Agency: authority to represent others

Question 1

Define agent

Answer 1

One who is authorized to act on behalf of another

Question 2

Define Scope of authority

Answer 2

extent of representation given to SA/BA

Question 3

Authority can be given

Answer 3

orally, in writing, conduct

Question 4

Define due dilligence

Answer 4

Once negotiations begin: thoroughly represent client and attain their objectives

Question 5

Define Best efforts

Answer 5

Before negotiations begin: best effort is given

Question 6

Define third-party

Answer 6

those other than the client

Question 7

Define real estate agent

Answer 7

salesperson of a broker

Question 8

What does an agent typically call themself?

Answer 8

broker associate or realtor

Question 9

What is subagency

Answer 9

fee splitting agreements with MLS or an authorized third broker

Question 10

Define Broker to broker

Answer 10

an authorized third broker

Question 11

Define Primary duties owed

Answer 11

Evaluation of property, financial impact, legal documents, tax aspects for client

Question 12

RA have the duty to

Answer 12

know their authority, document tasks, be knowledgable

Question 13

Define Listing agreement (otherwise known as a Written Employment agreement (WEA)

Answer 13

document of employment between buyer and seller

Question 14

importance of a listing agreement

Answer 14

makes fee arrangements enforceable

Question 15

What form is Listing agreement

Answer 15

rpi 102 and 103