Chapter 4 Quiz Flashcards Preview

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Flashcards in Chapter 4 Quiz Deck (9)
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1
Q

The amount of commission paid to the broker for selling a property is:

A. Set by state law

B. Negotiated at the time a buyer is found

C. Set forth in the rules of the state Real Estate Commission

D. Stated in the listing contract

A

D. Stated in the listing contract

2
Q

The relationship of a real estate broker to the owner of property listed for sale with the broker is that of a:

A. General agent

B. Universal agent

C. Limited agent

D. Special agent

A

D. Special agent

3
Q

In an intermediary situation, who is allowed to give advice and opinions?

A. The broker

B. The appointed agent

C. The seller

D. The lender

A

B. The appointed agent

4
Q

Fiduciary responsibilities of an agent to his principal include all of the following EXCEPT:

A. Obedience

B. Loyalty

C. Accounting for funds or property received

D. Legal advice

A

D. Legal advice

5
Q

The placing of funds belonging to others in a broker’s personal bank account constitutes:

A. Commingling

B. Faithful performance

C. Principal loyalty

D. Reasonable care

A

A. Commingling

6
Q

A nonfactual or extravagant statement that a reasonable person would recognize as exaggeration is known as:

A. Interest

B. Fraud

C. Puffing

D. Margin

A

C. Puffing

7
Q

In an agency relationship, the _____________ gives the ______________ the authority to act on his/her behalf.

A. Broker/agent

B. Buyer/seller

C. Principal/agent

D. Customer/client

A

C. Principal/agent

8
Q

All of the following are ways in which an agency relationship can be terminated EXCEPT:

A. The principal dies.

B. The broker representing the principal dies.

C. Both parties agree to terminate the relationship.

D. The agent extends the expiration date on the listing.

A

D. The agent extends the expiration date on the

9
Q

All of the following are common antitrust violations EXCEPT:

A. Price-fixing

B. Boycotting

C. Calling someone on the Do-Not-Call lsit

D. Allocation of customers or markets

A

C. Calling someone on the Do-Not-Call lsit