chp3 Flashcards
Fiduciary – A person in a position of trust and confidence, as between principal and broker; broker as a fiduciary owes certain loyalty which cannot be breached under the rules of agency.
A person in a position of trust and confidence, as between principal and broker; broker as a fiduciary owes certain loyalty which cannot be breached under the rules of agency.
Fiduciary
Fiduciary – A person in a position of trust and confidence, as between principal and broker; broker as a fiduciary owes certain loyalty which cannot be breached under the rules of agency.
Fiduciary Duty – That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure.
Fiduciary Duty – That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure.
Fiduciary Duty –
That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure.
Dual Agency – An agency relationship in which the agent acts concurrently for both of the principals in a transaction.
Dual Agency – An agency relationship in which the agent acts concurrently for both of the principals in a transaction.
Dual Agency – .
An agency relationship in which the agent acts concurrently for both of the principals in a transaction
Regulation Z – The Truth in Lending Act of 1968 is United States federal law designated to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.
Regulation Z – The Truth in Lending Act of 1968 is United States federal law designated to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.
Regulation Z –
the Truth in Lending Act of 1968 is United States federal law designated to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.
Any fact that would influence the decision of a reasonably prudent person is known as a…?
AObjective fact
BSubjective fact
CSubstantial fact
DMaterial fact
Material fact
A person in a position of trust and confidence is known as a…?
AFiduciary
BPartner
CEmployee
DClient
Fiduciary
All disclosures involved in a real estate transaction should be in writing…?
AT (True)
BF (False)
true
Anything greater than four dwelling units is considered commercial real estate…?
AT (True)
BF (False)
true
A mandated disclosure is a disclosure which is required by law…?
AT (True)
BF (False)
true
A broker never owes fiduciary duties to a buyer…?
AT (True)
BF (False)
false
Agency exists between the principal and…?
AReal estate salesperson
BCustomer
CReal estate broker
DClient
client
Who owns any listings obtained by a real estate salesperson…?
AThe salesperson only
BBoth the salesperson and the salesperson’s sponsoring broker
CThe principal only
DThe salesperson’s sponsoring broker only
the salepersons sponsoring broker only
An agent who works only for the buyer or the seller is known as a…?
ASingle agent
BDual agent
CIntermediary
DAssociate agent
single agent
Dual agency is illegal in California…?
AT (True)
BF (False)
false
Which of the following occurs when two agents working under the same sponsoring broker represent both sides in a transaction…?
ASingle agency
BMandated agency
CAssociate agency
DDual agency
Dual agency
What is the final step in disclosing an agency relationship…?
ADisclose
BRecord
CConfirm
DElect
confirm
That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure is known as a…?
ADisclosed duty
BLegal duty
CFiduciary duty
DExpress duty
Fiduciary duty
The real estate broker is responsible for completing the AVID form…?
AT (True)
BF (False)
true
When conducting their visual inspection, the real estate agent is required to check crawl spaces and roofs…?
AT (True)
BF (False)
false
The weather conditions at the time of the visual inspection must be described on the AVID form…?
AT (True)
BF (False)
true
Any agent involved in a residential transaction must disclose agency…?
AT (True)
BF (False)
true
Purchasers of residential real estate are entitled to a Real Estate Transfer Disclosure Statement…?
AT (True)
BF (False)
true
The natural hazards disclosure is required for…?
ACommercial properties
BSpecial-use properties
CResidential properties
DMulti-family properties
residential properties
Which of the following must be double braced in California…?
APlumbing fixtures
BCeiling tiles
CLarge windows
DWater heaters
water heaters
Which of the following is an indication of a water problem in a house…?
ASloped floors
BMold
CCracks in the foundation
DAll of the above
mold
TILA was enacted in…?
A1964
B1968
C1974
D1988
1968
TILA is also known as…?
ARegulation L
BRegulation T
CRegulation Y
DRegulation Z
regulation z
A real estate broker acts as a fiduciary to the principal…?
AT (True)
BF (False)
true
An agency relationship in which the agent acts concurrently for both of the principals in a transaction is known as…?
ASingle agency
BDual agency
CImplied agency
DPartial agency
dual agency
A real estate salesperson operates as a sub-agent to their broker…?
AT (True)
BF (False)
true
The seller’s broker is responsible for completing the Transfer Disclosure Statement…?
AT (True)
BF (False)
false
Properties built prior to ……….. require a lead based paint disclosure?
A1964
B1968
C1976
D1978
1978
This court case determined that a seller’s agent only has a duty to visually and diligently inspect a property…?
ARoe vs. Wade
BPlessy vs. Ferguson
CEaston vs. Strassburger
DMarshal vs. Brown
Easton vs. Strassburger
