Agency Law And Listing Agreements Flashcards
In a listing agreement the seller is also known as the
Client or principal
A client or principle is owed and what from their agent
Owed fiduciary duties
A third-party in a real estate transaction is known as the
Customer
A customer is owed honesty and full disclosure of all
Material facts
What type of listing gives the broker the least protection
An open listing
What type of contract is an open listing
Unilateral contract
What type of listing gives the broker the most protection
An exclusive right to sell
All listings must have
A beginning and ending date
Legal exaggeration is considered
Puffing
A listing is a personal service contract between
The broker (agent) and seller (principal)
Dual agency is when a brokerage company represents both the buyer and the seller in the same transaction. Dual agency is legal as long as all parties
Agree in writing
What type of information learned during the course of a listing cannot be used by the agent at a later day even if the listing has expired
Confidential
When an owner hires one broker but may sell the property for sale by owner and not pay commission it is called
Exclusive agency listing
A net listing is illegal in some states because
The broker may undervalue the property
In an exclusive agency listing commission would be paid to
MLS agents and subagents
Agent tells a buyer “best house in the area! “. This is called?
Puffing
If an agent makes a person think their their agent this is called
Implied agency
Does bankruptcy terminate a listing
Yes
A broker speaks for a seller without authority, this is called
Ostensible
Care, obedience, loyalty, accountability, confidentiality and disclosure are all known as
Fiduciary duties
Can a listing agreement list of the places of worship in the area
No
What happens to a brokerages listings when the brokerage company is sold
All listings are re-signed in the name of the new company
When a sales person leaves company a and now works for company b, what happens to the commissions on any previous contracts from broker A
You get paid on them
The brokers right to a commission is established
The listing agreement
Two agents from different branches of the same company represent the buyer and seller and a transaction is this dual agency?
Yes, fiduciary would be owed to the buyer and seller
If the listing agent gives confidential information to another broker this would be
A breach of fiduciary duties
What three things are agency law comprised of
Tradition, common law and court cases
