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

Need help with your exam preparation?

Existing Quiz Clients Login here
Question #1
In what way can a real estate agency relationship be created?
A.   By ratification.
B.   By estoppel
C.   By agreement
D.   Any answers are correct
Question #2
What agency relationship requires the informed consent of both parties (buyer and seller)?
A.   Dual agency
B.   General agency
C.   Implied Agency
D.   Estoppel 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.   estoppel.
B.   post authorization.
C.   ratification
D.   implied authority.
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.   all of the answers are correct.
C.   solicit prospective buyers and sellers
D.   sell or offer to sell.
Question #5
An agency relationship does not require which of the following?
A.   A payment of consideration
B.   Competent
C.   Fiduciary
D.   Honest
Question #6
What are included steps in agency disclosure?
A.   Confirm
B.   Disclose
C.   all answers are correct.
D.   Elect
Question #7
Real estate laws in California related to real property apply to:
A.   vacant land
B.   commercial property.
C.   Any answers are correct
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.   Real Estate Listing Agreement
B.   Disclosure Regarding Real Estate Agency Relationship
C.   Agent Visual Inspection Disclosure
D.   Real Estate Purchase 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.   Agency Disclosure
B.   None of the answers are correct
C.   Wire Fraud and Electornic Funds Transfer Advisory
D.   Seller Advisory
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 codicil.
B.   listing notification.
C.   listing pledge
D.   listing
Question #11
What is the most common form used for the above contract?
A.   Open listing
B.   Residential listing agreement
C.   Net listing
D.   Option listing
Question #12
The categories "General Disclosure Duties" and "Statutory Disclosure Duties" can be found at the beginning of which form?
A.   Seller's Advisory
B.   Agency Disclosure Agreement
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.   multiple listing service.*
B.   regional listing service
C.   local association of REALTORS®.
D.   advisory committee
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.   secret listing.
B.   pocket listing.
C.   none of the answers is correct.
D.   invisible 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.   dual broker.
B.   secret broker.
C.   MLS broker.
D.   cooperating broker.
Question #16
Which form identifies items of value attached to the structure or land and states whether these items are operational?
A.   Visual Inspection Agreement
B.   Buyers and Sellers Agreement
C.   Residential Listing Agreement
D.   Real Estate Transfer Disclosure Statement*
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.   None of the answers are correct
C.   Buyer Inspection Advisory
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.   10 days.
C.   45 days.
D.   5 days.
Question #19
Which of the following would be considered a tort?
A.   Secret profit
B.   Fraud
C.   Any of the answers are correct*
D.   Negligence
Question #20
Which of the following would be a reason to terminate an agency relationship?
A.   Death of the broker
B.   Destruction of property
C.   Expiration of term
D.   Any of the answers are correct

Need help with your exam preparation?

Existing Quiz Clients Login here