CA Real Estate Principles Course » 2021 » Section 4 Unit 4 Exam

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Question #1
Which fiduciary duties does a finder owe?
A.   A finder doesn't owe any fiduciary duties.
B.   A finder only owes the duties of confidentiality and loyalty.
C.   A finder owes the duties of obedience, loyalty, disclosure, confidentiality, accountability, and reasonable skill and care.
D.   A finder only owes the duty of confidentiality.
Question #2
What happens if a real estate licensee acting as a finder performs duties beyond just introducing the buyer and seller?
A.   he licensee is guilty of misrepresentation.
B.   An agency relationship is created. The licensee can face disciplinary action if an agency is formed without proper agency disclosures.
C.   The licensee can get in trouble for acting as a dual agent.
D.   Nothing. The person has a real estate license and can perform other duties as needed.
Question #3
In a buyer agency relationship, whom does the licensee represent?
A.   The listing firm and the buyer
B.   The buyer
C.   Both the seller and the buyer
D.   The seller
Question #4
What is a sub-agent?
A.   An inexperienced agent
B.   Anyone who works for a broker
C.   An agent appointed by another agent to assist in serving a seller client
D.   An agent who handles the listing for a seller
Question #5
Orla represents the seller, and Pardeep, an agent from a different firm, represents the buyer in the same transaction. What type of agency relationship does Orla have with her client?
A.   Dual-licensee dual agency
B.   Seller agency
C.   Single-licensee dual agency
D.   Buyer agency
Question #6
Ned represents Sofia in the sale of her townhome. Luciana represents Sofia's buyer, Arturo. What is Sofia's relationship to Luciana?
A.   Luciana is Sofia's fiduciary.
B.   Sofia is Luciana's customer.
C.   Sofia is Luciana's client.
D.   Luciana is Sofia's customer.
Question #7
Which of the following is an example of a sub-agency situation?
A.   Kermit is represented by Burt, an agent with Street Realty. Today they are seeing Oscar's house, which has been listed by Oscar's agent, Ernie, from Energy Realty.
B.   Kayla is a licensee with ABC Realty and lists a property for seller Devon. Maurice is a salesperson with XYZ Realty Group, and he has a buyer customer who wants to see the property.
C.   Rita is a licensee with Hawthorne Realty. She has a client, Dinah, who is selling her condo. Rita thinks Dinah's house will be perfect for Ruby, a customer.
D.   Tim and Tom are both licensees with Acme Realty. Tim is the listing agent on a home where Tom represents the buyer.
Question #8
If you represent the buyer and seller in the same transaction, what type of agency relationship do you have with your clients?
A.   Dual-license dual agency
B.   Buyer agency
C.   Single-license dual agency
D.   Seller agency

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