Chapter 11 Quiz
A person having authority under a power of attorney is called a(n)
Attorney-in-Fact
Who can sign a document on your behalf?
Attorney-in-Fact
An authorization to sell consists of a mutual agreement between broker and seller and is considered a(n)
Contract for personal services
The relationship of a licensed real estate broker to the principal is best described by which of the following terms?
Fiduciary
All of the following would be the responsibility of a real estate agent EXCEPT
Financing
A licensed real estate salesperson is which type of agent to his or her broker?
General
When a broker represents only a buyer in a transaction, which of the following duties would a buyer broker owe the seller?
Honesty
The Real Estate Recovery Fund must have a minimum balance of $600,000 by what date?
June 30
Which of the following would create an agency relationship?
Listing Agreement
How much would a licensed real estate salesperson have to pay into the Real Estate Recovery Fund at the next renewal when the reserve falls below $600,000?
$10
What is the maximum amount of money which someone may recover from the Real Estate Recovery Fund per transaction?
$30,000
Which of the following would require a dual agency disclosure?
A salesperson in a branch office of a company that represents the buyer, and an associate company that represents the seller
A licensed broker employed by a principal may NOT
Accept or reject offers of purchase
Which of the following would NOT terminate an agency relationship?
Acceptance of offer and opening escrow
A person who is authorized to represent the interest of another is called a(n)
Agent
A broker is hired by a seller to sell the client's real property. The broker must obey which of the following?
All lawful instructions of the client
A real estate broker in the typical agency relationship with a client is a(n)
Special Agent
A broker has earned a commission when
The broker secures a willing and able buyer who makes an offer meeting the seller's terms
Which of the following statements is FALSE regarding the Real Estate Recovery Fund?
The claimant must be a resident of Arizona
You previously closed a real estate transaction for a client who is now deceased. You tell another agent about a bank account that the deceased person's spouse didn't know about. Which of the following describes this action?
Unethical because of fiduciary duties
