Section 4 The CE Shop Real Estate Course Exam Questions and Answers
7 views 0 purchase
Course
The CE shop real estate
Institution
The CE Shop Real Estate
Licensee who acts on behalf of client?
Principal
Agent
Fiduciary
Non-agent
Customer
Client - Answer-Agent
Someone who has agency representation with the real estate salesperson or broker
Fiduciary
Principal
Non-agent
Client
Customer
Agent - Answer-Client
Someone who is working wit...
Section 4 The CE Shop Real Estate
Course Exam Questions and Answers
Licensee who acts on behalf of client?
Principal
Agent
Fiduciary
Non-agent
Customer
Client - Answer-Agent
Someone who has agency representation with the real estate salesperson or broker
Fiduciary
Principal
Non-agent
Client
Customer
Agent - Answer-Client
Someone who is working with a real estate salesperson or broker, but who is not
represented by them?
Principal
Agent
Fiduciary
Non-agent
Customer
Client - Answer-Customer
Licensee who is in a position of trust and loyalty?
Fiduciary
Principal
Non-agent
Client
Customer
Agent - Answer-Fiduciary
Someone who acts as a "middle man" or facilitator in a transaction
Principal
Agent
Fiduciary
Non-agent
Customer
Client - Answer-Non-agent
,Party to a transaction, and the person for whom the agent acts
Fiduciary
Principal
Non-agent
Client
Customer
Agent - Answer-Principal
I'd like to introduce Alison, a real estate licensee. Alison just received a call from the
Masons. They are interested in putting their house on the market and would like to talk
more with Alison about this process. Alison meets with the Masons the next day and is
excited about this new prospect. She leaves them with her business card and a promise
to call back in two months when they say they'll be ready to act. In return, Alison leaves
with an unsigned agency agreement and contact information for Brent, their son who is
ready to buy his first home.
Are the Masons Alison's clients at this time?
Yes
No - Answer-No
An agency relationship that is understood and agreed to by both parties.is ?
Express agency
Implied agency - Answer-Express agency
An agency relationship that exists because you behave in a way that leads the
consumer to believe you to be their agent is?
Express agency
Implied agency - Answer-Implied agency
You receive a call from a friend of a friend. He'd like you to show him some condos this
weekend. After looking at a few options, he decides to make an offer, which you help
present to the seller. Which is this
Implied
Express - Answer-Implied
A few years ago, you helped Renee buy a new home. Her parents have decided they'd
like to downsize now that the kids have moved out. You meet with them to tour the
property, but they were so pleased with how you worked with Renee, they signed an
agency agreement before you left. Which is this ?
Implied
Express - Answer-Express
, Fresh out of college, a young man walks into the brokerage office. He'd like some help
finding a new apartment. After chatting about what he's looking for and how he'd like to
work together, he signs an agency agreement, then heads out to meet some buddies
for lunch. Which is this?
Implied
Express - Answer-Express
We just mentioned that one way to avoid implied agency is to recognize what it is. What
is another way to avoid an unwanted implied agency situation? Select the best answer.
Tell prospects that you are not yet their agent.
Secure an agency agreement in writing before performing any acts of an agent. -
Answer-Secure an agency agreement in writing before performing any acts of an agent.
Acceptance after the fact, either through paperwork or actions of the parties which of
these is this
Ratification
Estoppel - Answer-Ratification
Prevention of a legal claim that is contrary to the person's own actions
Which of these is this
Ratification
Estoppel - Answer-Estoppel
The sellers left some storage shelving in the basement after they moved out. They
purchased new ones, but then asked the buyers to let them in to retrieve the shelving
they left. The buyers refused. The sellers threatened to sue, but their lawyer advised
them they couldn't.
Ratification
Estoppel - Answer-Estoppel
A seller agreed to leave a painting the buyer liked. As moving day approached,
however, the seller was having trouble parting with her uncle's painting, so she took it
with her. Then she contacted her agent to see if she could provide the monetary value
of the painting instead of leaving the painting. An addendum to the contract was
created, which the buyer signed.
Ratification
Estoppel - Answer-Ratification
You drive over to the house and encounter a police officer leaving as you pull up. "What
happened?" you ask the homeowner. "Well, the police say the thieves entered through
an unlocked door in the back." You and the homeowner are thinking the same thing: Did
you lock the door after the showing? No! You were so involved in the conversation that
you forgot to lock the back patio door. The homeowner says, "I trusted you with my
home. I'm holding you responsible for this." Who is actually responsible for the
homeowner's damages and losses?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lectknancy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.49. You're not tied to anything after your purchase.
