Name: Homework 3

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Instructions:  

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Question 1   Multiple Answer (1.0000 points)
  Question: A broker has entered into a seller's agency relationship. If the broker tells a prospective buyer that the seller is desperate to sell, which agency requirement (duty) is the broker violating ?
(Check all that apply)

 
    Reasonable care
Duty to account
Faithful performance
Honesty
Protect and promote the owner's best interest
 

 
Question 2   Multiple Answer (1.0000 points)
  Question: Real estate companies can be organized as:
(Check all that apply)

 
    Independents
Franchises
Company stores
Cooperatives
Timeshares
 

 
Question 3   Multiple Answer (1.0000 points)
  Question: Which of the following are agent's obligation to his/her principal?
(Check all that apply)

 
    Duty to keep principal informed
Loyalty to the principal
Reasonable care
. Duty to protect and promote the owner's interest
Duty to discose material facts to a prospective buyer.
 

 
Question 4   Multiple Answer (1.0000 points)
  Question: Which of the following are true regarding real estate salespersons?
(Check all that apply)

 
    They are usually independent contractors.
The are required to work a fixed schedule.
They are usually paid a commission.
They must hold a valid sales license.
The may work for two or more brokers at the same time.
 

 
Question 5   Multiple Answer (1.0000 points)
  Question: Which of the following represents the type of agency agreement used to list property for sale?
(Check all that apply)

 
    General agency
Universal agency
Power of attorney
Specific agency
Dual agency