Agency Flashcards
What defines an agency relationship
Principal, agent, task
not compensation
What is a universal agency
Call attorney in fact
based on power of attorney
covers any or all actions
What is the general agency
Covers multiple transactions
including ability to enter accounts
example property management
Sa under broker ( fiduciary responsibility and loyalty to go)
What is an agent coupled with
Real estate licensee partner in ownership of property
as well as representing partners in an agency relationship
What is the most common type of agency
Special/limited
one transaction one seller
terminated after performance
no contract capability
covers most brokerage relationships
fiduciary duty survive
What are the four types of agency relationships
No brokerage
transaction broker
designated sales associate
single agent broker
How can you transition from single to transaction
must be in writing
no signature necessary
but must be conspicuous
What kind of agency relationship does not need to be in writing
If not written =transaction
475.278
What is a key provision of the statute of fraud’s
All contracts written and signed to prevent misunderstandings
Kind of a douche every relationship be treated or early
Yes
What are critical disclosure facts
Agents opinion of property condition
info of buyers motivations and financial qualifications
adverse material facts such as title defects hazards
if agent may require another transaction
What are the three types of misrepresentation
Intentional misrepresentation, unintentional or silent
negligent misrepresentation failure to disclose fax should have known
misrepresentation of expertise
What are the four elements of the agency disclosure
Notify customers and clients about whom the agency represents
inform clients and customers of fiduciary duty’s and standards of care
Inform prospective clients and customers they have a choice in how they are representing
obtain acknowledgment and except tenants of the disclosure from principal
When do disclosure rules not apply
Rental or leasing of real property unless option to purchase
auctions
appraisals
any interest in business enterprise unless greater than for residential units
How long does a broker need to keep records
Five years from date of document
two years after any legal proceedings
