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Question 1 of 10
1. Question
How is an implied agency characterized?
Correct
An implied agency is generated by the parties’ acts, which are subsequently verified in some kind of written form.
Incorrect
An implied agency is generated by the parties’ acts, which are subsequently verified in some kind of written form.
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Question 2 of 10
2. Question
The form of control stated in an agency agreement is referred to as?
Correct
Here, fiduciary may be the confusing response, but fiduciary refers to the agent’s duties, not his power.
Incorrect
Here, fiduciary may be the confusing response, but fiduciary refers to the agent’s duties, not his power.
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Question 3 of 10
3. Question
What will happen in a situation of depositing the deposit check of a customer in the company operating account of the broker?
Correct
Disciplinary action is going to be a counter measure for commingling.
Incorrect
Disciplinary action is going to be a counter measure for commingling.
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Question 4 of 10
4. Question
Which of the following types of listing agreement does not need compensation from the broker unless it is the source of the procurement?
Correct
For these two types of listings, this is the description.
Incorrect
For these two types of listings, this is the description.
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Question 5 of 10
5. Question
An agent is aware that the buyer is anxious to buy a house before the school year begins, so he can enroll his children in school. With this knowledge, what does the agent have to do?
Correct
If the buyer authorized him to do so, but not under his own authority, the agent could reveal the information.
Incorrect
If the buyer authorized him to do so, but not under his own authority, the agent could reveal the information.
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Question 6 of 10
6. Question
As a fiduciary, the principle of loyalty allows the agent to place the principal’s interest above all others, however, there is an exception for the agent. Which of the following is the exception?
Correct
Loyalty demands that the interest of the principal, including that of the broker, be put above all other interests.
Incorrect
Loyalty demands that the interest of the principal, including that of the broker, be put above all other interests.
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Question 7 of 10
7. Question
Seller B has an estate listed to sell by Broker A. Broker A shows his cousin, who is interested in the property. What issues could probably arise?
Correct
The situation implies here that not representing a family member will be impossible for a broker, therefore producing a dual agency.
Incorrect
The situation implies here that not representing a family member will be impossible for a broker, therefore producing a dual agency.
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Question 8 of 10
8. Question
The broker may be both the principal and the seller of what kind of listing?
Correct
The option listing is valid, therefore grants the broker the right to purchase the house, so both the principal and the agent may be the broker.
Incorrect
The option listing is valid, therefore grants the broker the right to purchase the house, so both the principal and the agent may be the broker.
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Question 9 of 10
9. Question
Which of the following demands from the seller should not be complied by the agent under the duty of obedience?
Correct
Obedience is restricted to certain legitimate actions. Instructing an agent to show the property to minority families represents reverse and unlawful prejudice.
Incorrect
Obedience is restricted to certain legitimate actions. Instructing an agent to show the property to minority families represents reverse and unlawful prejudice.
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Question 10 of 10
10. Question
Broker A has acquired an exclusive license and right-to-sell listing agreement for $300,000 to sell Seller B’s home. Broker A takes Buyer C into the house to see it. Buyer C offers a complete cash bid of $300,000 immediately to purchase the house without contingencies in the deal. Seller B comes to a decision that he will actually get more for the house and declines the offer, boosting the house’s asking price. In this situation, will the broker still win the fee?
Correct
A ready, willing, and able buyer who met all the seller’s terms and conditions has been produced by the broker. His fee won the broker.
Incorrect
A ready, willing, and able buyer who met all the seller’s terms and conditions has been produced by the broker. His fee won the broker.