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 agreement
B.   By estoppel
C.   By ratification.
D.   Any answers are correct
Question #2
What agency relationship requires the informed consent of both parties (buyer and seller)?
A.   General agency
B.   Dual 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.   post authorization.
B.   estoppel.
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.   all of the answers are correct.
B.   sell or offer to sell.
C.   buy or offer to buy.
D.   solicit prospective buyers and sellers
Question #5
An agency relationship does not require which of the following?
A.   Honest
B.   A payment of consideration
C.   Competent
D.   Fiduciary
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.   1- to 4-unit residentail property.
B.   commercial property.
C.   vacant land
D.   Any answers are correct
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 Purchase Agreement
B.   Disclosure Regarding Real Estate Agency Relationship
C.   Real Estate Listing Agreement
D.   Agent Visual Inspection Disclosure
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.   Wire Fraud and Electornic Funds Transfer Advisory
B.   None of the answers are correct
C.   Agency Disclosure
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 pledge
B.   listing
C.   listing codicil.
D.   listing notification.
Question #11
What is the most common form used for the above contract?
A.   Open listing
B.   Residential listing agreement
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.   Residential Listing Agreement
D.   None of the answers are correct
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.   advisory committee
B.   regional listing service
C.   multiple listing service.*
D.   local association of REALTORS®.
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.   invisible listing.
C.   none of the answers is correct.
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.   MLS broker.
D.   dual broker.
Question #16
Which form identifies items of value attached to the structure or land and states whether these items are operational?
A.   Real Estate Transfer Disclosure Statement*
B.   Buyers and Sellers Agreement
C.   Visual Inspection Agreement
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.   Buyer Inspection Advisory
B.   Agent Visual Inspection Disclosure
C.   Seller Inspection Advisory
D.   None of the answers are correct
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.   Negligence
B.   Secret profit
C.   Fraud
D.   Any of the answers are correct*
Question #20
Which of the following would be a reason to terminate an agency relationship?
A.   Any of the answers are correct
B.   Destruction of property
C.   Expiration of term
D.   Death of the broker

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