Does an Executor owe a fiduciary obligation?
yes
Does a Guardian owe a fiduciary obligation?
yes
Does an Attorney owe a fiduciary obligation?
yes
Does a Mortgagor owe a fiduciary obligation?
No
One that has the right to sign the name of his principal to a contract of sale is:
An attorney-in-fact
Any person, partnership, association, or corporation who authorizes or employs another, called the agent, to perform certain acts on his behalf is the:
Principal
It is an unethical practice for a broker representing the seller to:
Advise a prospective purchaser of the lowest price the seller is willing to accept
When a broker signs a contract to manage an owner's property, he becomes a:
Fiduciary
The commission rate for the sale of real estate are determined by:
Appraiser
In handling real estate transaction, a broker should:
Provide his client w/ a statement of the receipts and disbursements of a client's money
A seller tells her broker that termites have destroyed the roof and that the swimming pool is in violation of the city setback requirements. The broker's salesperson must disclose to a prospective buyer of the:
Condition of the roof, and the pool violation
A power of attorney for real property:
Must be in writing & is revoked by the death of either party
When a salesperson makes a misrepresentation of a material fact, the salesperson is liable:
Even if he is not a principal to the transaction
A salesperson employed by a real estate broker to show & sell property to a client:
Is an agent for the broker, who is an agent for the principal
The best description of a special agent would be a person who:
Has limited authority
The listing broker owes a fiduciary responsibility to whom?
The seller
Is the following normally a dual agency situation? One salesperson represents the seller and another salesperson in the same company represents the buyer
Yes
Is the following normally a dual agency situation? The listing salesperson sells to a former customer.
No
Is the following normally a dual agency situation? The listing salesperson represents the buyer
Yes
Is the following normally a dual agency situation? The listing salesperson sells to a former long-time client
Yes