1. Which of the following duties are required in a fiduciary relationship
A. Obedience, confidential, disclosure, liability, concern,
B. Loyalty, concern, limited agency, express agency, accountability
C. Care, Loyalty, Confidentially, concern, disclosure of limited agency
C. Disclose, accountability, loyalty, confidentially, accountability, reasonable care
2. Exaggeration of a property’s benefits is called:
A. Puffing
B. Non-disclosure
C. Violation of Neglect
D. Breach of fiduciary duty to the client
3. An agent must place the principal’s interest above those of all others, including the agent’s own interest. This is the definition of:
A. Obedience C. Care
B. Loyalty D. Agency coupled with an interest
4. Broker Bob listed the Hanson’s home. Buyer John came into the open house that Broker Bob was hosting. Buyer John did not have an agent and ask Broker Bob to represent him and write up an offer on the house and Broker Bob agreed. Has broker Bob violated any agency laws?
A. No, because Broker Bob is looking out for the best interest of his sellers by bringing an offer to the table
B. No, because Broker Bob’s intention was to find a buyer at the open house
C. Yes, because in order for Broker Bob to represent the buyer he need to get permission from the seller first
D. Yes, because Broker Bob needed to disclose all of the defects in the house prior to writing the offer
5. Nathan is a non-represented party for who m some level of service is provided and who in entitled to fairness and honesty. Nathan is best described as which of the following?
A. Client C. Nonagent
B. Customer D. Special Client
6. Properties that society has found undesirable because of events that occurred there are known as:
A. A Material fact C. Latent defect
B. Stigmatized Properties D. Buyers due diligence
7. A contract in which all of the parties have fulfilled their promises and the contract has been performed is known as:
A. Executory C. Executed
B. Execute D. Full Performance