Ch 5 CA Legal Aspects Agency Flashcards
1
Q
A real estate agent typically serves as a/an…? AUniversal agent BSpecial agent CGeneral agent DSpecific agent
A
Special agent
2
Q
A contract that has been put into words, either spoken or written, is referred to as a/an…? AImplied contract BVoid contract CUnenforceable contract DExpress contract
A
Express contract
3
Q
This refers to the adoption or approval of an act performed on behalf of a person without previous authorization, after the acts have been performed…? ARatification BNovation CSpecific performance DRescission
A
Ratification
4
Q
A real estate broker cannot collect a commission unless he/she has an express contract with the seller…?
AT (True)
BF (False)
A
(True)
5
Q
Ostensible agency is typically created by estoppel…?
AT (True)
BF (False)
A
true
6
Q
This refers to a person or an organization acting as the agent for others in negotiating the purchase and sale of real property or other commodities for a fee…? APrincipal BReal estate broker CReal estate salesperson DEscrow agent
A
Real estate broker
7
Q
A person performing any of the acts included in the definition of real estate broker but while associated with and supervised by a broker, is referred to as a…? APrincipal BReal estate appraiser CReal estate salesperson DEscrow agent
A
Real estate salesperson
8
Q
A broker must maintain records of any transaction for at least ……..after closing? A1 year B2 years C3 years D4 years
A
3 years
9
Q
Which of the following offers the most amount of protection to the broker…? AExclusive right to sell agreement BExclusive agency agreement CNet listing DOpen listing
A
Exclusive right to sell agreement
10
Q
A listing contract between a seller and broker creates what type of agency…? AGeneral agency BUniversal agency CSpecial agency DSpecific agency
A
Special agency
11
Q
An agent with limited authority to act on behalf of the principal is known as a…? AGeneral agent BUniversal agent CSpecial agent DSpecific agent
A
Special agent
12
Q
A property manager is an example of a general agent…?
AT (True)
BF (False)
A
T (True)
