2. Relationships With Buyers, Sellers, Tenants, Landlords Flashcards
1
Q
What is Agency?
A
Act on behalf of principal Pricipal is client Buyer is customer.. Relationship of trust
2
Q
Fiduciary Responsibilities OLD CAR
A
Obedience Only legal Loyalty not work against principals interests Disclosure all material facts Confidentiality Lasts forever Accountability no commingling Reasonable Slikk Care and Dilligence
3
Q
What is General Agent
A
Multiple raange and scope of duties
4
Q
What is Special Agent
A
Represent in Specific matter
5
Q
Resonsibility to third parties
A
Fair and honest dealings
6
Q
Misrepresentations
A
Intentional misprepresentation Intentional Concealment Negligent non disclosure negligent misrepresentation Negligent advice
7
Q
How do we create Agency?
A
Contract Listing Agreement
8
Q
What is Estoppel and ratification?
A
Implied contract not in writing
9
Q
Referral Fees legal?
A
Yes Must be disclosed
10
Q
Is Dual Agency Legal?
A
Yes All parties written consent Give up undivided loyalty
