Agency Flashcards
Which of the following persons would be best described as a sub agent
Selling broker
Seller
Listing broker
Buyer
Selling broker
A buyers agent must disclose her agency relationship to cooperating broker when
At the presentation of an offer
Prior to the purchase agreement being signed
Before the closing
At first contact with the cooperating broker
At first contact with cooperating broker
An agency relationship maybe terminated by any of the following
Expiration of the contract
Estoppel
Completion of the contract
Death of either principle or agent
Estoppel
An agent representing the seller has which of the following duties to both buyer and seller
Care
Disclosure
Loyalty
Skill
Disclosure
An agent has failed to inform the buyer of the fact that the home is not on city sewer system but instead has a septic system the agent knew this and simply forgot to tell the buyer which of these statements is true
The agent is guilty of fraud
The buyer would have no recourse under the principle of caveat emptor or buyer beware
The agent has done nothing wrong because the agent did not actually say anything one way or the other and no one asked
The agent has misrepresented the buyer through this act of omission
The agent has misrepresented the buyer through this active
Which type of commission structure is illegal in Michigan
Flat fee listing
Percentage listing
Net listing
Multiple listing
Net listing
Broker Jensen and seller stein have signed a listing agreement. Jensens agency relationship with Stein is best described as
Special agency
Universal agency
General agency
Implied agency
Special agency
Regarding real estate commissions and compensation which of the following is incorrect
A broker may elect to charge different commission percentages for different types of properties
Antitrust laws prohibit competing brokers from collectively collaborating on the amount of commission amounts
A broker is not entitled to a commission even if the seller refuses to complete the transaction with the ready willing and able buyer
A brokerage firm not a sales person owns the listing
A broker is not entitled to a commission even if the seller refuses to complete the transaction with the ready willing and able buyer
Fiduciary duties of an agent do not include
Skill
Loyalty
Estoppel
Disclosure
Estoppel
Most relationships and real estate brokerage are
Dual agencies
Special agencies
Universal agencies
General agencies
Special agencies
An office that has one broker and 17 sales people would not be a
Franchise
Independent brokerage
Multiple listing service
Brokerage firm
Multiple-listing service
Sandy and Bruce are sales associates in the same brokerage the brokers agency policy states that the firm will represent buyers and sellers under contract. On Monday Sandy brings in a listing. On Friday Bruce puts a buyer under contract. The weekend Bruce shows Sandy’s listing to his buyer who ultimately write an offer. In this case
Sandy is representing only the seller and Bruce is representing only the buyer
Sandy and Bruce cannot split the commission
The brokers and dual agency situation and all parties must be informed and give their consent in writing
The broker must tell the buyer to go to another company to complete the transaction
The brokers and dual agency situation and all parties must be informed and give their consent in writing
What type of agency are most relationships and real estate brokerage
Special agency
Subagent
A person appointed by an agent to assist in performing some or all of the tasks of agency
Client
The principal in a real estate transaction
