Legal Real Estate- Ch. 6

The statute of limitations for a breach of fiduciary duties is

4 years

Which of the following is an example of a material fact

A leaking roof

Which of the following is a disclosure that may be included in the sale of a residential property? A-Mold disclosure B-Natural hazards disclosure C-Lead-based paint hazard disclosure D-All of the above

All of the above

Dual agency is illegal in California. T/F?

False

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

Material fact

Damages simply for the purpose of punishment are known as

Punitive damages

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

True

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

True

The statute of limitations for a negligent visual inspection is

2 years

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

The Seller's Property Questionnaire is required by law. T/F?

False

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

False

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

Listing agent

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

Statue of limitations

Who is responsible for completing the Transfer Disclosure Statement form

The seller only

A seller's agent owes the duties of honesty and fairness to all third parties in a transaction. T/F?

True

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

True

Dual agency must be disclosed to all parties. T/F?

True

The agent owes fiduciary duties to the principal. T/F?

True