CHP 69 - Practice Exam Flashcards
If a cooperating broker accepts the offer of subagency from a listing broker, to whom does the cooperating broker owe fiduciary duties?
Seller
If an industrial property is described as “special purpose,” it is ______.
Unsuitable for many uses and processes
Who is likeliest to be an individual holding either a standard or reciprocal license and who is employed as a full-time employee for a real estate developer at a new housing tract?
Builder-owner salesperson
an on-site salesperson at a new single-family home development site who works 40+ hours per week while trying to sell the builder’s new home to buyer prospects.
Builder-owner salesperson
The principle underlying depreciation from physical deterioration is that ____________.
a property loses the same increment of value each year over the economic life of the property.
Conversion
What is the name for the act of spending client funds without permission from a trust fund account?
A Principal expressly appoints an Agent to represent them by ______.
Signed contracts
First step in construction building
Grading or site prep of land - underground utility hookups
handling one or more real estate transactions for a certain client over a relatively long period of time.
General Agency
The most important factor determining whether a broker will specialize in commercial brokerage or remain a generalist is
the size of the commercial property market.
An ethics complaint hearing requires screening by the _______.
Grievance Committee
Which advertising guidelines do most agents need to follow the most closely?
Broker’s office policy manual
The ‘damage and destruction’ clause in a lease generally establishes which of the following?
That the tenant is responsible for restoration of the tenant’s alterations
Ownership of a property reverted to the grantor of the estate when its usage failed to conform to a stated condition in the grant. What type of estate existed?
Fee simple defeasible
What is another common name for the lot and block system of legal descriptions?
The recorded plat method
Who can financially be held liable for a Salesperson or Associate Broker being physically assaulted at an open house showing?
Principal and executive brokers AND the assailant
What does title insurance best protect against?
Past Histories
- chain of title
- zoning
- easements
What is the difference between the Articles of the Code and the Standards of Practice?
The Articles are broad statements of ethical principles while the Standards support, interpret, and amplify the Articles under which they are included.
What does standard coverage title insurance protect and isnure against
Past events
Who has to cover any trust fund balance shortages
Principal Broker
Whats the presumed time frame for broker when submitting offer
Time of the essence
Who is must often the main closing agent in KY
Title officer
A principals actions or spoken words can create a type of _____ agreement
Implicit
What year was the Code of Ethics adopted
1913
