STATE EXAM COURSE CHAPTER 1 QUIZ

1. A real estate broker acting as the agent of the seller:

2. The relationship of a broker to his or her client is that of a(n):

3. A broker is permitted to represent both the seller and the buyer in the same transaction when:

4. Which of the following best defines the “law of agency”?

5. Upon discovering a latent defect in the property, the licensee should discuss the problem with the seller and then:

6. A Licensee sells a buyer a property listed by another brokerage firm on the MLS. The Licensee has been working with the buyer for many months, but does not have an agency contract with the buyer. This Licensee has fiduciary obligations to:

7. The real estate broker’s responsibility to keep the principal informed of all of the facts that could affect a transaction is the duty of:

8. Which of the following would be considered dual agency?

9. All of the following could be considered fraudulent EXCEPT:

10. As an agent for the seller, a real estate broker can:

11. A seller has listed her home with a broker for $290,000, and the broker tells a prospective buyer to submit a low offer because the seller is desperate to sell. The buyer offers $285,000 and the seller accepts it. In this situation:

12. When Broker Harold was told by his principal not to advertise her property in the XYZ newspaper, which was out of the area. Broker Harold complied because he:

13. It is the duty of an agent to disclose to the principal every step taken in the transaction of the principal’s business. This is because the:

14. A latent defect:

15. A broker who is the agent of the buyer should do which of the following?

16. An agent who represents the seller is showing a house to a prospective buyer. The agent knows that the house has a wet basement. Which of the following is true?

17. Which of the following best describes the status of the common law of agency in Illinois as it relates to broker/client relationships?

18. Acts a licensee may perform for a consumer that are informative only are referred to under Illinois law as:

19. Under Illinois law, the person who receives brokerage services, but who is not represented by the broker is referred to as a:

20. Illinois law required brokers to deliver true copies of all documents to the parties within how many hours of their signing?

21. Which of the following would be ILLEGAL in an Illinois agency agreement?

22. All of the following relationships are legal in Illinois, EXCEPT:

23. Under Illinois law, a licensee owes a third party all of the following duties, EXCEPT:

24. Law of agency: