Laws Of Angency

Question 0

Sandra the real estate broker takes a listing to sell Martha’s house. What is the relationship between Sandra and Martha?

Answer 0

Agent – principal
Listing agreement is the only way an agency relationship is stablished between a broker and the seller. The broker still an agent!!!

Question 1

Mike is moving to another city to take a new job he needs to sell his house as soon as possible in this particular case Mike’s real estate agent should?

Answer 1

Get this information confidential.

Question 2

On the basic rule of the “law of agency is”?

Answer 2

An agent must disclose all facts regarding the property to the principal.

Question 3

The seller’s agent is most likely to be liable for the damages to a buyer if he she

Answer 3

Exceeds the authority given to him her by the seller.

Question 4

When in agency relationship expires because all parties have done what was agreed upon, it is said to have been terminated by

Answer 4

Performance.

Question 5

Which of the following listing agreement guarantee a broker commission if the property is sold?

Answer 5

Exclusive right – two – sell listing

Question 6

The fiduciary relationship created between a real estate agent and a principal by a listing agreement is most similar to the

Answer 6

Trustee and beneficiary

Question 7

A listing in which the broker receives a commission only if she brings a final buyer is called?

Answer 7

Open listing.

Question 8

Where a residential property is for sale, the visual inspection of assessable areas of the property must be conducted by

Answer 8

To the listing broker and the buyer’s broker

Question 9

Tom has just agreed to list the house for sale with his friend Mike before the the agent do anything even the disclosure form to the seller he must

Answer 9

Prior to entering into a listing agreement

Question 10

A transaction in which, a broker that does not represent the buyer or seller, but instead provides assistance to both parties to complete a home sale, is called

Answer 10

Transaction brokerage

Question 11

When a principal accepts the benefits of a transaction performance by a person who is not an agent of the principal, and agency relationship is created by

Answer 11

Ratification

Question 12

An agent who represents someone in a range of a specific group activities for example collect rents, pay bills, leases, etc. it is know as

Answer 12

General agent. A property manager is in general agent!!!!

Question 13

A person who owns an undivided interest for real property with two or more person and has the right of survivorship is no As

Answer 13

Joint tenant

Question 14

Which of the following is required for the statutory creation of a condominium?

Answer 14

Bylaws
Survey
Declaration
All of above

Question 15

When Mr. Martin dies he left to his sister Mrs. Martin’s the right to use and enjoy his house. At the time, he wanted the real estate to become property of his daughter Mary in this case Mrs. Martin is

Answer 15

Life tenant

Question 16

Diane has an easement that entitles her to use suzane property if Dianeis not the owner, her easement is

Answer 16

Easement in gross

Easement in Gross - define as n easement that attaches a particular right to an individual. Rather than to the property it’s self.

Question 17

Developers usually subdivide the large piece of land to create new buildings, houses, parks and streets. The process by which they transferred to parks and streets to the Cities is know as

Answer 17

Dedication

For the use of the public

Question 18

A document purporting to pass real estate property, such as a deed in the defected title due to lack of the title in the grantor, is know as

Answer 18

Color of title.

Question 19

When a judgment lien is ordered by the court and place converting all of the debtor’s property within the county where it is recorded is called

Answer 19

General lien.

Generally liens affect all Debtor’s. while specific lien affects only certain piece of property

Question 20

The rights that assure that a spouse will receive a certain portion of he’s her deceased spouses state is called

Answer 20

Dower rights

Question 21

Which of the following would present a transfer of real property that takes place on the death of the owner

Answer 21

Transfer by devise - (involves a will)

Escheat to the state - (revision the property to the state when the person dies without a will or any known heirs)

Transfer by descent - ( involve heirs)

Question 22

Susan rents her condo in Las Vegas to Brenda from Jenry 16th to March 15 this agreement is a

Answer 22

Tenancy by years

Question 23

A person receives title to land by virtue of having used in and occupied it for a second period Of time, without actually paying the previous owner for it. this person receives the title by

Answer 23

Adverse possession

Question 24

Brenda and Susan are unmarried sisters. They bought a house and took the title as legal joint tenant. One year later Susan sales half of her interest to his friend Mary. In this case Mary is

Answer 24

Tenant in common