Real Estate Practice Chapter 3
TILA was enacted in
1968
Properties built prior to ... require a lead based paint disclosure
1978
What is the final step 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
Which of the following occurs when two agents working under the same sponsoring broker represent both sides in a transaction
Dual agency
This court case determined that a seller's agent only has a duty to visually and diligently inspect a property
Easton v. Strassburger
A broker never owes fiduciary duties to a buyer
False
Dual agency is illegal in California
False
The seller's broker is responsible for completing the Transfer Disclosure Statement
False
When conducting their visual inspection, the real estate agent is required to check crawl spaces and roofs
False
A person in a position of trust and confidence is known as a
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 known as a
Fiduciary duty
Any facts that would influence the decision of a reasonably prudent person is known as a
Material facts
Which of the following is an indication of a water problem in a house
Mold
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
An agent who works only for the buyer or the seller is known as a
Single agent
A ... property is a property that may be perceived to be undesirable for other than physical or environmental reasons
Stigmatized
Who owns any listings obtained by a real estate salesperson
The salesperson's sponsoring broker only
A mandated disclosure is a disclosure which is required by law
True
A real estate broker acts as a fiduciary to the principal
True
A real estate salesperson operates as a sub-agent to their broker
True
All disclosures involved in a real estate transaction should be in writing
True
Any agent involved in a residential transaction must disclose agency
True
Anything greater than four dwelling units is considered commercial real estate
True
Purchaser of residential real estate are entitled to a Real Estate Transfer Disclosure Statement
True
The real estate broker is responsible for completing the AVID form
True
The weather conditions at the time of the visual inspection must be described on the AVID form
True
Which of the following must be double braced in California
Water heater