California Salesperson Exam Prep Progress Exam Questions and Answers

An agency relationship is created by all of the following except: A. agreement B. ratification C. specific performance D. estoppel C. specific performance When a real estate agent acts as a dual agent for both the buyer and seller in a 1031 exchange, and does not disclose his dual agency to both parties, he may: A. provide grounds for either party to rescind the purchase agreement B. be prevented from receiving any commission C. be disciplined by the Real Estate Commissioner D. any of the above D. any of the above Broker Bob collected rents from an apartment house under agreement with the owner. He had been collecting rents on the 1st of each month for several months and as of July 1, he had collected all but one. On July 2 the owner died. On July 3 the broker went to collect the last rental but the tenant refused to give the rent to the broker on the grounds that the owner had died and, therefore, the agency between broker and the owner was terminated. Which of the following is correct? A. The tenant is correct B. The broker has the right to collect rents until an executor has been appointed C. The death of the owner did not terminate the agreement D. Under the law of agency, the broker has the right to continue collecting rents but he must place all monies received in a neutral trust account until the court appoints someone else to collect the rents A. The tenant is correct Under Article 3, Section 10176, of the California Real Estate Law, a broker could not be disciplined for which of the following? A. Acting for more than one party in a transaction with the knowledge and consent of all parties thereto B. Making any substantial misrepresentation C. Making any false promises of a character likely to influence D. Any conduct whether of a same or different character than specified in this Section which constitutes fraud A. Acting for more than one party in a transaction with the knowledge and consent of all parties thereto