RE - Review.Fidicuary.Law

RE - Review.Fidicuary.Law

12th Grade

15 Qs

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RE - Review.Fidicuary.Law

RE - Review.Fidicuary.Law

Assessment

Quiz

Business

12th Grade

Medium

Created by

Elizabeth Coughlin

Used 5+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

An example of a general agency relationship would be one that exists between
the seller and the broker.
the buyer and they broker.
the sales associateds and the broker.
the selling broker and the listing broker.

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Special agency occurs when
the principals give an agent a limited authority to act on their behalf.
the principals give an agent authority to act for them in the operation of a business.
a person operates a real estate brokerage business.
a person operates a special real estate brokerage business.

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Brokers can buy a property listed with them under which of the following conditions?
If a family member secretly purchases the property for more than the asking price
Under no circumstance
Only if the prperty is listed under an open listing
Only if full disclosure is made to the seller of the broker's involvement as a purchaser.

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which statement is TRUE of listing agents?
They must communicate every offer, oral or written, to the owner.
They may refuse to present an offer if it is too low.
They must tell the buyer the seller's lowest acceptable price.
They may tell the buyer the terms f a counteroffer the seller made yesterday.

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A sales agent owes all of the following fiduciary duties EXCEPT
to inform the broker and the seller of material facts.
to be loyal to the best interests of the client.
to prepare a power of atorney for the buyer.
to obey the lawful instructions of the broker.

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A listing agent tells a buyer-customer that the seller is under pressure to sell because of a recent contract to purchase another house in Idaho. Such disclosure is
acceptable if it results in a sale.
acceptable if no details of the move to Idaho are disclosed.
unacceptable because of the fiduciary duty owed the owner.
unacceptable because the listing broker is the agent of the buyer.

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Sally, as agent for the seller, listed and subsequently sold George's town house. She did not tell George that a major zoning change in progress would allow business use in the area, thus increasing property values. Which statement is TRUE?
Sally was not required to disclose the change because George never asked her.
Sally was not required to disclose the change if George received his full asking price.
Sally was required to disclose the change because it was a material and pertinent fact.
Sally was required to disclose the change because the zoning laws require notice to all interested persons.

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