CHAPTER 4 REVIEW QUESTIONS

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  1. In agency law, an agent that is empowered to perform a single act on behalf of his or her principal has a ___ agency.
    special
  2. In agency law, an agent whose continuing authority is limited to a single trade or business has a ___ agency.
    general
  3. A sales associate is a ___ of the broker's principal.
    subagent
  4. A licensee can create an agency relationship ___ or ___.
    accidentally, inadvertently
  5. Before showing a property, allowing a buyer to sign an offer to buy, or a seller to sign a listing agreement, a licensee must provide the party with a written brokerage relationship form when acting in the capacity of a ___ or ___ relationship.
    single agency, no brokerage
  6. A member of the public may select from one of three options when working with a broker, which are ___ ___, ___ ___ and ___.
    transaction broker, single agency, nonrepresentation
  7. In a nonresidential transaction, a broker may assign one or more sales associates to represent a buyer and one or more sales associates to represent a seller in the same transaction as a single agents if both parties have assets of ___ or more.
    $1 million
  8. The Consent to Transition to Transaction Broker notice is required to be ___ or ___ for transition to occur.
    initialed, signed
  9. If the principal refuses to sign or initial the Consent to Transition to Transaction Broker notice form the broker is required to act as a ___ ___.
    single agent
  10. Brokers are required to retain copies of all disclosure documents for transactions that have resulted in a contract being entered into for a period of at least ___years.
    five
  11. The only brokerage relationship that includes fiduciary duties is ___ ___.
    single agency
  12. A licensee assigned by a broker to act as a single agent of a buyer or seller in a nonresidential transaction is titled a ___ ___ ___.
    designated sales associate
  13. Brokers in a nonresidential sale are not required to use ___ ___.
    written disclosures
  14. Licensees using words or actions that mislead a member of the public can result in the creation of an ___ ___.
    implied agency
  15. Agency relationships are legally based on ___ and ___.
    trust, confidence
  16. For a broker to legally be paid a kickback or rebate, he or she must have performed a ___held an appropriate ___, and all parties must be ___ of the payment.
    service, license, advised

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mccullochhelen
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331797
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CHAPTER 4 REVIEW QUESTIONS
Updated:
2017-05-29 04:42:04
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REVIEW QUESTIONS
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