Real Estate Exam 2
In a ______ agency, a realtor represents only one party to a transaction. - answers ingle
One purpose of licensing laws is to enforce ethical standards for the licensed
profession. - answer true
A ______ agency is a situation where two different realtors within the same brokerage
represent different parties to the same transaction. - answer designated
The _____ is responsible for supervising all real estate activities of the realtor. - answer
broker
One of the requirements for becoming a licensed realtor in South Dakota is completion
of a university degree. - answerFalse
The amount of commission paid to a realtor is determined by: - answerthe contract or
agreement between the realtor and broker
________ is (are) a type of illegal activity where two or more businesses conspire
against another business or agree to withhold patronage as a way of reducing
competition. - answerGroup boycott
What was the outcome of the legal case Stambovsky v. Ackley. - answerThe court ruled
that the plaintiff (Stambovsky) was entitled to recover the down-payment of $32,500.
A fiduciary is a relationship in which an agent is held in a position of special trust and
confidence. - answerTrue
The relationship between a real estate broker and a seller is usually what type of
agency? - answerspecial
From the perspective of a realtor, in a real estate transaction the ______ is the principal
and the ______ if the third party with whom the realtor engages but does not represent.
- answerclient; customer
Licensing of real estate professionals in the state of South Dakota is overseen by: -
answerthe South Dakota Real Estate Commission
A ______ agent represents the principal in only specified transactions, such as the sale
of a house. - answerspecial
Brokers can not represent clients in the same way as realtors. - answerfalse
In a ______ agency, a realtor represents only one party to a transaction. - answers ingle
One purpose of licensing laws is to enforce ethical standards for the licensed
profession. - answer true
A ______ agency is a situation where two different realtors within the same brokerage
represent different parties to the same transaction. - answer designated
The _____ is responsible for supervising all real estate activities of the realtor. - answer
broker
One of the requirements for becoming a licensed realtor in South Dakota is completion
of a university degree. - answerFalse
The amount of commission paid to a realtor is determined by: - answerthe contract or
agreement between the realtor and broker
________ is (are) a type of illegal activity where two or more businesses conspire
against another business or agree to withhold patronage as a way of reducing
competition. - answerGroup boycott
What was the outcome of the legal case Stambovsky v. Ackley. - answerThe court ruled
that the plaintiff (Stambovsky) was entitled to recover the down-payment of $32,500.
A fiduciary is a relationship in which an agent is held in a position of special trust and
confidence. - answerTrue
The relationship between a real estate broker and a seller is usually what type of
agency? - answerspecial
From the perspective of a realtor, in a real estate transaction the ______ is the principal
and the ______ if the third party with whom the realtor engages but does not represent.
- answerclient; customer
Licensing of real estate professionals in the state of South Dakota is overseen by: -
answerthe South Dakota Real Estate Commission
A ______ agent represents the principal in only specified transactions, such as the sale
of a house. - answerspecial
Brokers can not represent clients in the same way as realtors. - answerfalse
