Quiz _4 Chapter 6

Quiz _4 Chapter 6 - Quiz#4:Chapter6 Student This quiz...

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Quiz#4:Chapter6 Student: ___________________________________________________________________________ This quiz includes 30 multiple choice questions. You have 20 minutes. Good luck. BE SURE TO WRITE YOUR NAME CLEARLY AND MAKR YOUR ANSWER WITHOUT CONFUSION. 1. An independent contractor is distinguished by A.responsibility for Social Security and other payments. B.no flexibility in setting work hours. C.little control over work methods. D.no legal obligation to employer. 2. A home seller must inform his or her real estate agent when the seller is aware of: A.termite infestation discovered earlier. B.a leaky roof. C.an inoperative fireplace. D.all of the above. 3. To be enforceable, all real estate sales contracts A.may be oral or written. B.must be in writing. C.must comply with the equal equities rule. D.must be completed within 90 days of origination. 4. A real estate agent owes duties to the A.principal. B.third person. C.subagent. D.All of these 1
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5. The California Real Estate Law treats a real estate salesperson as a(n) A.independent contractor of the broker. B.employee of the broker. C.sole proprietor. D.partner of the broker. 6. A real estate broker works for the A.principal. B.third party. C.Department of Real Estate. D.real estate board. 7. Broker Lightdeer showed a property to Mr. and Mrs. Chu without having an agency agreement with owner. Later the owner accepted the offer to purchase, which was submitted by Broker Lightdeer on behalf of Mr. and Mrs. Chu. The owner consented to Broker Lightdeer's unauthorized acts. Under these circumstances, an agency could be created by: A.fiduciary. B.estoppel. C.ratification. D.assumption. 8. When an agent represents both the buyer and seller in the same transaction, this action is A.against the law. B.an example of subagency. C.known as dual agency. D.prohibited by the MLS. 9. An emancipated minor A.may be a licensed real estate agent. B.may enter into a valid real estate contract. C.may be a licensed real estate salesperson. D.is anyone younger than 18 years of age. 2
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10. Real estate commission rates A.are established by the Department of Real Estate. B.should be lower than 2 percent. C.should be no higher than 10 percent. D.are not fixed by law. 11. For tax purposes, a salesperson can work for the broker as a/an A.dual agent. B.independent contractor. C.subagent. D.partner. 12. As a contract, a real estate agency agreement A.can have any objective. B.needs only to be made by parties with the capacity to contract. C.does not need to be supported by consideration. D.must meet the requirements for a valid contract. 13. A nonexclusive listing agreement is also known as a/an A.net listing. B.option listing. C.open listing. D.agency listing.
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This note was uploaded on 02/23/2010 for the course FIN 81824 taught by Professor Mcgrath during the Winter '09 term at CSU San Bernardino.

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Quiz _4 Chapter 6 - Quiz#4:Chapter6 Student This quiz...

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