paint. The regulation requires the disclosure of the presence of any known lead-based paint hazard to potential buyers or renters. | 1996; Department of Housing and Urban Development (HUD |
| The agent whose actions are the primary reason for a sale taking place is said to be the: | procuring cause |
| When an agent should have known that a statement about a material fact was false, this is called: | negligent misrepresentation |
| Any form of collusion among brokers or real estate boards in the fixing of commission rates is illegal and is called: | Price fixing |
| It is often safer to use ____________ rather than remove asbestos. | Encapsulation |
| If an agent is working as an independent contractor for the broker: | the agent is responsible for paying his own Social Security and income taxes. |
| When may confidential information be disclosed? | a. When the client gives permission b. When it becomes public knowledge from another source c. When it is required by law such as a material defect in the property |
| A salesperson working with a co-operating broker has a fiduciary relationship to all EXCEPT: | the buyer |
| An agent can receive a fee for obtaining a service contract if | all principles are notified and it is paid to the broker. |
| vendor wants to give you, the agent, a gift for services. What should you do? | Tell your broker. |
Created by:
bvennen