3.2

Question 0

The agent duties acronum DR COLA stands for _______.

Answer 0

Disclosure, Reasonable Care, Confidentiality, Obedience, Loyalty and Accounting

Question 1

The fiduciary duties of an agent are disclosure, reasonable care, confidentiality, obedience, loyalty and _________.

Answer 1

Accounting

Question 2

The type of listing contract that allows the broker to get paid regardless of who sells the property is ________.

Answer 2

Exclusive right to sell

Question 3

Every broker in the community has agreed to charge the same commission rate, that would be a violation of _______ law.

Answer 3

Anti-trust

Question 4

True or False:

In dual agency situations, the written consent of all parties in the transaction is necessary.

Answer 4

True

Question 5

Agency Law came into effect in Minnesota in the year _________.

Answer 5

1993

Question 6

An agent is required to disclose agency at the first _______ contact.

Answer 6

Substantive

Question 7

A licensed real estate agent is a _______ of his/her primary broker.

Answer 7

Sub-agent or general agent

Question 8

_______ is the general term for someone who is employed to represent a principal.

Answer 8

Agent

Question 9

A licensed real estate agent is a _______ agent when listing a particular property.

Answer 9

Special

Question 10

A licensed real estate agent is a _______ agent for his/her broker.

Answer 10

Sub-agent or general agent

Question 11

______ is the general term for a person who has employed someone (an agent) to act on his/her behalf.

Answer 11

Principal

Question 12

_____ is the general term for a third party, whom the agent deals with on behalf of the principal, but does not represent.

Answer 12

Customer

Question 13

_____ is required of agents to inform customers of their agency relationships.

Answer 13

Disclosure

Question 14

_______ agent is a type of relationship that a property manager is to a property owner.

Answer 14

General

Question 15

_____ is a type of agent authorized to conduct either a single transaction, or a specified series of transactions over a limited period of time.

Answer 15

Special agent

Question 16

Agents have ______ duties.

Answer 16

Fiduciary

Question 17

True or False:

Universal agents hold broad authority to act on behalf of the principal.

Answer 17

True

Question 18

On the settlement statement, a _____ to the seller decreases the net.

Answer 18

Debit

Question 19

_____ require the buyer to have proof of homeowner’s insurance at or before the closing.

Answer 19

Lenders

Question 20

The _______ and ________ must disclose material facts about the property to the buyer.

Answer 20

Seller and agent

Question 21

If the seller’s side of the closing statement shows a _______ the seller is charged - or “owes” - that amout.

Answer 21

Debit

Question 22

A _______ is a group of investors that owns real estate.

Answer 22

Syndication

Question 23

A _______ is the most common form of deed.

Answer 23

Warranty deed

Question 24

______ is when you start with the grantor index and look up the name of the first recorded owner of title.

Answer 24

Title searching

Question 25

_______ are the linkages from grantor to grantee.

Answer 25

The chain of title

Question 26

_______ is the last grantee found in a chain.

Answer 26

The title holder of record