CANVAS QUIZ: Chapter 3 Flashcards
“Agency” most often refers to the relationship between:
a) the principal and third party.
b) the principal and the agent.
c) the agent and third parties.
d) none of the above.
b) the principal and the agent.
Open listings:
a) are rarely used.
b) are the least desirable form of listing.
c) don’t benefit from the exposure of a mls.
d) all of the above.
d) all of the above.
If an owner enters into an “exclusive agency” listing as opposed to “Exclusive Authorization and Right to Sell” and thereafter sells the property through his or her own efforts:
a) the broker is entitled to his or her full commission.
b) the broker must sue the owner to get his or her commission.
c) no commission is payable.
d) the broker only gets 50% of the commission agreed to in the listing agreement.
c) no commission is payable.
Exclusive Agency listings are placed with an MLS:
a) rarely.
b) always.
c) never.
d) only if the property is residential.
a) rarely.
A listing office/agent will be fined for not updating all pending and sold properties on an MLS within:
a) 24 hours.
b) 36 hours.
c) 48 hours.
d) 72 hours.
c) 48 hours.
Honesty, Utmost Care, Integrity, Loyalty are all elements of a:
a) fiduciary relationship.
b) material relationship.
c) agency relationship.
d) familial relationship.
a) fiduciary relationship.
A broker and agent owe fiduciary duties to their client (principal). Which is NOT a fiduciary duty?
a) honesty
b) putting broker’s interests first
c) loyalty
d) utmost care
b) putting broker’s interests first
Which is NOT an agency relationship allowed on the “Disclosure Regarding Real Estate Agency Relationship form” (a California mandatory disclosure):
a) lender’s agent
b) seller’s agent
c) buyer’s agent
d) dual agent
a) lender’s agent
From a broker’s point of view, the most desirable listing is the:
a) open listing.
b) exclusive authorization and right to sell.
c) net listing.
d) none of the above.
b) exclusive authorization and right to sell.
A listing that provides that the agent is to retain all money received in excess of a predetermined net price to the owner is the:
a) shared profit listing.
b) open listing.
c) net listing.
d) none of the above.
c) net listing.
Which of the following is a marketing database of listing of properties for sale, set up by a group of cooperating real estate brokers?
a) linkedin
b) angie’s list
c) California Board or REALTORS®
d) MLS
d) MLS
Because of the large number of licensees who access the information, which of the following is/are an advantage of putting a property on an MLS?
a) limited exposure
b) wide exposure
c) no exposure
d) no commission
b) wide exposure
If you leave the employment of a broker:
a) you take your listings with you.
b) your listings are no longer valid.
c) your listings are owned by and stay with the original broker.
d) none of the above.
c) your listings are owned by and stay with the original broker.
How a house appears to a passerby, compared to the rest of the neighborhood is called:
a) curb appeal.
b) comparative market analysis.
c) blight remediation.
d) deferred maintenance.
a) curb appeal.
To obtain the legal description, lot size, zoning, and surrounding streets in the same tract as the subject property, most agents use:
a) title companies.
b) public libraries.
c) hearsay.
d) none of the above.
a) title companies.
