Real Estate 101 - Real Estate Principles » Fall 2021 » Chapter 4 Quiz

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Question #1
In what way can a real estate agency relationship be created?
A.   By ratification.
B.   Any answers are correct
C.   By estoppel
D.   By agreement
Question #2
What agency relationship requires the informed consent of both parties (buyer and seller)?
A.   General agency
B.   Estoppel Agency
C.   Implied Agency
D.   Dual agency
Question #3
When you authorize a broker to act for you "after" he or she has already done so, it is known as:
A.   post authorization.
B.   ratification
C.   implied authority.
D.   estoppel.
Question #4
In California, any person in real estate who is acting in return for compensation from others, must have a Department of real estate license to:
A.   buy or offer to buy.
B.   solicit prospective buyers and sellers
C.   sell or offer to sell.
D.   all of the answers are correct.
Question #5
An agency relationship does not require which of the following?
A.   Honest
B.   Fiduciary
C.   Competent
D.   A payment of consideration
Question #6
What are included steps in agency disclosure?
A.   Confirm
B.   all answers are correct.
C.   Elect
D.   Disclose
Question #7
Real estate laws in California related to real property apply to:
A.   commercial property.
B.   Any answers are correct
C.   vacant land
D.   1- to 4-unit residentail property.
Question #8
Civil law requires that both parties to a transaction be informed of the various options they have regarding agency representation. Which form is used for this purpose?
A.   Agent Visual Inspection Disclosure
B.   Disclosure Regarding Real Estate Agency Relationship
C.   Real Estate Purchase Agreement
D.   Real Estate Listing Agreement
Question #9
The advisory to obtain phone numbers and account numbers only from Escrow Officers, Property Managers or Landlords at the beginning of the transaction is included in which form?
A.   Seller Advisory
B.   Wire Fraud and Electornic Funds Transfer Advisory
C.   Agency Disclosure
D.   None of the answers are correct
Question #10
A contract to employ a broker as an agent, to do certain things for the owner/seller and serve as an employment contract for personal service is called a:
A.   listing notification.
B.   listing pledge
C.   listing codicil.
D.   listing
Question #11
What is the most common form used for the above contract?
A.   Residential listing agreement
B.   Open listing
C.   Option listing
D.   Net listing
Question #12
The categories "General Disclosure Duties" and "Statutory Disclosure Duties" can be found at the beginning of which form?
A.   Agency Disclosure Agreement
B.   Seller's Advisory
C.   None of the answers are correct
D.   Residential Listing Agreement
Question #13
An association of real estate brokers that provides a pooling of listings, recent sales, and the sharing of commissions on a specified basis is called a(n):
A.   local association of REALTORS®.
B.   regional listing service
C.   advisory committee
D.   multiple listing service.*
Question #14
The unethical practice of not giving a new listing to the MLS until the listing broker first tries to sell that listed property through only the other agents within the company is called a:
A.   invisible listing.
B.   none of the answers is correct.
C.   secret listing.
D.   pocket listing.
Question #15
A non-listing broker with whom the listing broker agrees to share a commission (not necessarily ½ and ½) if the non-listing broker sells the property is
A.   secret broker.
B.   cooperating broker.
C.   dual broker.
D.   MLS broker.
Question #16
Which form identifies items of value attached to the structure or land and states whether these items are operational?
A.   Buyers and Sellers Agreement
B.   Visual Inspection Agreement
C.   Real Estate Transfer Disclosure Statement*
D.   Residential Listing Agreement
Question #17
Which form “limits and defines the agents scope of duty to inspect normally accessibility areas of the property”?
A.   Agent Visual Inspection Disclosure
B.   Buyer Inspection Advisory
C.   None of the answers are correct
D.   Seller Inspection Advisory
Question #18
When a salesperson chooses to leave the employ of a broker, that broker must notify the DRE within:
A.   30 days.
B.   45 days.
C.   10 days.
D.   5 days.
Question #19
Which of the following would be considered a tort?
A.   Negligence
B.   Any of the answers are correct*
C.   Fraud
D.   Secret profit
Question #20
Which of the following would be a reason to terminate an agency relationship?
A.   Destruction of property
B.   Death of the broker
C.   Any of the answers are correct
D.   Expiration of term

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