Agency Flashcards
Definition of agency is…
A relationship in which a real estate licensee acts for or represents another by the other persons express authority
Definition of customer:
A consumer of real estate services in connection with a real estate transaction who is not represented by the licensee, but the licensee can still provide for them. A customer can be a client of another broker or may not be.
Client means …
Has a agency agreement with a Broker for brokerage services
Disclosure of agency is…
A written company policy identifying what types of real estate agency relationships the broker and agents will be practicing
Can the agency disclosure be written?
No has to be verbal
What does specific assistance mean?
Any communication beyond casual conversation concerning the facts and features of the property.
Important duty the licensee has for a costumer in a transaction is…
Disclose to all parties all material adverse face that the licensee knows
Material adverse facts means an adverse fact that….
Affects or would affect the party’s decision to enter into a contract or agreement concerning a transaction
Definition of adverse fact:
A condition or occurrence that is generally recognized by a competent licensee
Important duty to a client in a real estate relationship:
The obligation of either the seller or buyer to pay compensation to the broker is not determinative of the agency relationship
Single agent duty representing a seller or landlord is:
Preserving confidential info
Should the licensee handle inspections of houses of any sort?
No stay in your real estate lane
What is an escrow agreement?
Holding someone accountable for something that needs to be done
What’s a dual agent?
Represents both seller and buyer
What’s a single agent
Only represents one person (seller or buyer)
