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Real Estate > Agency Basics 1 > Flashcards

Agency Basics 1 Flashcards

1
Q

agency

A

The fiduciary relationship in which the agent is held in a position of special trust and confidence by the principal.

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2
Q

principal

A

The buyer, seller, lessor, or lessee hiring the agent to represent him or her in this transaction.

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3
Q

client

A

A person or entity with whom a real estate professional has an agency relationship.

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4
Q

limited agency

A

A situation in which an agent represents both a buyer and a seller.

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5
Q

dual agency

A

A situation in which an agent represents both a buyer and a seller.

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6
Q

The relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transactions is called a(n):
A: Limited Agency
B: Agency
C: Applied Agency
D: None Of The Above

A

B: Agency

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7
Q

implied agency

A

An agency relationship created by means of an agent giving advice, guidance, or counsel in such a way that the principal begins to rely upon the agent in an implied manner.

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8
Q

Express Agency

A

An agency relationship created by means of a written or oral agreement between the agent and the principal.

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9
Q

listing agent

A

The agent representing the seller.

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10
Q

buyer’s agent

A

The agent representing the buyer.

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11
Q

Sam and Susan Seller hire Realtor Rick to represent them in the sale of their home. This makes Rick the:
A: Listing Agent
B: Buyer’s Agent
C: Selling Agent
D: Listing Subagent

A

A: Listing Agent

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12
Q

Bob and Bonnie Buyer hire Realtor Rick to represent them in the purchase of their home. This makes Rick the:
A: Listing Agent
B: Buyer’s Agent
C: Selling Agent
D: Selling Subagent

A

B: Buyer’s Agent

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13
Q

The individual who hires an agent to represent him/her in a transaction is called a(n):
A: Agent
B: Principal
C: Subagent
D: Limited Agent

A

B: Principal

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14
Q

principal broker

A

In Utah, the only person who has the authority to enter into an agency relationship with a member of the public is a broker. He or she can hire and supervise other agents.

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15
Q

designated agency

A

The principal broker can hire other agents to exclusively represent specific clients.

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16
Q

fiduciary

A

A relationship in which the agent is obligated to act in the best interests of the client above all else, including his or her own self-interest.

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17
Q

customer

A

A person who uses the services of a real estate professional but has not entered into an agreement with an agent.

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18
Q

fully disclosed principal

A

A principal whose identity is known to the agent and all other parties in the transaction.

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19
Q

partially disclosed principal

A

A principal whose identity is known to the agent but not to other parties in the transaction.

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20
Q

undisclosed principal

A

A principal whose identity has not been disclosed to either the agent or the other parties in the transaction.

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21
Q

specific agency

A

An agency relationship in which the agent is hired to do a specific task. For example, hiring an agent to list a property falls under this category.

22
Q

general agency

A

An agency relationship in which an agent is hired to fill a specific need using their expertise to take care of a specific problem for a principal. Hiring a property manager would fall under this category.

23
Q

universal agency

A

An agency relationship in which the agent is authorized to act on behalf of the principal in business of every kind. Hiring an executor for an estate would fall under this category.

24
Q

General Power of Attorney

A

“A General Power of Attorney is a legal document whereby one person called the Principal gives another person called the agent or attorney- in-fact the power to manage the Principals assets and financial affairs while the Principal is alive. Power can be given to the agent to do any and all acts the Principal can perform”

25
Q

specific power of attorney

A

A written authorization to act on another’s behalf under specific, limited circumstances.

26
Q

An Agency relationship that is created by an agent’s actions is called a(n):
A: Express Agency
B: Implied Agency
C: Subagency Agency
D: Dual Agency

A

B: Implied Agency

27
Q

An agency that is created by an agent’s words or by written contract is called a(n):
A: Express Agency
B: Implied Agency
C: Subagency Agency
D: Dual Agency

A

A: Express Agency

28
Q

Broker John has listed Jeannene’s home. Jackson has made an offer on Jeannene’s property and has his own agent, Carl. In this situation, what is the relationship between Broker John and Buyer Jackson?
A: Jackson Is John’s Client
B: Jackson Is John’s Customer
C: Jackson Is John’s Principal
D: John Is Jackson’s Agent

A

B: Jackson Is John’s Customer

29
Q

Fiduciary duties include:
A: Obedience
B: Disclosure
C: Confidentiality
D: All Of The Above

A

D: All Of The Above

30
Q

____ refers to a specific client representation relationship between a listing broker and a buyer’s real estate broker who brings in the buyer to purchase the property
A: Agency
B: Subagency
C: Limited Agency
D: None Of The Above

A

B: Subagency

31
Q

subagents

A

The agents that the principal broker or branch broker hire to assist in representing buyers and sellers out in the public arena

32
Q

minimum services

A

The minimum duties that agents owe to their principal. In Utah, this covers three specific areas. Agents must prepare documents, present offers, and oversee the accuracy of closing documents.

33
Q

contingency

A

A term that has to be met in order for the contract to move forward. Commonly, this includes events such as the ability to finance the purchase or the sale of the
home.

34
Q

Listing Broker Lisa is considered which type of agent?
A: Universal
B: General
C: Specific
D: Bilateral

A

C: Specific

35
Q

In Utah, minimum services in a real estate transaction include:
A: Preparing Documents
B: Presenting Offers
C: Overseeing Accuracy Of Closing Documents
D: All Of The Above

A

D: All Of The Above

36
Q

A ______ is a specific issue with a system or component of a residential property that may impact the value of the property.
A: Material Gain
B: Material Defect
C: Outdated System
D: None Of The Above

A

B: Material Defect

37
Q

disclosure of material defects

A

Major defects in a home must be disclosed when selling a home. It is the legal obligation of an agent to disclose any defects.

38
Q

disclosure of agency

A

Principals need to know who is representing their best interests. This is because they need to know who they should disclose information to and in what way in order to allow the agent to best serve their needs.

39
Q

disclosure of relationships

A

If an agent is related to the buyer or seller of a property, he or she must disclose that information to all other parties of the transaction. This ensures that any special treatment that may occur from such a relationship can be accurately and fairly addressed. You cannot represent another party if you are representing yourself.

40
Q

terminating agency

A

Ending an agency relationship. Since an agency is a contract, it can only be terminated by mutual consent or meeting other conditions. Typically, agency is terminated either by fulfilling the contract or mutual agreement to terminate the contract. It can otherwise end by either the death of one of the parties or by act of law.

41
Q

Agency is terminated when the following issues take place:
A: The Parties Mutually Agree To Terminate
B: The Contract Has Been Fulfilled
C: Either Party Dies
D: All Of The Above

A

D: All Of The Above

42
Q

Frank represents Alan in the sale of Alan’s 80-acre ranch. Tim wants to purchase the ranch. Tim does not have an agent. Tim prefers Frank to be his agent. Frank does not tell Alan that he is also representing Tim. This is an example of:
A: Disclosed Dual Agency
B: Undisclosed Dual Agency
C: Subagency
D: Designated Agency

A

B: Undisclosed Dual Agency

43
Q

Frank represents Alan in the sale of Alan’s 80-acre ranch. Tim wants to purchase the ranch. Tim does not have an agent. Tim prefers Frank to be his agent. Frank informs all parties that he is also representing Tim. This is an example of:
A: Disclosed Dual Agency
B: Undisclosed Dual Agency
C: Subagency
D: Designated Agency

A

A: Disclosed Dual Agency

44
Q

Which of the following is a type of principal?
A: Fully Disclosed
B: Partially Disclose
C: Undisclosed
D: All Of The Above

A

D: All Of The Above

45
Q

Frank represents both the buyer and the seller in a real estate transaction. This makes him a(n):
A: Transaction Broker
B: Limited Agent
C: Agent To The Seller And Subagent To The Buyer
D: Agent To The Buyer And Subagent To The Seller

A

B: Limited Agent

46
Q

Fiduciary duties are listed explicitly in the:
A: Real Estate Purchase Contract
B: Buyer Broker Agency Agreement And The Exclusive Right To Sell
C: Real Estate Purchase Contract And Limited Agency Consent Agreement
D: Our Specific Fiduciary Duties Are A Matter Of State Law And Are Not Spelled Out In Any Specific Form

A

B: Buyer Broker Agency Agreement And The Exclusive Right To Sell

47
Q

When an agent provides advice, guidance, or counsel, they might be creating:
A: An Express Agency Relationship
B: An Implied Agency Relationship
C: A General Agency Relationship
D: A Specific Agency Relationship

A

B: An Implied Agency Relationship

48
Q

Broker Betty selected Agent Alexis as the agent for the buyer. This is an example of:
A: A Limited Agent
B: A Dual Agent
C: A Designated Agent
D: A Facilitator

A

C: A Designated Agent

49
Q

Creating an agency relationship and becoming a “fiduciary” means that we are creating a relationship of:
A: Trust
B: Mutual Benefit
C: Friendship
D: Professionalism

A

A: Trust

50
Q

A Fiduciary is often referred to as:
A: Ethics
B: One In Whom Special Trust And Confidence Is Placed
C: Executory
D: Hypothecation

A

B: One In Whom Special Trust And Confidence Is Placed

51
Q

In the state of Utah, all agency relationships are between the Principal and:
A: The Broker
B: The Agent
C: The Fiduciary
D: The Intermediary

A

A: The Broker

Real Estate (15 decks)

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