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Real Estate Principles

Business

Quiz 20 :

The Principal-Broker Relationship: Agency

Quiz 20 :

The Principal-Broker Relationship: Agency

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When creating an agency relationship, agency authority
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Multiple Choice
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Answer:

C
When creating an agency relationship, agency authority can be conferred by acts of the principal.

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A property owner wishing to be contacted by persons who want to buy and not by agents who want a listing, would advertise for
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Multiple Choice
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Answer:

A
A property owner wishing to be contacted by persons who want to buy and not by agents who want a listing, would advertise for "principals only".

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If a broker is a little short of funds and "borrows" some money from his escrow account to pay monthly bills, this activity is called
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Multiple Choice
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Answer:

B
If a broker borrows money from his escrow account to pay monthly bills, this activity is called conversion and is illegal.

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The seller has just informed the listing agent that he does not want the property shown to any Orientals or other minority buyers. The agent
Multiple Choice
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If a real estate agent used clients' funds for his own personal use, he would be guilty of
Multiple Choice
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When a listing is taken, the seller would be referred to as
Multiple Choice
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A salesperson received an earnest money check from a buyer on the listing of a co-op broker. What should the salesperson do with the check?
Multiple Choice
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All of the following are examples of fiduciary relationships EXCEPT
Multiple Choice
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The broker and the seller know of major plumbing repairs needed on the seller's property. They, therefore, sell the house to a buyer "as is" but do not disclose plumbing problems. The buyer discovers the defects after closing and decides to sue the broker and seller. What is the most likely outcome of this decision?
Multiple Choice
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After an earthquake, a property manager had to meet with insurance adjusters to arrange for repairs to several properties which she managed. The property owners had given the manager what kind of agency authority?
Multiple Choice
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Traditionally, in residential sales, prior to the emphasis on buyer agency, the broker considers the buyer to be
Multiple Choice
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Once a broker has taken a listing, he can do all of the following EXCEPT
Multiple Choice
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A buyer making an offer on a property writes an earnest money check to the broker. The seller will not be available for 5 days. What should the broker do with the check?
Multiple Choice
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When a broker takes a listing, he is acting under what kind of agency?
Multiple Choice
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If, in showing a property, the salesperson said, "In my opinion, this house is absolutely the greatest in the world," the salesperson
Multiple Choice
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Two buyers purchase a home through a broker. After the close of escrow, the buyers discover a structural problem with the property, which the seller had not disclosed to anyone, including the broker. The buyers attempted to rescind their agreement. If they succeed, what commission is the broker entitled to in this case?
Multiple Choice
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The purpose of a trust account is to
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It is the responsibility of the real estate broker to
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The least appropriate person to choose which title and escrow company to use in closing a real estate sale would be
Multiple Choice
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The listing salesperson was told by a prospective buyer to present an offer of $150,000 with the promise that he would increase it to $152,000 if the seller rejected $150,000. The salesperson must
Multiple Choice
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