Question: A broker who’s representing a seller has not been expressely authorized to accept a deposit. Nevertheless, the broker accepts a deposit check from the buyer. In regard to the deposit, the broker is acting as:

Answer: an agent for the buyer

Question: The most common n=method of creating a seller agency relationship is:

Answer: A writing listing agreement

Question: Which of the following statements about dual agency is not true

Answer: Dual Agency is illegal in California

Question: Broker Lois listed the Mannings property. The Mannings told her that the roof would leak in heavy rain, but Lois didn’t pass that on to Ned, the buyer, since he didn’t ask about the roof. If Ned purchases the property, discovers the leak, and then sues for damages:

Answer: the Mannings will be liable, but they may turn recover damages from Lois

Question: A buyer’s agent is most commonly compensated by:

Answer: the seller, through a commission split

Question: A principal entered into an agency agreement was to last for a period of three months. Two weeks later, the principal died of natural causes. Which of the following is true?

Answer: The agency relationship terminated automatically when the principal died.

Question: When a salesperson works as an independent contractor, it means:

1.the salesperson has his own office and deals directly with buyers and sellers

2 the sales person has an associate broker’s license

3. the sales person is not accountable to his broker

Answer: none of the above

Question: If a principal gives approval after the fact to unauthorized actions, an agency relationship is established by:

Answer: ratification

Question: In California, a dual agent must:

Answer: keep each party’s negotiation position confidential

Question: A special agent is authorize to:

Answer: conduct a specific transaction