1 of 10 - When must a listing agent present the Disclosure Regarding Real Estate Agency Relationships to the seller?
Prior to bringing an offer to purchase.
Prior to accepting the listing.
As soon as possible.
Prior to conducting any showings.
You answered incorrectly
According to California Code, the listing agent must provide the agency relationship disclosure to the seller prior to securing the listing agreement.
2 of 10 - The principles of an agency relationship include all of these factors except which one?
Mutual consent
Authorization
Compensation
Fiduciary duties
You answered incorrectly
An agency relationship is not dependent upon compensation and may exist without compensation. It must, however, include mutual consent, authorization, and fiduciary duties.
3 of 10 - Which booklet is not part of the Combined Hazards Book?
The Residential Environmental Hazards Guide
Protect Your Family From Lead In Your Home
The Homeowners Guide to Earthquake Safety
Consumer Guide to Disclosure for Buyers
You answered correctly
4 of 10 - If an agent does not comply with the requirement of conducting a visual inspection of a property, how long after possession does the buyer have to file a suit?
6 months
12 months
24 months
36 months
You answered correctly
5 of 10 - Which disclosure is required by the Real Estate Settlement Procedures Act?
Good faith estimate
Rights regarding discrimination
Transfer of the loan collection
All of the above
You answered incorrectly
RESPA requires that borrowers receive a good faith estimate of closing costs within 3 days of loan application for federally-related loans. This disclosure is provided by the lender or mortgage broker.
6 of 10 - Which disclosure form gives detailed information about the property's condition?
Real Estate Transfer Disclosure Statement
Agency Disclosure
Natural Hazard Disclosure Statement
Mello-Roos Report
You answered incorrectly
The Real Estate Transfer Disclosure Statement includes information on items contained in the home and whether they are operational, significant defects or malfunctions in the home, and other items such as environmental hazards, alterations, easements, etc.
7 of 10 - Agent Paul is bound to inform his client of all facts that might affect the client's interests -- both what Paul knows and what he "should have known." Which of these situations would not be something Paul "should know"?
There is a crack in the basement wall.
The owner of the property is HIV positive.
The air conditioner does not work.
The casement windows have broken seals.
You answered correctly
8 of 10 - Which of the following types of agency is not allowed in California?
Dual agency
Buyer's agency
Single agency
Designated agency
You answered correctly
9 of 10 - Which of the following is not a fiduciary duty an agent owes to his or her principal?
Loyalty
Confidentiality
Accountability
Blind obedience
You answered correctly
10 of 10 - Timeshare buyers have the right to rescind a transaction within what timeframe after signing the purchase contract?
1 day
3 days
7 days
Never
You answered incorrectly
Purchasers of timeshares have an unqualified right of rescission which gives then 7 calendar days to rescind the purchase after receiving the public report or after signing the purchase agreement, whichever is later.
