Chp 3 RE Disclosures

Question 1

That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure is known as a…?
Disclosed duty
Legal duty
Fiduciary duty
Express duty

Answer 1

Fiduciary duty

Question 2

An agency relationship in which the agent acts concurrently for both of the principals in a transaction is known as…?
Single agency
Dual agency
Implied agency
Partial agency

Answer 2

Dual agency

Question 3

This court case determined that a seller's agent only has a duty to visually and diligently inspect a property...?
Roe vs. Wade
Plessy vs. Ferguson
Easton vs. Strassburger
Marshal vs. Brown

Answer 3

Easton vs. Strassburger

Question 4

Properties built prior to ……….. require a lead based paint disclosure?
1964
1968
1976
1978

Answer 4

1978

Question 5

A ……….. property is a property that may be perceived to be undesirable for other than physical or environmental reasons?
Stigmatized
Disclosed
Hazard
Sub-divided

Answer 5

Stigmatized

Question 6

What is the final step in disclosing an agency relationship…?
ADisclose
BRecord
CConfirm
DElect

Answer 6

Confirm

Question 7

The real estate broker is responsible for completing the AVID form…?
AT (True)
BF (False)

Answer 7

(True)

Question 8

Purchasers of residential real estate are entitled to a Real Estate Transfer Disclosure Statement…?
AT (True)
BF (False)

Answer 8

true

Question 9

Which of the following must be double braced in California…?
APlumbing fixtures
BCeiling tiles
CLarge windows
DWater heaters

Answer 9

Water heaters

Question 10

Which of the following is an indication of a water problem in a house…?
ASloped floors
BMold
CCracks in the foundation
DAll of the above

Answer 10

Mold

Question 11

TILA was enacted in…?
A1964
B1968
C1974
D1988

Answer 11

1968 truth in lending act

Question 12

The seller’s broker is responsible for completing the Transfer Disclosure Statement…?
AT (True)
BF (False)

Answer 12

(False)

Question 13

This court case determined that a seller's agent only has a duty to visually and diligently inspect a property...?
ARoe vs. Wade
BPlessy vs. Ferguson
CEaston vs. Strassburger
DMarshal vs. Brown

Answer 13

Easton vs. Strassburger

Question 14

What does the AVID form stand for?

Answer 14

Agent visual inspection disclosure

Question 15

What does TILA stand for?

Answer 15

Truth in lending act