Chapter 3 quiz

TILA was enacted in...?

1968

Properties built prior to ........... require a lead based paint disclosure?

1978

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

Material fact

What is the final step in disclosing an agency relationship...?

confirm

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

dual agency

A broker never owes fiduciary duties to a buyer...? (t/f)

false

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 known as a...?

fiduciary duty

Agency exists between the principal and...?

real estate broker

TILA is also known as...?

regulation z

The natural hazards disclosure is required for...?

residential properties

Who owns any listings obtained by a real estate salesperson...?

the salesperson sponsoring broker only

A mandated disclosure is a disclosure which is required by law...? (t/f)

true

A real estate broker acts as a fiduciary to the principal...? (t/f)

true

A real estate salesperson operates as a sub-agent to their broker...? (t/f)

true

A ........... property is a property that may be perceived to be undesirable for other than physical or environmental reasons?

stigmatized

All disclosures involved in a real estate transaction should be in writing...? (t/f)

true

Which of the following occurs when two agents working under the same sponsoring broker represent both sides in a transaction...?

dual agency

The real estate broker is responsible for completing the AVID form...? (t/f)

true

An agent who works only for the buyer or the seller is known as a...?

single agent

Any agent involved in a residential transaction must disclose agency...? (t/f)

true

When conducting their visual inspection, the real estate agent is required to check crawl spaces and roofs...? (t/f)

false

A person in a position of trust and confidence is known as a...?

fiduciary

Anything greater than four dwelling units is considered commercial real estate...? (t/f)

true

This court case determined that a seller's agent only has a duty to visually and diligently inspect a property...?

easton v. strassburger

Dual agency is illegal in California...? (t/f)

false

The seller's broker is responsible for completing the Transfer Disclosure Statement...? (t/f)

false

Which of the following is an indication of a water problem in a house...?

mold

Purchasers of residential real estate are entitled to a Real Estate Transfer Disclosure Statement...? (t/f)

true

The weather conditions at the time of the visual inspection must be described on the AVID form...? (t/f)

true

Which of the following must be double braced in California...?

water heaters