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