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.   Any answers are correct
B.   By estoppel
C.   By agreement
D.   By ratification.
Question #2
What agency relationship requires the informed consent of both parties (buyer and seller)?
A.   Implied Agency
B.   General agency
C.   Estoppel 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.   implied authority.
B.   ratification
C.   post authorization.
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.   sell or offer to sell.
C.   all of the answers are correct.
D.   solicit prospective buyers and sellers
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.   Elect
C.   Disclose
D.   all answers are correct.
Question #7
Real estate laws in California related to real property apply to:
A.   1- to 4-unit residentail property.
B.   vacant land
C.   Any answers are correct
D.   commercial 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 Purchase Agreement
B.   Disclosure Regarding Real Estate Agency Relationship
C.   Agent Visual Inspection Disclosure
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.   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 codicil.
B.   listing pledge
C.   listing
D.   listing notification.
Question #11
What is the most common form used for the above contract?
A.   Residential listing agreement
B.   Net listing
C.   Open 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.   None of the answers are correct
B.   Seller's Advisory
C.   Agency Disclosure Agreement
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.   advisory committee
C.   local association of REALTORS®.
D.   regional 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.   pocket listing.
B.   secret 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.   cooperating broker.
B.   dual broker.
C.   MLS broker.
D.   secret broker.
Question #16
Which form identifies items of value attached to the structure or land and states whether these items are operational?
A.   Residential Listing Agreement
B.   Buyers and Sellers Agreement
C.   Visual Inspection 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.   Buyer Inspection Advisory
B.   None of the answers are correct
C.   Agent Visual Inspection Disclosure
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.   45 days.
B.   30 days.
C.   5 days.
D.   10 days.
Question #19
Which of the following would be considered a tort?
A.   Negligence
B.   Fraud
C.   Secret profit
D.   Any of the answers are correct*
Question #20
Which of the following would be a reason to terminate an agency relationship?
A.   Expiration of term
B.   Death of the broker
C.   Any of the answers are correct
D.   Destruction of property

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