Colibri Real Estate Chapter 2 Quiz Questions And Answers Latest Updates
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Course
Colibri Real Estate Chapter 2
Institution
Colibri Real Estate Chapter 2
When the agency relationship has been terminated, the licensee is no longer
considered the principal's agent but still owes which of the following duties to the
principal? - ️️Accounting
Which of the following may not involuntarily terminate an agency relationship? -
️️Expiration of the...
Colibri Real Estate Chapter 2 Quiz
Questions
When the agency relationship has been terminated, the licensee is no longer
considered the principal's agent but still owes which of the following duties to the
principal? - ✔️✔️Accounting
Which of the following may not involuntarily terminate an agency relationship? -
✔️✔️Expiration of the agreement term
When a seller authorizes a unilateral offer of subagency to all MLS members, any agent
who shows the listed property automatically becomes - ✔️✔️A subagent
An agency relationship may be involuntarily terminated by which of the following? -
✔️✔️Condemnation of the property
Sally is a subagent working for Seller Pat. What does Sally owe to Buyer Brad? -
✔️✔️Honesty and fair dealing
Which of the following terminations of an agency relationship could result in legal or
financial ramifications? - ✔️✔️Renunciation by the client
With which of the following can a broker NOT enter into a single agency agreement? -
✔️✔️Seller and buyer
A person who is empowered to act on behalf of another is called? - ✔️✔️An agent
When the agency relationship has been terminated, the licensee is no longer
considered the principal's agent but still owes which of the following duties to the
principal? - ✔️✔️Confidentiality
An agency relationship may be involuntarily terminated by which of the following? -
✔️✔️By destruction of the property through fire, vandalism, or natural disaster
When a seller gives permission to a broker to submit the property to the MLS, the seller
is authorizing the broker to make a blanket unilateral offer of what to all the other
members of that MLS? - ✔️✔️Subagency
What is the term given to an agent who is acting as a buyer's and seller's agent in the
same transaction? - ✔️✔️Dual agent
,A subagent owes customer level services to the buyer which include which of these? -
✔️✔️Honesty, fair dealing and the proper disclosure of pertinent facts that affect the
value of the property
Revocation of a broker's license results in - ✔️✔️Termination of the relationship
"As is" sales are tempered by which of the agent's duties? - ✔️✔️Disclosure
What kind of defects are hidden from normal vies but still must be disclosed? -
✔️✔️Latent
Latent defects are those - ✔️✔️Hidden from normal view and, therefore, must be
revealed
An agent must inform client and customer that the agent represents the client and does
not represent the customer, unless - ✔️✔️there is a dual agency
The agent who has the job of obtaining the best possible transaction for the seller is -
✔️✔️the designated agent
A licensee for a seller has a duty to disclose such things except - ✔️✔️ability of the
purchaser to offer a higher price even if the purchaser is also the licensee's client
Since many of an agent's fiduciary duties can only be rendered to one party, an agent
would have a difficult in not impossible time performing his/her duties in which type of
agency? - ✔️✔️Dual agency
Properties that have an undesirable reputation due to an associated unpleasant
occurrence, such as murder or gang violence, are known as - ✔️✔️stigmatized
properties
Since the listing agreement is a contract that established an agency relationship, which
law(s) is the relationship subject to? - ✔️✔️All of the above
Most real estate listing contracts are which kind of agency? - ✔️✔️Special agency
If a client refuses to disclose material defects to a buyer, what should the agent do? -
✔️✔️Decline or sever the agency agreement
A licensee must provide____ of any existing agency relationships to all parties for whom
he or she provides real estate brokerage services - ✔️✔️A written disclosure
, In Indiana, contractual relationships are always formed at what level? - ✔️✔️Managing
broker
The licensee may disclose to the seller the financial status of the potential buyer
customer. Is this statement true or false and why? - ✔️✔️True if the agent has
knowledge of the buyer's financial status
Representing both principal parties to a real estate transaction is - ✔️✔️A dual agency
A legal doctrine by which a person is prevented from asserting rights or facts that are
inconsistent with a previous position or representation made by act, conduct, or silence
is - ✔️✔️An estoppel
If an agency relationship has not been established by a written agreement, does the
relationship exist, and if so, what kind of relationship is it? - ✔️✔️Yes, it is an implied
agency
Before a licensee sign a listing agreement with a seller, he/she mist - ✔️✔️Give the
seller an agency disclosure
A licensee for the buyer has a duty to disclose such things except - ✔️✔️why the seller
is selling if the licensee knows this from a previous relationship with the seller
The licensee could be known as a transaction broker, facilitator, or coordinator in which
type of agency? - ✔️✔️Non-agency
To make it easier to describe elevations, surveyors refer to standard elevation points
called - ✔️✔️Benchmarks
What is a "block" in the lot and block system of description? - ✔️✔️A group of lots in a
subdivision
Which of the following lines in the Rectangular Survey System run north and south? -
✔️✔️Range lines
What method of legal description was the first one used in America? - ✔️✔️Metes and
bounds system
Benchmarks are used to - ✔️✔️Provide reference elevations for nearby properties
A legal description of a property is one which - ✔️✔️Accurately located and identifies
the boundaries of the property and distinguished it from all other properties
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