Chapter 10 Quiz
Agency
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All but one of the following owes a fiduciary obligation:
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One who has the right to sign the name of his principal to a contract of sale is:
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A real estate salesperson might lawfully accept an extra commission in a difficult sale from:
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Any person, partnership, association or corporation who authorizes or employs another, called the agent, to perform certain acts on his behalf is the:
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An agent is considered to have earned his commission:
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A broker is:
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Salespersons may accept compensation of their predetermined share:
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The commission rate for the sale of real estate is determined by:
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Which of the following persons would NOT have fiduciary duties to a principal?
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The position of trust assumed by the broker as an agent for the principal is described most accurately as:
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Known hidden defects in a property must be disclosed by:
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An owner requests a broker to list his property for sale at $70,000. Upon inspection, the broker believes the property is worth $80,000. The broker should:
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A principal-agent relationship exists between the:
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A person who is given authority to perform a specific legal duty by another is:
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A salesperson engaged by a real estate broker to show and sell properties:
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All BUT which of the following are fiduciaries?
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The best description of a special agent would be a person who:
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It would NOT be the responsibility of the broker to inform the purchaser of which of the following?
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In a typical real estate listing contract, the broker would best be described as:
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A Power of Attorney is NOT necessarily revoked if:
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A declaration made by a person to an official that he freely and voluntarily executed a deed is called an:
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Death of either the principal or agent terminates the:
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An agency agreement will be terminated by:
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Which of the following will NOT terminate an agency relationship?
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Responsibilities of an agent in an agency relationship include all of the following EXCEPT:
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To enforce his right to a commission a broker must:
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Apollo Creed lists his house with the XYZ Realty Corp., for which Justin Case is the authorized broker. Which of the following statements is true?
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Which of the following is/are required to create an agency relationship?
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A customer may best be described as:
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If a broker acts as a dual agent without disclosure, which of the following may occur?
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The principal to a real estate transaction who employs the agent. 10-269
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The legal relationship resulting from an agreement that the agent is authorized by a principal to perform certain acts on behalf of the principal in dealing with a third party. 10-265
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A statement on New Jersey Real Estate Relationships as prescribed in NJAC 11:5-1.43(h). 10-282
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An agent who works only for the seller and has legal obligations, called fiduciary duties, to the seller. 10-267
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Statements a reasonable person would recognize as being non-factual or exaggerated. 10-267
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A person who is prepared, financially able and willing to enter into a binding contract. 10-269
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An illegal agency relationship arising when a real estate broker represents two principals in a transaction without their informed consent. 10-269
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A broker who works with a buyer and seller or both in the same transaction without representing any of the parties.
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One who is retained to perform a certain act subject to the control and direction of another as to the end result, but not as to how the act is performed. The critical feature is that an independent contractor, unlike an employee, is not subject to the control of the person who retained him or her. 10-271
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A written employment agreement between a property owner and a broker authorizing the broker to sell, lease or exchange the realty. 11-289
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A broker who represents a buyer in a real estate transaction. 10-267
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One who is authorized to perform certain acts for another under a power of attorney. 10-270
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The employer of an agent or broker. Also, a sum of money owed as a debt upon which interest is calculated. 10-265
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A person who is authorized to act on behalf of another person, called the "principal".
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A written instrument authorizing a person to act as the agent on behalf of another to the extent indicated in the instrument. 10-270
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A person who is authorized to perform only certain specified functions on behalf of his or her principal. 10-265
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A federal law that include civil and punitive damages for activities in restraint of interstate and foreign trade.
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The cause of a series of events, which leads to the consummation of a sale. 10-270
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An agent that legally represents both the buyer and the seller in the same transaction. 10-268
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A person in a position of great trust and confidence, as the relationship between principal and agent. 10-266
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