Laws of Agency

All of the following are essential to the creation of an agency relationship, EXCEPT:

An agency relationship can be created by all of the following, EXCEPT:

The phrase that best describes the nature of a broker’s duty to keep a principal fully informed is:

When acting as agent for seller Jones, real estate broker Smith:

Under the law of agency a fiduciary relationship is created between the broker and the seller on execution of the listing agreement. As far as the broker’s responsibility to third parties, the broker:

The law of agency is concerned with the rights and duties between and among the:

Which of the following statements does NOT correctly describe a fiduciary?

A power of attorney can be terminated by the:

An attorney-in-fact can best be described as a(n):

All of the following are essential elements of an agency agreement EXCEPT:

An agency relationship may be created by:

Seller A let buyer B assume that Broker C was his agent. This type of agency relationship is an example of:

An agency relationship may be created by all of the following EXCEPT:

An agency relationship may be terminated by:

In the correct order, list the chain of events necessary to comply with the agency disclosure law:

A real estate licensee offered to rebate part of his commission to the buyer if the buyer would increase his offer to a level that the agent knew would be high enough for the seller to accept. Under these circumstances;

A licensed real estate broker representing the seller becomes the gratuitous agent (no fee) of the buyer and accepts all of the fiduciary responsibilities as the buyer’s agent when he or she:

A real estate licensee who misrepresents a property to a buyer while acting as agent for the seller may face:

Nondisclosure of a dual agency by a broker can result in:

If you are a subagent of the listing broker, you are working for the:

A material fact that must be disclosed to a purchaser would include all of the following EXCEPT:

A real estate agent is under a duty to use which of the following in the performance of his/her duties?

A real estate broker should regard himself/herself as a:

When a licensee is acting as the buyer’s agent, this fact must be disclosed to others:

Which of the following statements is most nearly correct concerning buyer’s agency:

Which of the following best describes a “dual agency?”

Which of the following describes the unlawful form of dual agency called “divided agency?”

A “dual agency” is legal if:

Which of the following statements is correct?

Owner Johnson tells broker Stone that he wants to sell his house as soon as possible and would accept $350,000. Stone tells buyer Smith that Johnson has financial troubles and will accept a much lower price, possibly as low as $300,000. Johnson ultimately accepts an offer from Smith for $300,000. Broker Stone is guilty of:

Who is more likely to earn the commission?

When is a properly licensed real estate salesperson most likely to get his/her commission?

Johnson, a real estate broker, listed a property. Suzie, a salesperson working for broker Sims, received an offer. Donna, a salesperson working for broker Johnson, got the offer accepted. Who earned the commission?

A real estate commission is usually based on the:

Typically, when leasing real property, the commission of the leasing agent is based upon a percentage of:

As the agent for the seller, a real estate broker negotiated a sale. By agreement, the licensee can be paid his commission in the form of:

A licensed real estate broker who specializes in property management activities usually receives commissions:

Broker Adams represents a buyer in a single-family home transaction. As an incentive, he agreed to rebate part of his commission to the buyer. Broker Adams is required to:

With regards to a fiduciary relationship, a Broker is to a Seller, as a:

You are a California real estate broker. A prospect is referred to you by an out-of-state broker and a sale is consummated by you. You want to split your commission with the cooperating broker. Under the California Real Estate Law:

A real estate broker, licensed only in California, verbally agreed to split a commission with a real estate broker not licensed in California:

If a broker does not get his commission, he is legally entitled to:

A salesman asked the listing broker, who was not his employing broker, to advance him $600 against the commission the listing broker had agreed to pay to the selling agent. The listing broker paid the selling salesman the $600 even though the deal had not yet closed escrow:

In the case of a sale of property where the deceased died without leaving a will, the commission would be set by:

The Real Estate Commissioner may fine a broker which of the following amounts for illegal payment of commission to an unlicensed person:

The maximum commission a broker may charge for the sale of residential property is:

A real estate broker negotiated the sale of a real property and acted as agent for the seller. By agreement, the licensee can be paid his commission in the form of a(an):

An owner of a home listed it at a price which would leave him $18,800 after the broker had received a 6% commission. If the broker sold the property at the listed price, how much commission would he receive:

A salesman asks a broker other than his own for a $100.00 advance on his next commission. If the broker pays it, he is:

The commission on the sale of a $170,000 property was 6% of the selling price. Two salesmen had worked on the property, one listed and the other sold. It was agreed that they would split the commission, 35% to one salesman, 25% to the listing salesman, and 40% going to the employing broker. How much did the selling salesman receive:

A parcel of land sold for $800 less than the listed price of $20,000. If the broker agreed to reduce his commission to 4%, his commission would amount to:

A property sold for $31,000. The broker agreed to a 6% sales commission. What would the salesman receive if his share was 45% of the agreed commission:

Which of the following types of sale requires a disclosure that the sales commission is negotiable?

An agent must submit all new offers to the owner until:

Jackson leased his home to Sullivan with a verbal agreement to sell the property to Sullivan. Jackson knows that Sullivan has been making significant improvements to the property in reliance on that verbal agreement. Jackson now declines to sell the property to Sullivan. Which of the following best describes the rights of the parties?

An agent becomes the agent of the seller when both the seller and the agent sign:

Commissions rate price fixing is a violation of the:

All of the following require an Agency Disclosure Agreement EXCEPT:

A Buyer is interested in a property. Buyer calls Broker to see if she has a listing on the property. Broker says no, but that the owner is a client. Broker calls the owner to secure a listing and to let the owner know that she has a buyer. The owner says the property is not for sale. Two weeks later, the owner sells the property to the buyer.

Broker Sue had a Buyer who wanted to purchase a farm. She told the buyer she would contact the owner because he is a client. When she talked to the owner he said his property wasn’t for sale. A couple of months later she found out that the seller had sold directly to the buyer without involving her. What is Broker Sue’s remedy?

A real estate salesperson shows their own income property to a prospective buyer. The buyer seems interested and salesperson says, “you should submit a full price offer” but never tells the buyer it is his own property. This behavior is: