Modern Real Estate practice
Study online at https://quizlet.com/_di2s7g
1. In real estate transaction, the term fiduciary typically d) agent's relationship to
refers to the? the principal
a) sale of real property
b) people who give someone else the legal power to
act on their behalf
c) person who has legal power to act on behalf of
another
d) agent's relationship to the principal
2. The relationship between real estate broker and seller special
is generally what type of agency?
a) Special
b) General
c) Implied
d) Universa
3. Which statement is TRUE of a real estate broker acting a) the broker is obligat-
as the agent of the seller? ed to render loyalty to the
a) The broker is obligated to render loyalty to the sell- seller
er.
b) The broker can disclose confidential information
about the seller to a buyer if it increases the likelihood
of a sale.
c) The broker can agree to a change in price without
the seller's approval.
d) The broker can accept a commission from the buyer
without the seller's approval.
4. A real estate broker lists a woman's home for sale for b) The woman is the bro-
$189,500. Later that same day, a man comes into the ker's client; the man is a
broker's office and asks for general information about customer.
1/7
, Modern Real Estate practice
Study online at https://quizlet.com/_di2s7g
homes for sale in the $130,000 to $140,000 price range
but refuses representation by the broker's company
at this time. Based on these facts, which statement is
TRUE?
a) Both the woman and the man are the broker's cus-
tomers.
b) The woman is the broker's client; the man is a cus-
tomer.
c) The broker owes fiduciary duties to both the woman
and the man.
d) If the man later asks for buyer representation by the
broker's firm, he cannot have it because of the firm's
earlier agreement with he woman.
5. 5. In a dual agency situation, a broker may represent c) both parties consent in
both the seller and the buyer in the same transaction writing to the dual agency.
if?
a) the broker informs either the buyer or the seller of
this fact.
b) the buyer and the seller are related by blood or
marriage.
c) both parties consent in writing to the dual agency.
d) both parties are represented by attorneys.
6. 6. Which event will terminate an agency in a bro- b) The owner declares
ker-seller relationship? personal bankruptcy
a) The broker discovers that the market value of the
property is such that an adequate commission will not
be earned.
b) The owner declares personal bankruptcy.
c) The owner abandons the property.
2/7
Study online at https://quizlet.com/_di2s7g
1. In real estate transaction, the term fiduciary typically d) agent's relationship to
refers to the? the principal
a) sale of real property
b) people who give someone else the legal power to
act on their behalf
c) person who has legal power to act on behalf of
another
d) agent's relationship to the principal
2. The relationship between real estate broker and seller special
is generally what type of agency?
a) Special
b) General
c) Implied
d) Universa
3. Which statement is TRUE of a real estate broker acting a) the broker is obligat-
as the agent of the seller? ed to render loyalty to the
a) The broker is obligated to render loyalty to the sell- seller
er.
b) The broker can disclose confidential information
about the seller to a buyer if it increases the likelihood
of a sale.
c) The broker can agree to a change in price without
the seller's approval.
d) The broker can accept a commission from the buyer
without the seller's approval.
4. A real estate broker lists a woman's home for sale for b) The woman is the bro-
$189,500. Later that same day, a man comes into the ker's client; the man is a
broker's office and asks for general information about customer.
1/7
, Modern Real Estate practice
Study online at https://quizlet.com/_di2s7g
homes for sale in the $130,000 to $140,000 price range
but refuses representation by the broker's company
at this time. Based on these facts, which statement is
TRUE?
a) Both the woman and the man are the broker's cus-
tomers.
b) The woman is the broker's client; the man is a cus-
tomer.
c) The broker owes fiduciary duties to both the woman
and the man.
d) If the man later asks for buyer representation by the
broker's firm, he cannot have it because of the firm's
earlier agreement with he woman.
5. 5. In a dual agency situation, a broker may represent c) both parties consent in
both the seller and the buyer in the same transaction writing to the dual agency.
if?
a) the broker informs either the buyer or the seller of
this fact.
b) the buyer and the seller are related by blood or
marriage.
c) both parties consent in writing to the dual agency.
d) both parties are represented by attorneys.
6. 6. Which event will terminate an agency in a bro- b) The owner declares
ker-seller relationship? personal bankruptcy
a) The broker discovers that the market value of the
property is such that an adequate commission will not
be earned.
b) The owner declares personal bankruptcy.
c) The owner abandons the property.
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