(4) Authorized Relationships: Duties And Disclosures Flashcards
Fiduciary relationships are adversarial
True or False
False
When can both parties in a transaction pay a broker a commission
When both parties agree to the dual commission
Who owes fiduciary duties in a single agency relationship?
The broker only
As an agent, a broker is employed by and acts on behalf of whom?
A principal
In agency law, an agent is empowered to perform a single act on behalf of his or her principal has a _____ agency
Special
A party who has been granted authority to act on behalf of another agent
Subagent
If you have a license they can take it, if you don’t they can take you to court
Administrative Law
Enforced by criminal courts, and can take you to jail
Statutory Law
Has the principals authority under agency law to act for him or her on a continuing basis, but with authority limited to a specific trade or business
General Agent
A broker may be employed by a member of the public in what three ways
- Transaction Broker
- Single Agent
- Non-Representation (No brokerage relationship)
Licensees may never deal with anyone at arms length since the law requires licensed persons to treat everyone with fairness and honesty
True or False
True
A broker giving or accepting a fee, kickback, or anything of value in exchange for the referral of real estate settlement services in connection with federally related mortgage loans is prohibited
True or False
True
If two or more brokers are competing for a sale, the broker who first produces a purchaser who is ready, willing, and able to buy is the
Procuring cause of sale
If one broker collects the entire commission and refuses to share with the other brokers as agreed, the broker can be charged with _____ which is a form of fraud
Failure to account
Failure to present all offers could be considered concealment or a breach of trust, and could result in disciplinary action against the broker
True or False
True
