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intro real estate practice chap 1 > chp3 > Flashcards

chp3 Flashcards

1
Q

Fiduciary – A person in a position of trust and confidence, as between principal and broker; broker as a fiduciary owes certain loyalty which cannot be breached under the rules of agency.

A

A person in a position of trust and confidence, as between principal and broker; broker as a fiduciary owes certain loyalty which cannot be breached under the rules of agency.

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2
Q

Fiduciary

A

Fiduciary – A person in a position of trust and confidence, as between principal and broker; broker as a fiduciary owes certain loyalty which cannot be breached under the rules of agency.

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3
Q

Fiduciary Duty – 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.

A

Fiduciary Duty – 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.

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4
Q

Fiduciary Duty –

A

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.

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5
Q

Dual Agency – An agency relationship in which the agent acts concurrently for both of the principals in a transaction.

A

Dual Agency – An agency relationship in which the agent acts concurrently for both of the principals in a transaction.

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6
Q

Dual Agency – .

A

An agency relationship in which the agent acts concurrently for both of the principals in a transaction

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7
Q

Regulation Z – The Truth in Lending Act of 1968 is United States federal law designated to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.

A

Regulation Z – The Truth in Lending Act of 1968 is United States federal law designated to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.

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8
Q

Regulation Z –

A

the Truth in Lending Act of 1968 is United States federal law designated to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.

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9
Q

Any fact that would influence the decision of a reasonably prudent person is known as a…?
AObjective fact
BSubjective fact
CSubstantial fact
DMaterial fact

A

Material fact

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10
Q

A person in a position of trust and confidence is known as a…?
AFiduciary
BPartner
CEmployee
DClient

A

Fiduciary

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11
Q

All disclosures involved in a real estate transaction should be in writing…?
AT (True)
BF (False)

A

true

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12
Q

Anything greater than four dwelling units is considered commercial real estate…?
AT (True)
BF (False)

A

true

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13
Q

A mandated disclosure is a disclosure which is required by law…?
AT (True)
BF (False)

A

true

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14
Q

A broker never owes fiduciary duties to a buyer…?
AT (True)
BF (False)

A

false

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15
Q

Agency exists between the principal and…?
AReal estate salesperson
BCustomer
CReal estate broker
DClient

A

client

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16
Q

Who owns any listings obtained by a real estate salesperson…?
AThe salesperson only
BBoth the salesperson and the salesperson’s sponsoring broker
CThe principal only
DThe salesperson’s sponsoring broker only

A

the salepersons sponsoring broker only

17
Q

An agent who works only for the buyer or the seller is known as a…?
ASingle agent
BDual agent
CIntermediary
DAssociate agent

A

single agent

18
Q

Dual agency is illegal in California…?
AT (True)
BF (False)

A

false

19
Q

Which of the following occurs when two agents working under the same sponsoring broker represent both sides in a transaction…?
ASingle agency
BMandated agency
CAssociate agency
DDual agency

A

Dual agency

20
Q

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

A

confirm

21
Q

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…?
ADisclosed duty
BLegal duty
CFiduciary duty
DExpress duty

A

Fiduciary duty

22
Q

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

A

true

23
Q

When conducting their visual inspection, the real estate agent is required to check crawl spaces and roofs…?
AT (True)
BF (False)

A

false

24
Q

The weather conditions at the time of the visual inspection must be described on the AVID form…?
AT (True)
BF (False)

A

true

25
Q

Any agent involved in a residential transaction must disclose agency…?
AT (True)
BF (False)

A

true

26
Q

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

A

true

27
Q

The natural hazards disclosure is required for…?
ACommercial properties
BSpecial-use properties
CResidential properties
DMulti-family properties

A

residential properties

28
Q

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

A

water heaters

29
Q

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

A

mold

30
Q

TILA was enacted in…?
A1964
B1968
C1974
D1988

A

1968

31
Q

TILA is also known as…?
ARegulation L
BRegulation T
CRegulation Y
DRegulation Z

A

regulation z

32
Q

A real estate broker acts as a fiduciary to the principal…?
AT (True)
BF (False)

A

true

33
Q

An agency relationship in which the agent acts concurrently for both of the principals in a transaction is known as…?
ASingle agency
BDual agency
CImplied agency
DPartial agency

A

dual agency

34
Q

A real estate salesperson operates as a sub-agent to their broker…?
AT (True)
BF (False)

A

true

35
Q

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

A

false

36
Q

Properties built prior to ……….. require a lead based paint disclosure?
A1964
B1968
C1976
D1978

A

1978

37
Q

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

A

Easton vs. Strassburger

intro real estate practice chap 1 (7 decks)

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