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Terms in this set (30)All but one of the following owes a fiduciary obligation: D- A,B and C are fiduciaries. A mortgagor is debtor One who has the right to sign the name of a principal to a contract of sale is: a)
an attorney in fact C- Only an attorney in fact has such authority A real estate salesperson might lawfully accept an extra commission in a difficult sale from: C- Salesperson can only accept compensation from broker Any person, partnership or association or corporation who authorizes or employs another, called the agent, to perform certain acts on his behalf is the : C- Not spelled "principle" An agent is considered to have earned his commission: C- if the seller defaults, the agent may sue the seller for the commission. If the buyer defaults, the agent may take a direct action against the buyer A broker is: D- All statement are true Salespersons may accept compensation of their predetermined share: C- A salesperson may not accept compensation from anyone other then his or her employing broker The commission rate for the sale of real estate is determined by: D- Compensation is arrived at by agreement between the broker and owner Which of the following
persons would NOT have fiduciary duties to a principal? C-employees do not owe fiduciary obligations to an employer The position of trust assumed by the broker as an agent for the principal is described most accurately as: D- a position of trust Known hidden defects in a property must be disclosed by D- broker and salesperson have fiduciary obligations; seller must disclose defects under case law An owner requests a broker to list a
property for sale at $70,000 and offers to let the agent retain any amount above $65,000. On inspection, the broker believes the property is worth $80,000. The broker should? C- The agent must disclose material facts to the client A principal agent relationship exists between the: A-a principal agent relationship exists between the broker and his or her salesperson. No fiduciary duty to customer. A person who is given authority to
perform a specific legal duty by another is: B- the power of attorney is the instrument creating the authority. The attorney in fact is the person to whom the authority was given A saleperson engaged by a real estate broker to show and sell properties: A- The broker is the agent and the salesperson is a sub-agent All BUT which of the following are fiduciaries? A-An agent is fiduciary for a principal, not vice-versa The best description of a special agent would be a person who.: C- The authority of the broker is limited to finding a buyer or tenant It would NOT be the responsibility of the broker ton inform the purchaser of which of the following? C- The purchaser can ascertain this himself.The broker must disclose information about A,B or D. In a typical real estate listing contract, the broker would best be described as: B- see explanation to #17. A real estate property manager is usually a general agent A power of attorney is NOT necessarily revoked if: B- Non-use will not revoke a power of attorney A declaration made by a person to an official that he freely and voluntarily executed a deed is called an: A- Necessary for recording Death of either the principal or agent terminates the: A- B,C, and D are not agency agreements as is the listing An agency agreement will be terminated by: D- Also by mutual agreement, accomplishment of objective and expiration of agreed period of time. Which of the
following will NOT terminate an agency relationship? C- Reciprocity deals with a mutual agreement by certain states to extend licensing privileges to linsees in each state Responsibilities of an agent in an agency relationship include all of the following EXCEPT: D-Patience is not fiduciary obligation To enforce his right to a commission a broker must: A- an oral authorization to sell real estate is unenforceable Apollo Creed
lists his house with the XYZ Realty Corp., for which Justin Case is the authorized broker. Which of the following statement is true? A-The death of the agent will terminate the listing. In this question, the agent is XYZ Realty Corporation not Mr.Case Which of the following is/are required to create an agency relationship? C- written agreement and compensation are not requisites to create an agency relationship A customer may best be described as: B- Real Estae agents work for clients and with customers. Fiduciary obligation If a broker acts as a dual agent without disclosure, which of the following may occur?
D- Undisclosed dual agency is an act of fraud Students also viewedUnit 9 Quiz and Terms30 terms
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economics .Refer to Problem 3. For each of the five payment schedules, determine the present worth of the loan payments made by the borrower. Use an Excel spreadsheet and program it such that you can enter different interest rates for the borrower’s *TVOM*. Use *TVOM* rates of 7 percent, 12 percent, and 17 percent compounded quarterly. Verified answer Recommended textbook solutionsHuman Resource Management15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine 249 solutions
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oceanwavyPlus Chapter 5 Quiz10 terms arelcruz Microbiology - Antibiotic Resistance12 terms coolsoischool evidence based mid 1103 terms samira_110 Which of the following is a fiduciary relationship quizlet?A fiduciary relationship is a position of trust, and the agent owes the principal the duty of obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care (OLD CAR).
Which of the following is not a fiduciary?The following people are not considered fiduciaries: Stock Brokers. Insurance Agents.
What is the meaning of fiduciary relation?: a relationship in which one party places special trust, confidence, and reliance in and is influenced by another who has a fiduciary duty to act for the benefit of the party. called also confidential relationship, fiduciary relation.
What is a fiduciary quizlet?defines fiduciary: A fiduciary is someone who has undertaken to act for or on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence. The distinguishing obligation of a fiduciary is the obligation of loyalty.
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All of the following are an example of a fiduciary relationship EXCEPT Quizlet
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