COLIBRI REAL ESTATE CHAPTER 2
QUIZ QUESTIONS & ANSWERS(RATED
+)
An agency relationship may be involuntarily terminated by which of the following? -
ANSWERBy 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 - ANSWERA subagent
An agency relationship may be involuntarily terminated by which of the following? -
ANSWERCondemnation of the property
Sally is a subagent working for Seller Pat. What does Sally owe to Buyer Brad? -
ANSWERHonesty and fair dealing
Which of the following terminations of an agency relationship could result in legal or
financial ramifications? - ANSWERRenunciation 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? - ANSWERAccounting
With which of the following can a broker NOT enter into a single agency agreement?
- ANSWERSeller and buyer
A person who is empowered to act on behalf of another is called? - ANSWERAn
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? - ANSWERConfidentiality
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? - ANSWERSubagency
What is the term given to an agent who is acting as a buyer's and seller's agent in
the same transaction? - ANSWERDual agent
A subagent owes customer level services to the buyer which include which of these?
- ANSWERHonesty, 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? -
ANSWERExpiration of the agreement term
,Revocation of a broker's license results in - ANSWERTermination of the relationship
"As is" sales are tempered by which of the agent's duties? - ANSWERDisclosure
What kind of defects are hidden from normal vies but still must be disclosed? -
ANSWERLatent
Latent defects are those - ANSWERHidden 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 - ANSWERthere is a dual agency
The agent who has the job of obtaining the best possible transaction for the seller is -
ANSWERthe designated agent
A licensee for a seller has a duty to disclose such things except - ANSWERability 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? - ANSWERDual agency
Properties that have an undesirable reputation due to an associated unpleasant
occurrence, such as murder or gang violence, are known as - ANSWERstigmatized
properties
Since the listing agreement is a contract that established an agency relationship,
which law(s) is the relationship subject to? - ANSWERAll of the above
Most real estate listing contracts are which kind of agency? - ANSWERSpecial
agency
If a client refuses to disclose material defects to a buyer, what should the agent do? -
ANSWERDecline 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 - ANSWERA written
disclosure
Standard elevation reference points established throughout the country are called -
ANSWERDatums
The fundamental components of the metes and bounds system are -
ANSWERReference points, angles, and distances
A legal description in the rectangular survey system will also include a metes and
bounds or lot or block description if the property - ANSWERIs irregular in shape
, Which land description method employs a subdivision plat map? - ANSWERThe lot
and block system
In Indiana, contractual relationships are always formed at what level? -
ANSWERManaging broker
The licensee may disclose to the seller the financial status of the potential buyer
customer. Is this statement true or false and why? - ANSWERTrue if the agent has
knowledge of the buyer's financial status
Representing both principal parties to a real estate transaction is - ANSWERA 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 - ANSWERAn 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? - ANSWERYes, it is an
implied agency
Before a licensee sign a listing agreement with a seller, he/she mist - ANSWERGive
the seller an agency disclosure
A licensee for the buyer has a duty to disclose such things except - ANSWERwhy
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? - ANSWERNon-agency
To make it easier to describe elevations, surveyors refer to standard elevation points
called - ANSWERBenchmarks
What is a "block" in the lot and block system of description? - ANSWERA group of
lots in a subdivision
Which of the following lines in the Rectangular Survey System run north and south? -
ANSWERRange lines
What method of legal description was the first one used in America? -
ANSWERMetes and bounds system
Benchmarks are used to - ANSWERProvide reference elevations for nearby
properties
A legal description of a property is one which - ANSWERAccurately located and
identifies the boundaries of the property and distinguished it from all other properties
QUIZ QUESTIONS & ANSWERS(RATED
+)
An agency relationship may be involuntarily terminated by which of the following? -
ANSWERBy 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 - ANSWERA subagent
An agency relationship may be involuntarily terminated by which of the following? -
ANSWERCondemnation of the property
Sally is a subagent working for Seller Pat. What does Sally owe to Buyer Brad? -
ANSWERHonesty and fair dealing
Which of the following terminations of an agency relationship could result in legal or
financial ramifications? - ANSWERRenunciation 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? - ANSWERAccounting
With which of the following can a broker NOT enter into a single agency agreement?
- ANSWERSeller and buyer
A person who is empowered to act on behalf of another is called? - ANSWERAn
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? - ANSWERConfidentiality
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? - ANSWERSubagency
What is the term given to an agent who is acting as a buyer's and seller's agent in
the same transaction? - ANSWERDual agent
A subagent owes customer level services to the buyer which include which of these?
- ANSWERHonesty, 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? -
ANSWERExpiration of the agreement term
,Revocation of a broker's license results in - ANSWERTermination of the relationship
"As is" sales are tempered by which of the agent's duties? - ANSWERDisclosure
What kind of defects are hidden from normal vies but still must be disclosed? -
ANSWERLatent
Latent defects are those - ANSWERHidden 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 - ANSWERthere is a dual agency
The agent who has the job of obtaining the best possible transaction for the seller is -
ANSWERthe designated agent
A licensee for a seller has a duty to disclose such things except - ANSWERability 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? - ANSWERDual agency
Properties that have an undesirable reputation due to an associated unpleasant
occurrence, such as murder or gang violence, are known as - ANSWERstigmatized
properties
Since the listing agreement is a contract that established an agency relationship,
which law(s) is the relationship subject to? - ANSWERAll of the above
Most real estate listing contracts are which kind of agency? - ANSWERSpecial
agency
If a client refuses to disclose material defects to a buyer, what should the agent do? -
ANSWERDecline 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 - ANSWERA written
disclosure
Standard elevation reference points established throughout the country are called -
ANSWERDatums
The fundamental components of the metes and bounds system are -
ANSWERReference points, angles, and distances
A legal description in the rectangular survey system will also include a metes and
bounds or lot or block description if the property - ANSWERIs irregular in shape
, Which land description method employs a subdivision plat map? - ANSWERThe lot
and block system
In Indiana, contractual relationships are always formed at what level? -
ANSWERManaging broker
The licensee may disclose to the seller the financial status of the potential buyer
customer. Is this statement true or false and why? - ANSWERTrue if the agent has
knowledge of the buyer's financial status
Representing both principal parties to a real estate transaction is - ANSWERA 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 - ANSWERAn 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? - ANSWERYes, it is an
implied agency
Before a licensee sign a listing agreement with a seller, he/she mist - ANSWERGive
the seller an agency disclosure
A licensee for the buyer has a duty to disclose such things except - ANSWERwhy
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? - ANSWERNon-agency
To make it easier to describe elevations, surveyors refer to standard elevation points
called - ANSWERBenchmarks
What is a "block" in the lot and block system of description? - ANSWERA group of
lots in a subdivision
Which of the following lines in the Rectangular Survey System run north and south? -
ANSWERRange lines
What method of legal description was the first one used in America? -
ANSWERMetes and bounds system
Benchmarks are used to - ANSWERProvide reference elevations for nearby
properties
A legal description of a property is one which - ANSWERAccurately located and
identifies the boundaries of the property and distinguished it from all other properties
