Unit 3 Quiz - Practice

A fiduciary relationship applies to a real estate licensee and to: A. his or her principal B. all parties the agent has dealings with C. buyers only D. the Department of Real Estate

A. his or her principal

A selling agent must comply with agency disclosures to the buyer: A. prior to showing property B. before the buyer executes an offer C. prior to qualifying the buyer D. upon delivery of the seller's acceptance

B. before the buyer executes an offer

Real estate disclosure laws apply: A. uniformly to all real estate transactions B. primarily for 1-4 residential units C. to disclosures to principals only D. to buyer disclosure only

B. primarily for 1-4 residential units

Compliance with environmental hazards disclosure requires: A. chemical tests of the soil for all dangerous contaminants B. the buyer sign that they have received a booklet entitled Environmental Hazards: A Guide for Homeowners and Buyers C. that the seller post a bond to cover damages by hazards at a later date D. that the Alquist-Priolo Act be complied with

B. the buyer sign that they have received a booklet entitled Environmental Hazards: A Guide for Homeowners and Buyers

An agent need not disclose to a buyer that: A. a former owner had AIDS B. there was a death by murder or suicide on the property more than 3 years ago C. Both a former owner had AIDS AND there was a death by murder or suicide on the property more than 3 years ago D. None of these

C. Both a former owner had AIDS AND there was a death by murder or suicide on the property more than 3 years ago

A Transfer Disclosure Statement must be provided to the buyer when the sale involves: A. a vacant lot B. a commercial building C. a 3-unit residential building D. all of these

C. a 3-unit residential building

The proper order of the steps taken in agency disclosure is: A. elect, confirm, disclose B. confirm, elect, disclose C. disclose, elect, confirm D. elect, disclose, confirm

C. disclose, elect, confirm

An agent's inspection under Easton vs. Strassburger (as codified by state statutes) applies to: A. visual inspections and known or should-have-known defects B. accessible areas only C. 1-4 residential units D. all of these

D. all of these

The Seller Financing Disclosure Statement provided to both buyer and seller provides: A. credit terms B. a warning as to balloon payments C. disclosure of deferred interests D. all of these

D. all of these

The earthquake safety disclosure statement: A. is voluntary B. applies to 1-4 residential units C. must be signed by buyer and seller D. both applies to 1-4 residential units and must be signed by buyer and seller

D. both applies to 1-4 residential units and must be signed by buyer and seller