Agency, brokerage and ethical considerations Flashcards
1
Q
What or Who is the ‘Principal’ ?
A
whoever hired you–known as the client
2
Q
A fiduciary relationship is one of…
A
trust and confidence
3
Q
Meeting of the minds
A
take place when parties agree on price, down payment, financing.
4
Q
A power of attorney is effective until….
A
revoked by principal
5
Q
Special agency
A
relationship found between real estate broker and seller of real estate
6
Q
procuring cause of sale is important in a transaction because it…
A
helps to determine who receives the commision for the sale
7
Q
latent defects are…
A
shortcomings not noticeable by normal inpsection
8
Q
when does negligent misrepresentation occur?
A
when speaker should know statement is false
9
Q
when is consumer info. statement required?
A
upon first meeting any potential client
10
Q
A
