Real Estate Test Exam Arizona
When does a salesperson have a listing? correct answersWhen the listing is
signed.
A salesperson and a co-operating salesperson are representing both the
buyer and the seller, who would fiduciary be owed to? correct answersBoth
the buyer and the seller.
What do the seller and the listing broker have to agree on when listing
a property? correct answersThe ending date of the listing.
In an agency relationship, the primary ethical duty of a broker is
to: correct answersRepresent the principal.
When a salesperson obtains a listing: correct answersIt is
property of the broker.
The law that governs the duty between an agent and the principal is
called: correct answersLaw of Agency
Agency by Estoppel: correct answersLegally binding agency relationship that
may arise where, in fact, no formal agency agreement is in effect.
What would be presumed if the broker lists a property for sale, but then
never advertises, shows the property, or communicated to the seller in
ANY way? correct answersThe broker has breached fiduciary and
abandoned the listing.
What is not required for a listing contract to be valid? correct
answersCommission rate.
A salesperson's right to compensation is based on: correct
answersHaving a valid license.
A broker and an unlicensed buyer are looking at the same house. what must
the broker disclose? correct answersHe can buy the property if he discloses
he has a license.
Who does the salesperson represent? correct answersThe
employing broker. What would a brokers relationship to a seller be?
correct answersSpecial Who can sign a contract for a seller?
correct answersAn Attorney-In-Fact
As a salesperson, you write an offer on another broker's listing. What
should you do? correct answersContact the listing broker.
,What type of listing would give the broker the least protection? correct
answersAn open listing.
A salesperson may enter into a dual agency provided this is: correct
answersDisclosed to buy and seller in writing.
What is the process of giving someone the right to sign your
name? correct answersPower of Attorney
Who gives the right for a party to act in behalf of another in
negotiations? correct answersThe Principal
When a person hires another involving a relationship of trust and
confidence, this is called: correct answersFiduciary
When a principal/agent relationship exists, the following parties would
be involved: correct answersSeller/Broker
The term procuring cause would need to be proven most in which of the
following? correct answersOpen listings
When the listing broker dies, his son wishes to take over all the listings.
the son must: correct answersRe-write and negotiate all listings
An exclusive right to sell listing is what type of contract? correct
answersExecutory Bilateral
An owner sold his listed property himself prior to the expiration of the
exclusive agency listing. the amount of commission owed is: correct
answersNothing
A broker acting as a property manager for an owner would consider his
relationship to be: correct answersFiduciary
if a broker has a listing but the owner forgot to sign the document, the
listing is: correct answersUnenforceable
A broker-Principal relationship is best described as: correct answersFiduciary
seller hires a broker, the broker makes decisions for the seller without
authority and without notifying the seller. the broker is acting in which of
the following types of agency? correct answersOstensible
Which type of listing would be considered more unilateral than
bilateral? correct answersAn open listing
, It is said that agency law is comprised of common law. this means: correct
answersIt is established by tradition and court decisions.
In an agency relationship confidentiality is a part of what? correct
answersLoyalty
a buyer asks the real estate agent if the property is located in a good area.
the agent is aware that the property is located in the highest crime area in
the city. the agent tells the buyer the property is located in a great area. this
would be considered: correct answersNegligent Misrepresentation
a listing broker owes the principal care, obedience,: correct
answersaccountability, loyalty, and disclosure
most states discourage net listings because: correct answersincentive for the
broker not to present the offer
a puffing statement would be considered legal or illegal? correct
answerslegal.
an open listing between a seller and broker would be considered: correct
answersa unilateral contract
to ensure being paid a commission on an open listing the broker
must: correct answershave a signed listing contract
the key factor on an exclusive right to sell listing is correct answersthe
broker is paid no matter who sells the property
a broker has a listing and the seller doesn't want the broker to disclose to
the buyers that the seller is going through a divorce. what should the
broker do? correct answerskeep the information confidential
an agent is getting ready to list a property that the agent is interested in
buying. what should the agent do? correct answersTell the seller because it
could effect the price the seller will accept.
you have a listing that expires while a contract on the property is in
escrow. Can you continue to work on the contract even if the listing has
expired? correct answersYes.
an option to purchase is what type of contract? correct answersUnilateral
when a party breaches a contract, they could be responsible
for: correct answersSpecific performance
When a buyer signs a contract what type of title would he most likely
have? correct answersequitable
When does a salesperson have a listing? correct answersWhen the listing is
signed.
A salesperson and a co-operating salesperson are representing both the
buyer and the seller, who would fiduciary be owed to? correct answersBoth
the buyer and the seller.
What do the seller and the listing broker have to agree on when listing
a property? correct answersThe ending date of the listing.
In an agency relationship, the primary ethical duty of a broker is
to: correct answersRepresent the principal.
When a salesperson obtains a listing: correct answersIt is
property of the broker.
The law that governs the duty between an agent and the principal is
called: correct answersLaw of Agency
Agency by Estoppel: correct answersLegally binding agency relationship that
may arise where, in fact, no formal agency agreement is in effect.
What would be presumed if the broker lists a property for sale, but then
never advertises, shows the property, or communicated to the seller in
ANY way? correct answersThe broker has breached fiduciary and
abandoned the listing.
What is not required for a listing contract to be valid? correct
answersCommission rate.
A salesperson's right to compensation is based on: correct
answersHaving a valid license.
A broker and an unlicensed buyer are looking at the same house. what must
the broker disclose? correct answersHe can buy the property if he discloses
he has a license.
Who does the salesperson represent? correct answersThe
employing broker. What would a brokers relationship to a seller be?
correct answersSpecial Who can sign a contract for a seller?
correct answersAn Attorney-In-Fact
As a salesperson, you write an offer on another broker's listing. What
should you do? correct answersContact the listing broker.
,What type of listing would give the broker the least protection? correct
answersAn open listing.
A salesperson may enter into a dual agency provided this is: correct
answersDisclosed to buy and seller in writing.
What is the process of giving someone the right to sign your
name? correct answersPower of Attorney
Who gives the right for a party to act in behalf of another in
negotiations? correct answersThe Principal
When a person hires another involving a relationship of trust and
confidence, this is called: correct answersFiduciary
When a principal/agent relationship exists, the following parties would
be involved: correct answersSeller/Broker
The term procuring cause would need to be proven most in which of the
following? correct answersOpen listings
When the listing broker dies, his son wishes to take over all the listings.
the son must: correct answersRe-write and negotiate all listings
An exclusive right to sell listing is what type of contract? correct
answersExecutory Bilateral
An owner sold his listed property himself prior to the expiration of the
exclusive agency listing. the amount of commission owed is: correct
answersNothing
A broker acting as a property manager for an owner would consider his
relationship to be: correct answersFiduciary
if a broker has a listing but the owner forgot to sign the document, the
listing is: correct answersUnenforceable
A broker-Principal relationship is best described as: correct answersFiduciary
seller hires a broker, the broker makes decisions for the seller without
authority and without notifying the seller. the broker is acting in which of
the following types of agency? correct answersOstensible
Which type of listing would be considered more unilateral than
bilateral? correct answersAn open listing
, It is said that agency law is comprised of common law. this means: correct
answersIt is established by tradition and court decisions.
In an agency relationship confidentiality is a part of what? correct
answersLoyalty
a buyer asks the real estate agent if the property is located in a good area.
the agent is aware that the property is located in the highest crime area in
the city. the agent tells the buyer the property is located in a great area. this
would be considered: correct answersNegligent Misrepresentation
a listing broker owes the principal care, obedience,: correct
answersaccountability, loyalty, and disclosure
most states discourage net listings because: correct answersincentive for the
broker not to present the offer
a puffing statement would be considered legal or illegal? correct
answerslegal.
an open listing between a seller and broker would be considered: correct
answersa unilateral contract
to ensure being paid a commission on an open listing the broker
must: correct answershave a signed listing contract
the key factor on an exclusive right to sell listing is correct answersthe
broker is paid no matter who sells the property
a broker has a listing and the seller doesn't want the broker to disclose to
the buyers that the seller is going through a divorce. what should the
broker do? correct answerskeep the information confidential
an agent is getting ready to list a property that the agent is interested in
buying. what should the agent do? correct answersTell the seller because it
could effect the price the seller will accept.
you have a listing that expires while a contract on the property is in
escrow. Can you continue to work on the contract even if the listing has
expired? correct answersYes.
an option to purchase is what type of contract? correct answersUnilateral
when a party breaches a contract, they could be responsible
for: correct answersSpecific performance
When a buyer signs a contract what type of title would he most likely
have? correct answersequitable
