3.2 Flashcards
The agent duties acronum DR COLA stands for _______.
Disclosure, Reasonable Care, Confidentiality, Obedience, Loyalty and Accounting
The fiduciary duties of an agent are disclosure, reasonable care, confidentiality, obedience, loyalty and _________.
Accounting
The type of listing contract that allows the broker to get paid regardless of who sells the property is ________.
Exclusive right to sell
Every broker in the community has agreed to charge the same commission rate, that would be a violation of _______ law.
Anti-trust
True or False:
In dual agency situations, the written consent of all parties in the transaction is necessary.
True
Agency Law came into effect in Minnesota in the year _________.
1993
An agent is required to disclose agency at the first _______ contact.
Substantive
A licensed real estate agent is a _______ of his/her primary broker.
Sub-agent or general agent
_______ is the general term for someone who is employed to represent a principal.
Agent
A licensed real estate agent is a _______ agent when listing a particular property.
Special
A licensed real estate agent is a _______ agent for his/her broker.
Sub-agent or general agent
______ is the general term for a person who has employed someone (an agent) to act on his/her behalf.
Principal
_____ is the general term for a third party, whom the agent deals with on behalf of the principal, but does not represent.
Customer
_____ is required of agents to inform customers of their agency relationships.
Disclosure
_______ agent is a type of relationship that a property manager is to a property owner.
General
_____ is a type of agent authorized to conduct either a single transaction, or a specified series of transactions over a limited period of time.
Special agent
Agents have ______ duties.
Fiduciary
True or False:
Universal agents hold broad authority to act on behalf of the principal.
True
On the settlement statement, a _____ to the seller decreases the net.
Debit
_____ require the buyer to have proof of homeowner’s insurance at or before the closing.
Lenders
The _______ and ________ must disclose material facts about the property to the buyer.
Seller and agent
If the seller’s side of the closing statement shows a _______ the seller is charged - or “owes” - that amout.
Debit
A _______ is a group of investors that owns real estate.
Syndication
A _______ is the most common form of deed.
Warranty deed
______ is when you start with the grantor index and look up the name of the first recorded owner of title.
Title searching
_______ are the linkages from grantor to grantee.
The chain of title
_______ is the last grantee found in a chain.
The title holder of record
