Chapter 3 law
An apparent agent is one who:
A. Appears to be the agent of another, but does not have actual authority
Punitive Damages
A. Are awarded in addition to compensatory damages in some tort suits
The real estate broker who works with a buyer must provide the buyer with the consumer guide to agency relationship
A. At the first substantive contact
In a relationship to their brokers, real estate licensees are usually considered:
A. General agents
Tammy signs a contract with XYZ real estate to represent her in her search for the perfect house. She intends for the seller to compensate XYZ. What agency situation does this represent?
A. Indirect agency
A real estate agency is terminated by operation of law if
A. The broker loses his real estate license
Which statement describes the difference between actual fraud and constructive fraud?
B. Actual fraud is intentional and constructive fraud is unintentional
A listing broker knew a termite infestation had caused structural damage but told the buyers, "you don't need to worry about termites here. This house is solid." The buyer signed a contract that included "as is" clause. He discovered the termite damage when moved in and sued. The broker
B. Can be held liable because her statement led to the buyer were fraudulent
ABC Brockerage, ALL lincensees in the company represent the seller client, and ALL licensees represent the buyer in a real estate transaction. Which consumer guide should ABC Brokerage use?
B. Dual agency in all in-house transactions
Broker X takes the seller's listing, but later decides he wants to buy the property himself. Which statement is TRUE?
C. It is legal for X to make an offer only if the seller understands that X himself is the prospective buyet
A real estate agent representing the seller is fiduciary in relation to the:
C. Seller
Under Ohio Agency Law, which form of dual agency is permitted?
D. All of the above
A real estate salesperson working for the listing broker is the:
D. Seller's subagent
A seller's real estate agent drafted a purchase contract for the transaction instead of using a form. This is
D. The unauthorized practice of law