Real Estate Principles: Q6/Chp 24-30 Flashcards
1
Q
1) A(n) \_\_\_\_\_\_\_\_\_\_\_\_ is a written employment contract between a client and a licensed real estate broker. A) job application B) listing agreement C) month-to-month rental agreement D) letter of intent (LOI)
A
B) listing agreement
2
Q
2) Under a(n) \_\_\_\_\_\_\_\_\_\_\_, a client can enter into listings with as many brokers as they want without becoming obligated to pay more than one fee. A) exclusive agency listing B) exclusive right-to-sell listing C) open listing D) triple-net lease agreement
A
C) open listing
3
Q
3) The function of a \_\_\_\_\_\_\_\_\_\_\_\_ is limited to soliciting, identifying, and referring potential real estate clients to brokers, agents, or principals in exchange for a fee. A) finder B) appraiser C) home inspector D) mortgage loan originator (MLO)
A
A) finder
4
Q
4) The primary document used to negotiate the transaction between a buyer and seller is a: A) listing agreement B) counter offer C) purchase agreement D) waiver
A
C) purchase agreement
5
Q
5) The \_\_\_\_\_\_\_\_\_\_\_\_, contained in all purchase agreements, states the existence or nonexistence of each broker's fiduciary agency with the various parties to the transaction. A) agency confirmation provision B) broker liability agreement C) hold harmless agreement D) attorney fee provision
A
A) agency confirmation provision
6
Q
6) An Agency Law Disclosure is provided each time any broker prepares a purchase agreement or: A) lease for less than one year B) lease for more than one year C) makes any contact with a client D) independent contractor agreement
A
B) lease for more than one year
7
Q
7) A(n) \_\_\_\_\_\_\_\_\_\_\_\_\_\_ is an individual's opinion or estimate of the property's value on a specific date. A) termite inspection B) home inspection C) appraisal D) open house
A
C) appraisal
8
Q
8) The \_\_\_\_\_\_\_\_\_\_\_ of a property is the highest price on the date of valuation a willing seller and buyer would agree to, both having full knowledge of the property's various uses. A) fair market value B) depreciation schedule C) replacement cost D) conforming value
A
A) fair market value
9
Q
9) A process employing an independent agent to manage the closing of a real estate transaction through the exchange of documents and money between two parties is referred to as: A) a title search B) escrow C) underwriting D) pre-approval
A
B) escrow
10
Q
10) The specific duties of the escrow officer in a particular transaction are documented in: A) the county records B) the escrow officer's oath C) the listing contract D) escrow instructions
A
D) escrow instructions
