Agency & Ethics – California Real Estate Salesperson Exam
Master the essential Agency & Ethics concepts tested on the California Real Estate Salesperson Exam. These 30 flashcards cover fiduciary duties, disclosure requirements, dual agency, and professional conduct rules critical for passing your exam and practicing ethically in California.
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Preview Questions
Question 1
What is the term for the person who authorizes an agent to act on their behalf in a real estate transaction?
Answer
The principal. In real estate, the principal is typically the buyer or seller who hires the agent to represent their interests.
Question 2
What type of agency relationship is created when a seller signs a listing agreement with a broker?
Answer
An express agency relationship. The listing agreement is a written contract that explicitly establishes the broker as the seller's agent.
Question 3
What is 'ostensible agency' (also called implied agency) in California real estate?
Answer
An agency created by the conduct or actions of the parties rather than by a written or verbal agreement, where a third party reasonably believes an agency relationship exists.
Question 4
In California, what document must agents use to disclose the nature of the agency relationship to buyers and sellers?
Answer
The Disclosure Regarding Real Estate Agency Relationships (AD form). It must be provided before or at the time of the first substantive contact with the principal.
Question 5
Under California law, when must a listing agent provide the agency disclosure form to the seller?
Answer
Before or at the time the listing agreement is signed. The seller must sign an acknowledgment that they received the disclosure.
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