6 Contracts - 1 REAL ESTATE HAS ITS OWN VOCABULARY 2...

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Unformatted text preview: 1 REAL ESTATE HAS ITS OWN VOCABULARY 2 CHAPTER 5 HERE ARE THE ANSWERS 3 1. A real estate agency exists between: a. seller and buyer b. broker and principal c. borrower and lender d. landlord and tenant B 4 2. A fiduciary relationship is best described as: a. ethics and loyalty b. ethics and trust c. trust and confidence d. loyalty and binding trust D 5 3. A real estate salesperson is: a. a direct agent b. an agent by virtue of his or her association with a broker c. an employee of the seller d. an employee of the buyer B 6 4. A subagent owes a chief responsibility to the: a. buyer b. listing agent c. employing broker d. real estate lender B 7 5. A real estate agency can he created by all of the following, except: a. by ratification b. by agreement c. by estoppel d. by doctrine of realty determination D 8 6. All of the following are methods of terminating a real estate agency, except: a. estoppel b. mutual consent c. completion of agency d. expiration of time A 9 7. A home seller must inform his or her real estate agent when the seller is aware of: a. termite infestation discovered earlier b. leaky roof c. an inoperative fireplace d. all of the above D 10 8. All of the following are true, except: a. both real estate salespersons and brokers b. are required to be licensed a real estate broker, not the principal to be the agent c. a salesperson collects the commission directly from the seller d. a dual agency means the real estate broker represents both the buyer and seller C 11 9. A sellers real estate agent owes the buyer: a. the duty to see that the property is sold at the lowest possible price b. a disclosure of known defects c. a fiduciary relationship d. the right to know the sellers lowest acceptance price B 12 10. The Real Estate Commissioner: a. administers the real estate law b. issues regulations that have the force of law c. heads the Department of Real Estate d. all of the above D 13 11. If a real estate salesperson decides to work for a new broker, the existing listings obtained by the salesperson belong to the: a, salesperson b. former broker c. new broker d. seller, who can automatically cancel the listing B 14 12. Unless instructed to hold the check uncashed, a buyers deposit must be placed with the appropriate party or account within how many business days? a. three b. five c. seven d. nine A 15 13. Ms. Lightdeer showed a property to Mr. and Mrs. Chu without having an agency agreement with the owner. Later the owner accepted the offer to purchase, which was submitted by Ms. Lightdeer on behalf of Mr. and Mrs. Chu. The owner consented to Ms. Lightdeers unauthorized acts. Under these Lightdeers unauthorized acts....
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This note was uploaded on 10/04/2011 for the course REAL ESTAT 11 taught by Professor Robertrooks during the Winter '08 term at El Camino.

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6 Contracts - 1 REAL ESTATE HAS ITS OWN VOCABULARY 2...

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