Colibri Real Estate
An agency relationship may be involuntarily terminated by which of the
following? correct answersBy 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 correct
answersA subagent
An agency relationship may be involuntarily terminated by which of the
following? correct answersCondemnation of the property
Sally is a subagent working for Seller Pat. What does Sally owe to Buyer
Brad? correct answersHonesty and fair dealing
Which of the following terminations of an agency relationship could
result in legal or financial ramifications? correct answersRenunciation 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? correct answersAccounting
With which of the following can a broker NOT enter into a single agency
agreement? correct answersSeller and buyer
A person who is empowered to act on behalf of another is called? correct
answersAn 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? correct answersConfidentiality
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? correct answersSubagency
What is the term given to an agent who is acting as a buyer's and seller's
agent in the same transaction? correct answersDual agent
A subagent owes customer level services to the buyer which include
which of these? correct answersHonesty, 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? correct answersExpiration of the agreement term
Revocation of a broker's license results in correct
answersTermination of the relationship
"As is" sales are tempered by which of the agent's duties? correct
answersDisclosure
What kind of defects are hidden from normal vies but still must be
disclosed? correct answersLatent
Latent defects are those correct answersHidden 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 correct answersthere is a
dual agency
The agent who has the job of obtaining the best possible transaction for
the seller is correct answersthe designated agent
A licensee for a seller has a duty to disclose such things except correct
answersability 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? correct answersDual agency
Properties that have an undesirable reputation due to an associated
unpleasant occurrence, such as murder or gang violence, are known as
correct answersstigmatized properties
Since the listing agreement is a contract that established an agency
relationship, which law(s) is the relationship subject to? correct answersAll
of the above
Most real estate listing contracts are which kind of agency? correct
answersSpecial agency
If a client refuses to disclose material defects to a buyer, what should the
agent do? correct answersDecline 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 correct answersA
written disclosure
In Indiana, contractual relationships are always formed at what
level? correct answersManaging broker
, The licensee may disclose to the seller the financial status of the potential
buyer customer. Is this statement true or false and why? correct
answersTrue if the agent has knowledge of the buyer's financial status
Representing both principal parties to a real estate transaction is correct
answersA 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 correct answersAn 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? correct
answersYes, it is an implied agency
Before a licensee sign a listing agreement with a seller, he/she
mist correct answersGive the seller an agency disclosure
A licensee for the buyer has a duty to disclose such things except correct
answerswhy 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? correct answersNon-agency
To make it easier to describe elevations, surveyors refer to standard
elevation points called correct answersBenchmarks
What is a "block" in the lot and block system of description? correct
answersA group of lots in a subdivision
Which of the following lines in the Rectangular Survey System run north
and south? correct answersRange lines
What method of legal description was the first one used in
America? correct answersMetes and bounds system
Benchmarks are used to correct answersProvide reference elevations
for nearby properties
A legal description of a property is one which correct answersAccurately
located and identifies the boundaries of the property and distinguished it
from all other properties
The essential criterion for an acceptable legal description is that
it correct answersAccurately located the parcel so that a
surveyor can find it
An agency relationship may be involuntarily terminated by which of the
following? correct answersBy 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 correct
answersA subagent
An agency relationship may be involuntarily terminated by which of the
following? correct answersCondemnation of the property
Sally is a subagent working for Seller Pat. What does Sally owe to Buyer
Brad? correct answersHonesty and fair dealing
Which of the following terminations of an agency relationship could
result in legal or financial ramifications? correct answersRenunciation 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? correct answersAccounting
With which of the following can a broker NOT enter into a single agency
agreement? correct answersSeller and buyer
A person who is empowered to act on behalf of another is called? correct
answersAn 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? correct answersConfidentiality
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? correct answersSubagency
What is the term given to an agent who is acting as a buyer's and seller's
agent in the same transaction? correct answersDual agent
A subagent owes customer level services to the buyer which include
which of these? correct answersHonesty, 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? correct answersExpiration of the agreement term
Revocation of a broker's license results in correct
answersTermination of the relationship
"As is" sales are tempered by which of the agent's duties? correct
answersDisclosure
What kind of defects are hidden from normal vies but still must be
disclosed? correct answersLatent
Latent defects are those correct answersHidden 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 correct answersthere is a
dual agency
The agent who has the job of obtaining the best possible transaction for
the seller is correct answersthe designated agent
A licensee for a seller has a duty to disclose such things except correct
answersability 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? correct answersDual agency
Properties that have an undesirable reputation due to an associated
unpleasant occurrence, such as murder or gang violence, are known as
correct answersstigmatized properties
Since the listing agreement is a contract that established an agency
relationship, which law(s) is the relationship subject to? correct answersAll
of the above
Most real estate listing contracts are which kind of agency? correct
answersSpecial agency
If a client refuses to disclose material defects to a buyer, what should the
agent do? correct answersDecline 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 correct answersA
written disclosure
In Indiana, contractual relationships are always formed at what
level? correct answersManaging broker
, The licensee may disclose to the seller the financial status of the potential
buyer customer. Is this statement true or false and why? correct
answersTrue if the agent has knowledge of the buyer's financial status
Representing both principal parties to a real estate transaction is correct
answersA 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 correct answersAn 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? correct
answersYes, it is an implied agency
Before a licensee sign a listing agreement with a seller, he/she
mist correct answersGive the seller an agency disclosure
A licensee for the buyer has a duty to disclose such things except correct
answerswhy 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? correct answersNon-agency
To make it easier to describe elevations, surveyors refer to standard
elevation points called correct answersBenchmarks
What is a "block" in the lot and block system of description? correct
answersA group of lots in a subdivision
Which of the following lines in the Rectangular Survey System run north
and south? correct answersRange lines
What method of legal description was the first one used in
America? correct answersMetes and bounds system
Benchmarks are used to correct answersProvide reference elevations
for nearby properties
A legal description of a property is one which correct answersAccurately
located and identifies the boundaries of the property and distinguished it
from all other properties
The essential criterion for an acceptable legal description is that
it correct answersAccurately located the parcel so that a
surveyor can find it
