CHAPTER 2 SHORT-ANSWER QUESTION … 2 – SHORT-ANSWER QUESTION ANSWERS 1. Uniform, common, transaction, designated 2. agent, principal. 3. a. universal agent b. general agent c. special

CHAPTER 2 – SHORT-ANSWER QUESTION ANSWERS 1. Uniform, common, transaction, designated 2. agent, principal. 3. a. universal agent b. general agent c. special agent. 4. wide, principal. 5. limited, attorney, real estate broker. 6. contract, principal, agent, listing, seller. 7. purchaser. 8. broker, ready willing and able, consideration. 9. oral. 10.a. actual b. apparent. 11.a. expressly b. impliedly. 12. reasonably, necessary, implied. 13. subagent, custom and usage. 14. principal's, apparent, principal. 15.a. To perform the agency contract; b. To compensate the agent; c. To reimburse the agent for expenses; d. To indemnify the agent for any losses incurred because of the agency. 16. a. To use reasonable care in performing the agency; b. To perform the agency agreement; c. To account for all money and property received; d. To be loyal to his principal; e. Disclosure of all material matters. 17. profit, compensation, disclose, confidential, adverse. 18. brokers, salespersons (or in Colorado “associate brokers”) 19. third party, personal, undisclosed. 20. third person. 21. personally, tort, authority, third party, tort. 22. principal, third party, seller, buyer, agent. 23.a. When the principal authorized the acts of the agent; b. When the act was performed in the scope of the agent's authority.. 24. Yes. (To prevent this, the broker should thoroughly inspect the property.) 25.a. Acts of the parties; b. Operation of law..

MacIntosh Real Estate School Uniform Course – Chapter 2

Copyright 2018 – All Rights Reserved 1 Real Estate Law & Practice (48 hrs)

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26.a. Mutual consent; b. Terms of the agency contract; c. Revocation by the principal; d. Renunciation by the agent. 27.a. Death; b. Insanity; c. Bankruptcy; d. Change of Law; e. Destruction of the subject matter. 28. mutual 29. reasonable, listing, termination. 30. agent, damages. 31. time, good cause. 32. Death, insanity and bankruptcy; change of law making the subject matter

illegal, or destruction of the subject matter. 33. illegal. 34. automatically. 35. license law. 36. modify. 37. a. presumption, seller b. buyer c. transaction broker. 38. legal and working. 39. timely, alternative. 40. a. seller or landlord b. buyer or tenant c. transaction. 41. a. Reasonable skill and care; b. Good faith, loyalty and fidelity; c. Disclosure to seller of known adverse material facts; d. Counsel seller as to benefits and risks of the transaction known to the broker; e. Advise the sellers to get expert assistance; f. Account for money and property in a timely fashion; g. Not disclose to buyer – 1) that seller would accept a lower price; 2) seller’s motivations; 3) that seller would agree to other financing; 4) material information about seller;





h. Inform buyer of adverse material facts actually known about the physical condition of the property. 42. a. disclose defects,

b. informing, vicariously, approved, directed, ratified, c. financial

43. investigation, verify, inspectors 44. cooperate, subagency 45. dual 46. transaction, single. 47. a. communication; b. interposition;

c. advisement; d. negotiation; e. contract terms; f. closing of the transaction.. 48. a . To perform the agreement; b. exercise reasonable care; c. to present all offers; d. advise the parties; e. account for all monies received; f. to keep the parties fully informed; g. to assist the parties in complying with the terms of the contract.. 49. disclose. 50. legal. 51. office, public. 52. a. The office policy must apply to all licensees in the office; b. It will be explained to, and agreed to by all licensees; c. Identify the procedures for the designation of brokers who are

to work with a seller, landlord, buyer or tenant. (Except office policies of real estate brokerage firms that consist of only one licensed natural person.) d. An office policy shall identify and provide adequate means and procedures for the maintenance and protection of confidential information that:

(1) The seller or landlord is willing to accept less; (2) The buyer or tenant is willing to pay more; (3) Information regarding motivating factors for the parties; (4) Information that a party will agree to other financing terms; (5) Material information about a party not required by law to be

disclosed;






(6) Facts or suspicions which may psychologically impact or stigmatize a property;

(7) All information required to be kept confidential. e. An office policy may permit an employing broker to supervise a transaction and to participate in the same transaction as a designated broker.

53. a. Eliciting or accepting confidential information or information from buyer or tenant concerning their real estate needs;

b. House showings, preliminary conversations or small talk. 54. signed, BUYER, SELLER, TRANSACTION. 55. any, third 56. agency. 57. agent, disclosed, or, each, other. 58. sign, written, power of attorney, "by agent". 59. buyer, seller. 60. seller, listing, earliest. 61. Buyer's, fiduciary. 62. competent service, properly explain. 63. exclusive, unavailable, commissions. 64. commission, contract, performed, informed, understands. 65. consensual. 66. own, fee. 67. Transaction. 68. reasonable, contract to purchase. 69. seller's, buyer’s, Transaction. 70. 16, Commission, buyer. 71. individual, liable, approved, directed, ratified. 72. individual, employing, company. 73. designated, managing 74. employing, employed, designated, single, Transaction, one person. 75. designated, one. 76. employing, designated. 77. single, single, transaction, agency. 78. single, single, customer. 79. disclosed, office, disclosure. 80. customer, employed




CHAPTER 2 – QUIZ ANSWERS 1. c 2. d 3. d 4. a 5. d 6. b 7. a 8. c 9. a 10. c 11. c 12. a 13. c 14. b 15. a 16. d 17. c 18. a 19. b 20. c 21. d 22. a 23. c 24. a 25. b








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CHAPTER 2 SHORT-ANSWER QUESTION … 2 – SHORT-ANSWER QUESTION ANSWERS 1. Uniform, common, transaction, designated 2. agent, principal. 3. a. universal agent b. general agent c. special