Chapter 14 Quiz With Complete Solutons

Which category of topics accounts for the most number of questions on the State exam...? CORRECT ANSWER practice of real estate and disclosures This is an item of personal property that has been attached to real property...? CORRECT ANSWER fixture Residential property includes how many dwelling units...? CORRECT ANSWER 1-4 dwellings The rights of a land owner or land occupier to use flowing water (such as a river) that is adjacent to the land are known as...? CORRECT ANSWER riparian rights A common-law doctrine that makes an employer liable for the actions of an employee when the actions take place within the scope of employment is known as...? CORRECT ANSWER respondent superior A person who acts for another but who sells final results and whose methods of achieving those results are not subject to the control of another is referred to as a...? CORRECT ANSWER independent contractor The commission owed to the broker in a transaction is determined in this document...? CORRECT ANSWER listing agreement That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure, is known as...? CORRECT ANSWER fiduciary duty The authority to act for another person in specified or all legal or financial matters is known as...? CORRECT ANSWER power of attorney Which of the following is an approach used by appraisers to value property...? CORRECT ANSWER Cost Approach