Chapter 11 quiz

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A number which, times the gross income of a property, produces an estimate of value of the property...?
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Terms in this set (30)
Which of the following is an example of a fiduciary duty owed by an agent to his/her principal...?Reasonable Care Obedience ConfidentialityAn agent who works only for the buyer or the seller is known as a...?single agentA high risk property will demand higher rates of return from investors...? (t/f)trueAn agency relationship in which the agent acts concurrently for both of the principals in a transaction is known as a...?dual agentDual agency must be disclosed...? (t/f)trueWhich of the following is an example of dual agency...?escrowA contract in which a property owner employs a real estate broker to market the property described in the contract is known as a...?Listing contractA listing given to only one broker who is entitled to the commission if anyone sells the property during the term of the listing contract is known as a...?exclusive right to sell listing agreementA listing given to one or more brokers in which the broker procuring a sale is entitled to the commission but imposes no commission obligation on the owner when the owner sells the property is known as a...?non exclusive listingA listing which provides that the agent may retain as compensation for the agent's services all sums received over and above a net price to the owner...?net listingFederal legislation including imposition of civil and punitive damages for anti-trust activities is known as the...?sherman anti-trust actResidential listing agreements must be in writing...? (t/f)trueExclusive Agency Agreements are typically found in residential transactions...? (t/f)falseOne who acts for and with authority from another called the principal is known as a/an...?agentThe relationship between principal and the principal's agent which arises out of a contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to do certain acts dealing with a third party, is known as...?agencyA common-law doctrine that makes an employer liable for the actions of an employee when the actions take place within the scope of employment is known as...?respondeat superiorA person who acts for another but who sells final results and whose methods of achieving those results are not subject to the control of another is referred to as a/an...?independent contractorThe employer of an agent is known as the...?principalPrior to signing a listing agreement, a party in a real estate transaction who will employ an agent is known as the...?clientAn agency relationship created by oral or written agreement between principal and the agent is known as...?express agency