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Colibri Real Estate Chapter 2 Quiz Questions And Answers
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Colibri Real Estate Chapter 2 QuizQuestions And Answers
An agency relationship may be involuntarily terminated by which of the
following? - -By destruction of the property through fire, vandalism, or
natural disaster
- When a seller authorizes a unilateral offer of subagency to all MLS
members, any agent who shows the listed property automatically becomes -
-A subagent
- An agency relationship may be involuntarily terminated by which of the
following? - -Condemnation of the property
- Sally is a subagent working for Seller Pat. What does Sally owe to Buyer
Brad? - -Honesty and fair dealing
- Which of the following terminations of an agency relationship could result
in legal or financial ramifications? - -Renunciation by the client
- When the agency relationship has been terminated, the licensee is no
longer considered the principal's agent but still owes which of the following
duties to the principal? - -Accounting
- With which of the following can a broker NOT enter into a single agency
agreement? - -Seller and buyer
- A person who is empowered to act on behalf of another is called? - -An
agent
- When the agency relationship has been terminated, the licensee is no
longer considered the principal's agent but still owes which of the following
duties to the principal? - -Confidentiality
- When a seller gives permission to a broker to submit the property to the
MLS, the seller is authorizing the broker to make a blanket unilateral offer of
what to all the other members of that MLS? - -Subagency
- What is the term given to an agent who is acting as a buyer's and seller's
agent in the same transaction? - -Dual agent
- A subagent owes customer level services to the buyer which include which
of these? - -Honesty, fair dealing and the proper disclosure of pertinent facts
that affect the value of the property
, - Which of the following may not involuntarily terminate an agency
relationship? - -Expiration of the agreement term
- Revocation of a broker's license results in - -Termination of the
relationship
- "As is" sales are tempered by which of the agent's duties? - -Disclosure
- What kind of defects are hidden from normal vies but still must be
disclosed? - -Latent
- Latent defects are those - -Hidden from normal view and, therefore, must
be revealed
- An agent must inform client and customer that the agent represents the
client and does not represent the customer, unless - -there is a dual agency
- The agent who has the job of obtaining the best possible transaction for
the seller is - -the designated agent
- A licensee for a seller has a duty to disclose such things except - -ability of
the purchaser to offer a higher price even if the purchaser is also the
licensee's client
- Since many of an agent's fiduciary duties can only be rendered to one
party, an agent would have a difficult in not impossible time performing
his/her duties in which type of agency? - -Dual agency
- Properties that have an undesirable reputation due to an associated
unpleasant occurrence, such as murder or gang violence, are known as - -
stigmatized properties
- Since the listing agreement is a contract that established an agency
relationship, which law(s) is the relationship subject to? - -All of the above
- Most real estate listing contracts are which kind of agency? - -Special
agency
- If a client refuses to disclose material defects to a buyer, what should the
agent do? - -Decline or sever the agency agreement
- A licensee must provide____ of any existing agency relationships to all
parties for whom he or she provides real estate brokerage services - -A
written disclosure
, - In Indiana, contractual relationships are always formed at what level? - -
Managing broker
- The licensee may disclose to the seller the financial status of the potential
buyer customer. Is this statement true or false and why? - -True if the agent
has knowledge of the buyer's financial status
- Representing both principal parties to a real estate transaction is - -A dual
agency
- A legal doctrine by which a person is prevented from asserting rights or
facts that are inconsistent with a previous position or representation made
by act, conduct, or silence is - -An estoppel
- If an agency relationship has not been established by a written agreement,
does the relationship exist, and if so, what kind of relationship is it? - -Yes, it
is an implied agency
- Before a licensee sign a listing agreement with a seller, he/she mist - -Give
the seller an agency disclosure
- A licensee for the buyer has a duty to disclose such things except - -why
the seller is selling if the licensee knows this from a previous relationship
with the seller
- The licensee could be known as a transaction broker, facilitator, or
coordinator in which type of agency? - -Non-agency
- To make it easier to describe elevations, surveyors refer to standard
elevation points called - -Benchmarks
- What is a "block" in the lot and block system of description? - -A group of
lots in a subdivision
- Which of the following lines in the Rectangular Survey System run north
and south? - -Range lines
- What method of legal description was the first one used in America? - -
Metes and bounds system
- Benchmarks are used to - -Provide reference elevations for nearby
properties
- A legal description of a property is one which - -Accurately located and
identifies the boundaries of the property and distinguished it from all other
properties
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