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CARE Prin. Ch. 3-Q

Real Estate Agency Questions

QuestionAnswer
An agency formed by an exclusive listing is An Express agency
Trust funds received by a brokers must be Deposited in a trust account within three business days
The maximum amount that a person can recover from the Real Estate Consumer Recovery Account after he or she has obtained a judgment against a licensee is $50,000
The first action of the Real Estate Commissioner, prior to disciplinary action against a licensee would be An accusation
A listing broker may not be The sole agent of the buyer
A valid real estate listing requires a(n) Express agreement
A contract for the sale of residential property includes a general “as is” provision. This provision Applies only to visible and known conditions
In a real estate transaction, a broker represents only the buyer. This would be an example of what type of agency Single agency
Before a real estate licensee is revoked, the license is entitled to a Hearing in accordance with the Administrative Procedures Act
A disciplinary hearing for real estate licensees would be conducted by An administrative law judge
The Real Estate Law is part of The business and Professions Code
Penny sues a licensee for damages resulting from dishonest conduct in a real estate dealing. What is the maximum she can collect No limit. The limit is the liability of recovery fund.
From a legal perspective there is less risk to agents if they remain in what type of agency Single
Most real estate agents prefer to be what type of agent which attempts to find a buyer for other broker’s listings? Cooperating Agent
Who will pay commission to the agent if the seller is not willing to pay it The Buyer
Who is not able to contract directly with the principal The salesperson (real estate agent)
A broker and real estate agent’s relationship is like to that of an Employer and employee
IRS Form 1099 would be used by a broker to report A salesperson’s earnings (for income tax)
A seller sold property “as is.” The broker knew the plumbing was in bad repair but did not inform the buyer. Who can the buyer sue? The broker
When may a broker accept a commission from both buyer and the seller If both parties consent
Created by: cobiagwu
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