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Terms > Agency > Flashcards

Agency Flashcards

1
Q

The fiduciary relationship that exists between the principal and the agent

A

Agency

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2
Q

Authorizes an agent to handle matters of all types Ex. Power of attorney

A

Universal Agency

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3
Q

Authorizes an agent to transact matters concerning a specific area of business Ex. P194 Property Manager

A

General Agency

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4
Q

Authorizes an agent to perform a specific act or to handle a specific business matter for the principal, ex. Real Estate Agent

A

Special Agency

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5
Q

A formal agreement between the parties, maybe written or verbal

A

Express Agency

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6
Q

Occurs when the parties act in such a way as to indicate that they have agreed to an agency

A

Implied Agency

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7
Q

A relationship based on trust and confidence Ex. Principal-agent relationship

A

Fiduciary Relationship

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8
Q

Fiduciary Responsibilities

A

Obedience
Loyalty
Disclosure

Confidentiality
Accountability
Reasonable Care

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9
Q

Duties Owed to Customer

A

Honesty and Truthfulness

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10
Q

Combining clients funds with the broker’s personal and business funds

A

Commingling

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11
Q

The practice of using commingled funds at the brokers own money

A

Conversion

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12
Q

Termination of Agency

A

Death or incapacity of either one
Destruction of property
Expiration of terms
Mutual agreement
Renunciation by the agent or revocation by the principal
Bankruptcy of the principal
Fulfillment of the purpose for which the agency was created

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13
Q

An agency relationship in which the agent is given an interest in the property. Must be disclosed

A

Agency coupled with Interest

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14
Q

All salespersons and the cooperating broker are subagents of the listing broker

A

Subagency

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15
Q

Act of representing two principals to a transaction at the same time.

A

Dual Agency

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16
Q

a hidden structural defect that would not be discovered by ordinary inspection

A

Latent Defect

17
Q

Let the buyer beware

A

Caveat Emptor

18
Q

Buyer is obligated to compensate the agent whenever the buyer purchases a property of the type agreed upon in the contract

A

Exclusive Buyer Agency

19
Q

Broker is entitled to payment only if he or she locates the property the buyer purchases

A

Exclusive Agency Buyer Agency

20
Q

Allows the buyer to employ an unlimited number of brokers

A

Open Buyer Agency

21
Q

The person whose actions are the primary reason for the sale

A

Procuring Cause

22
Q

Giving false information about a property

A

Misrepresentation

23
Q

Intentional misrepresentation of a material fact

A

Fraud

24
Q

when the agent should have known that a statement about a material fact was false

A

Negligent Misrepresentation

25
Q

when the agent accidentally fails to perform some act

A

Negligent Omission

26
Q

Exaggerating a property’s benefits

A

Puffing

27
Q

Other required Disclosures

A

Wetlands
Environmental hazards
Asbestos
Radon

Terms (9 decks)

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