CALIFORNIA REAL ESTATE SALESPERSON
FINAL EXAM AND PRACTICE EXAM |
NEWEST ACTUAL EXAM COMPREHENSIVE
QUESTIONS AND VERIFIED ANSWERS
GRADED A+ | 100% PASS | 2025 UPDATE!
A person licensed to represent another in a real estate transaction; or a
person authorized to represent another (the principal) in dealings with
third parties. - ✔✔✔ Correct Answer > Agent
When a person who has signed a document formally declares to an
authorized official (usually a notary public) that he or she signed
voluntarily. The official certifies that the signature is voluntary and
genuine. - ✔✔✔ Correct Answer > Acknowledgment
When a real estate broker acts as an agent to only the seller or only the
buyer - ✔✔✔ Correct Answer > Single Agency
A relationship of trust and confidence, in which one party owes the
other (or both parties owe each other) loyalty and a higher standard of
good faith than they owe to third parties. For example, an agent is a
fiduciary in relation to the principal; husband and wife are fiduciaries in
relation to each other. Can be referred to as a client. - ✔✔✔ Correct
Answer > Fiduciary Relationship
,Superlative statements about the quality of a property that should not
be considered assertions of fact. 'The best buy in town,' or 'A fabulous
location' are examples of puffing. - ✔✔✔ Correct Answer >
Puffing
Financial institutions that are a type of cooperative organization where
members share something in common (e.g. an employer), pool their
deposits together, pay members better interest rates, and loan money
to fellow members. - ✔✔✔ Correct Answer > Credit Unions
A listing agreement that entitles the broker to a commission if anyone
other than the seller finds a buyer for the property during the listing
term. - ✔✔✔ Correct Answer > Exclusive Agency
One who is licensed to represent one of the parties in a real estate
transaction, for compensation. - ✔✔✔ Correct Answer > Broker
An agent with limited authority to do a specific thing or conduct a
specific transaction. - ✔✔✔ Correct Answer > Special Agent
A broker's business. - ✔✔✔ Correct Answer > Brokerage
A false or misleading statement. - ✔✔✔ Correct Answer >
Misrepresentation
,A listing agreement that entitles the broker to a commission if anyone
including the seller finds a buyer for the property during the listing
term. - ✔✔✔ Correct Answer > Exclusive Right to Sell
Person in a position of trust, held by law to high standards of good faith
and loyalty. - ✔✔✔ Correct Answer > Fiduciary
A contract that has not been put into words, but is implied by the
actions of the parties. - ✔✔✔ Correct Answer > Implied Contract
An agent authorized to handle all of the principal's affairs in one area or
in specified areas. - ✔✔✔ Correct Answer > General Agent
The system in which things of value (e.g. money or documents) are held
on behalf of the parties to a transaction by a disinterested third party,
until the specified conditions have all been complied with. - ✔✔✔
Correct Answer > Escrow agent
When a broker or salesperson represents both parties (buyer and
seller) in a transaction, AND all management level licensees at a
brokerage. - ✔✔✔ Correct Answer > Dual Agency
, Any public notification of property being offered for sale, and thus must
follow guidelines of Regulation Z of Truth-In-Lending Act. - ✔✔✔
Correct Answer > Advertisements
A relationship of trust created when one person (the principal) gives
another person (the agent) the right to represent the principal in
dealings with third parties. - ✔✔✔ Correct Answer > Agency
All information the client directs to be confidential, which, if disclosed,
would have an adverse effect on the client's position. - ✔✔✔ Correct
Answer > Confidential Information
Form that states whether an agent is representing the seller or the
buyer, or both, in a transaction. - ✔✔✔ Correct Answer > Agency
Disclosure Statement
Transaction in which the buyer and seller are both represented by the
same brokerage. - ✔✔✔ Correct Answer > In-Company Contract
A written agency contract between seller and a real estate broker,
stating the broker will be paid a commission for finding (or attempting
to find) a buyer for the seller's real property. - ✔✔✔ Correct Answer
> Listing
FINAL EXAM AND PRACTICE EXAM |
NEWEST ACTUAL EXAM COMPREHENSIVE
QUESTIONS AND VERIFIED ANSWERS
GRADED A+ | 100% PASS | 2025 UPDATE!
A person licensed to represent another in a real estate transaction; or a
person authorized to represent another (the principal) in dealings with
third parties. - ✔✔✔ Correct Answer > Agent
When a person who has signed a document formally declares to an
authorized official (usually a notary public) that he or she signed
voluntarily. The official certifies that the signature is voluntary and
genuine. - ✔✔✔ Correct Answer > Acknowledgment
When a real estate broker acts as an agent to only the seller or only the
buyer - ✔✔✔ Correct Answer > Single Agency
A relationship of trust and confidence, in which one party owes the
other (or both parties owe each other) loyalty and a higher standard of
good faith than they owe to third parties. For example, an agent is a
fiduciary in relation to the principal; husband and wife are fiduciaries in
relation to each other. Can be referred to as a client. - ✔✔✔ Correct
Answer > Fiduciary Relationship
,Superlative statements about the quality of a property that should not
be considered assertions of fact. 'The best buy in town,' or 'A fabulous
location' are examples of puffing. - ✔✔✔ Correct Answer >
Puffing
Financial institutions that are a type of cooperative organization where
members share something in common (e.g. an employer), pool their
deposits together, pay members better interest rates, and loan money
to fellow members. - ✔✔✔ Correct Answer > Credit Unions
A listing agreement that entitles the broker to a commission if anyone
other than the seller finds a buyer for the property during the listing
term. - ✔✔✔ Correct Answer > Exclusive Agency
One who is licensed to represent one of the parties in a real estate
transaction, for compensation. - ✔✔✔ Correct Answer > Broker
An agent with limited authority to do a specific thing or conduct a
specific transaction. - ✔✔✔ Correct Answer > Special Agent
A broker's business. - ✔✔✔ Correct Answer > Brokerage
A false or misleading statement. - ✔✔✔ Correct Answer >
Misrepresentation
,A listing agreement that entitles the broker to a commission if anyone
including the seller finds a buyer for the property during the listing
term. - ✔✔✔ Correct Answer > Exclusive Right to Sell
Person in a position of trust, held by law to high standards of good faith
and loyalty. - ✔✔✔ Correct Answer > Fiduciary
A contract that has not been put into words, but is implied by the
actions of the parties. - ✔✔✔ Correct Answer > Implied Contract
An agent authorized to handle all of the principal's affairs in one area or
in specified areas. - ✔✔✔ Correct Answer > General Agent
The system in which things of value (e.g. money or documents) are held
on behalf of the parties to a transaction by a disinterested third party,
until the specified conditions have all been complied with. - ✔✔✔
Correct Answer > Escrow agent
When a broker or salesperson represents both parties (buyer and
seller) in a transaction, AND all management level licensees at a
brokerage. - ✔✔✔ Correct Answer > Dual Agency
, Any public notification of property being offered for sale, and thus must
follow guidelines of Regulation Z of Truth-In-Lending Act. - ✔✔✔
Correct Answer > Advertisements
A relationship of trust created when one person (the principal) gives
another person (the agent) the right to represent the principal in
dealings with third parties. - ✔✔✔ Correct Answer > Agency
All information the client directs to be confidential, which, if disclosed,
would have an adverse effect on the client's position. - ✔✔✔ Correct
Answer > Confidential Information
Form that states whether an agent is representing the seller or the
buyer, or both, in a transaction. - ✔✔✔ Correct Answer > Agency
Disclosure Statement
Transaction in which the buyer and seller are both represented by the
same brokerage. - ✔✔✔ Correct Answer > In-Company Contract
A written agency contract between seller and a real estate broker,
stating the broker will be paid a commission for finding (or attempting
to find) a buyer for the seller's real property. - ✔✔✔ Correct Answer
> Listing
