Chapter 6 Part 3

A TDS form is not required when property is transferred between husband and wife...?

(True)

The Seller's Property Questionnaire is required by law...?

(False)

Dual agency must be disclosed to all parties...?

(True)

The listing agent can never be the selling agent in a transaction...?

(False)

A licensee may have their license suspended for the unauthorized practice of law...?

(True)

A seller's agent owes the duties of honesty and fairness to all third parties in a transaction...?

(True)

An agent is required to disclosure all known material facts to the customer...?

(True)

The agent owes fiduciary duties to the principal...?

(True)

An agent is allowed to provide legal advice to their clients...?

(False)

Dual agency is illegal in California...?

(False)

The statute of limitations for a negligent visual inspection is...?

2 years

The statute of limitations for a breach of fiduciary duties is...?

3 years

Which of the following is an example of a material fact...?

A leaking roof

Which of the following is an example of a fiduciary duty owed by a broker to the principal...?

Confidentiality,Loyalty,Reasonable skill and care

Which of the following fiduciary duties demands that an agent work to the best of their abilities to achieve the goals of the principal...?

Diligence

An agency relationship should be disclosed in which order...?

Disclose, elect, confirm

An agency relationship in which the agent acts concurrently for both of the principals in a transaction is referred to as...?

Dual agency

Which of the following court cases determined that an agent is only responsible for performing a diligent visual inspection...?

Easton vs. Strassburger

A person in a position of trust and confidence, as between principal and broker, serves as a/an...?

Fiduciary

That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure, is referred to as a...?

Fiduciary duty

The individual who enters into a listing contract with a principal is referred to as the...?

Listing agent

An agent's duty to place the client's interest above those of all others, including the agent's own self-interest is known as...?

Loyalty

Any fact that would influence the decision of a reasonably prudent person is known as a...?

Material fact

Which of the following is a disclosure that may be included in the sale of a residential property...?

Mold disclosure,Natural hazards disclosure,Lead-based paint hazard disclosure

Damages simply for the purpose of punishment are known as...?

Punitive damages

Any profit that the agent obtains without the principal's authorization is known as a...?

Secret profit

If a seller's agent is related to the buyer, but does not disclose this fact to the seller, they may be guilty of...?

Self dealing

The individual who finds the buyer (or seller) for the property is referred to as the...?

Selling agent

A statute prescribing a period of limitation for the bringing of certain kinds of legal action is know as the...?

Statute of limitations

Who is responsible for completing the Transfer Disclosure Statement form...?

The seller only