Real Estate Law of Agency

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Terms in this set (58)
Any fact that would influence the decision of a reasonably prudent person is known as a/anMaterial factAccording to this fiduciary duty, an agent must meet deadlines set by the principal and/or clientsReasonable care and dilligenceA buyer representation agreement between a buyer and a broker creates what type of agencySpecial agencyAn agent with limited authority to act on behalf of the principals known asspecial agentAn agent who represents a client owes >>> to that clientFidiciary dutiesWho is responsible for completing the sellers disclosure of property condition formThe sellerAn attorney provides which of the following, which is based on a property abstract of titleOpinion of titleWhich of the following is considered a physical stigma for a propertyGround water contamination, lead based paint, asbestosUnder the DTPA, an agent who is found guilty of misrepresentation may be required to pay for which of the followingPunitive damagesWhich of the following shows a serious intent by the buyer to purchase a specific propertyThe buyer puts down earnest money at the signing of a purchase contractJames is in the process of purchasing his first house for 420k. What is the minimum required earnest money James must put down at the signing of the purchase contractEarnest money is not required in a residential transactionThe title policy is a contract between the title company and theBuyerWhich of the following is a standard exception for a title policyMortgage liens, utility easements, marital rightsWhich of the following is an ex of a restrictive covenantEasementIf either party fails to close the sale by the closing date, who may exercise their right to remediesThe non-defaulting party onlyA temporary lease can not exceed how many dyays90What happens if the seller defaults on the contract and the buyer elects to rescind his/her earnest moneyBoth parties are released by the contractWhich of the following is often the most expensive means of resolving a disputeLitigationWhich of the following should be attempted before disputing parties to go to mediationNegotiationWho is responsible for ensuring that property insurance is in place after closing and fundingThe buyerThe division of certain settlement costs between a buyer and a seller is known asProrationA condominiums owners association is responsible for delivering which of the following docThe resale certificateThe residential condo contract- resale differs from the 1-4 family residential contract in which of the followings2James is purchasing a farm outside of Dallas. If these prices needs to be adjusted by more than 10% after reviewing the survey, James may do what of the followingTerminate the contractThe Sale of a property within a subdivision, which includes a small house on it will use which of the following contracts1-4 fam residential contract- resaleWhich of the following doc should a buyer read prior to signing the residential condo contract- resaleCondo bylaws, rules of condo association, declaration of condoUnless specified otherwise, chandeliers are consideredImprovementsA condo owners association is responsible for delivering whichResale certificateA property being purchased using the new home contract- incomplete construction, must be built according to theConstruction docUnless otherwise stated in the sellers temporary residential lease, who shall bear the cost of all expenses for the repairs and maintenance of the property during the term of the leaseThe sellerWhich of the following forms are not promulgatedTexas Real Estate Consumer Notice Concerning Hazards or DefenciesIn order for a broker to represent both parties in a transaction, the broker must obtain the written agreement fromBoth partiesIn order to avoid disputes, which of the following should be in writing and clearly establishedBrokers duties and responsibilities to clients, who pays brokers commission, how brokers commission is calculatedWhich of the following acts is considered fraudFlippinngWhat should an agent do as a means of risk management practice against real estate fraudDoc your communication with the parties involved in the transactionAn agent can refuse to rent property to a prospective tenant what basisFinancial capabilityDavid is a mortgage Broker in Houston. A client comes to David to obtain financing on a new house, however David denies the client, citing he won't lend on properties in the neighborhood the client is looking to live. David is guilty of which of the following actionsRedliningWho signs the sellers disclosure of property condition formBoth buyer and sellerWhich of the following actions violates the federal fair housing lawsBlockbustingWhich of the following should an agent flag as possible fraudAn unknown title company being used as possible fraudWhich of the following is considered a reasonable accommodation under the ADA...?Building a ramp at the entrance of a buildingWhich of the following laws takes precedent over all other laws...?Federal lawWhich of the following federal laws requires lenders to disclose to borrowers the actual cost of obtaining a loan...?TILAWhat is the minimum standard of conduct for a real estate professional...?The lawIf a defendant ................committed a violation of the DTPA, they may be held responsible for punitive damages?IntentionallyA real estate broker should only provide advice and opinions to which of the following parties...?The principalWhich of the following should a broker provide to justify the listing price on a listing agreement...?CMAWhich of the following parties is responsible for completing the Seller's Disclosure of Property Condition form...?Seller only