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AZ Real Estate Agent License 2020 > Agency & Real Estate Brokerage 4 > Flashcards

Agency & Real Estate Brokerage 4 Flashcards

1
Q

A_____

Represents the Principal and Must Follow All the Principals Instructions Unless Violates the Law?

A

Agent -

Represents the Principal and Must Follow All the Principals Instructions - Unless Violates the Law

Chap 4

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2
Q

Who Employs the Salesperson, When Broker is the Agent of The Client and Salesperson is Agent of Broker

A

Principal -

Principal Employs Salesperson, When Broker is the Agent of Client and Salesperson is Agent of Broker

Chap 4

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3
Q

Persons represented by Outside Brokerage Firms.

A

Customer -

Represented by Outside Brokerage Firms

Chap 4

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4
Q

If Both Parties are Represented by Your Brokerage Firm. These Parties Are Called?

A

Clients -

Both Represented by Your Brokerage Firm

Chap 4

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5
Q

Fiduciary Duties to client, or C.A.R.L.O.D

  1. Conf________,
  2. Acc______,
  3. R________ Care,
  4. Loy___,
  5. Ob_______,
  6. Dis_______
A

C.A.R.L.O.D - Fiduciary Duties to client

  1. Confidentiality,
  2. Accounting,
  3. Reasonable Care,
  4. Loyalty,
  5. Obedience,
  6. Disclosure

Chap 4

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6
Q

Duties to Customers - 5 (Fiduciary Duties):

Hint: Fairness Honestly Gives Good Faith that Customers Deserved

  1. Fai______,
  2. Hon______,
  3. G____ Faith,
  4. Compen_____,
  5. Dis_____
A

Duties to Customers - 5 (Fiduciary Duties):

  1. Fairness,
  2. Honesty,
  3. Good Faith,
  4. Competency,
  5. Disclosure

Hint: Fairness Honestly Gives Good Faith that Customers Deserved

Chap 4

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7
Q

Agents Not Held Liable For Non-Disclosure Of:

  1. Nat_____ Death,
  2. Su____,
  3. Hom____,
  4. Felo_____,
  5. S___ Offender Area
  6. HIV or AIDS (Handicap Fair Housing Admin 1988)
A

Agents Not Held Liable For Non-Disclosure Of:

  1. Natural death,
  2. Suicide,
  3. Homicide,
  4. Felony,
  5. Sex Offender Area
  6. HIV or AIDS (handicap Fair Housing Admin 1988)

Chap 4

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8
Q

Client’s Duties to Agent:

  1. Comp_________,
  2. Perf_______,
  3. Indem________,
A

Clients Duties to Agent:

Compensation, Performance, Indemnification

Chap 4

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9
Q

Ag_____

Created through Authorization of Principal, may or may not be in writing

A

Agencies -

Created through Authorization of Principal, may or may not be in writing

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10
Q

L_____ A________

What Employment Contract Must Be in Writing, In Order to Collect a Fee in Court, and toComply with Arizona Statutes?

A

Written Listing Agreement -

Must be in Writing In Order to Collect a Fee in Court and Comply with Arizona Statutes.

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11
Q

Ex______ Ag______

Type of Agency Created by“Specific Authorization” From Principal, “Verbally or Written.”

A

Expressed Agency -

“Specific Authorization,” from Principal in “Writing or Verbal.”

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12
Q

Im______ A_____

Type of Agency Created By Actions - not In writing

A

Implied Agency -

Agency Created By Actions - not in writing.

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13
Q

S__-______

What is the Salesperson To the Client called?

If the Broker Is the Agent of the Client. And the Salesperson Is the Agent of the Broker.

A

Sub-Agent -

The Saleperson Is the Sub-Agent to the Client.

If the Broker Is the Agent of the Client. And the Salesperson Is the Agent of the Broker.

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14
Q

Cons____ to Limited Rep_______

When a Dual Agency Exist, Written Permission of Both Parties (Informed Consent) Is Necessary. This is called?

A

Consent to Limited Representation -

When a Dual Agency Exist, Written Permission of Both Parties (Informed Consent) Is Necessary.

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15
Q

(READE) R___ Es____ Ag____ Dis_____ and El____ Form -

At First Substantive Discussion With Client, AZ Agents Should Use This Form.

A

(READE) Real Estate Agency Disclosure and Election form -

At First Substantive Discussion With Client, AZ Agents Should Use This Form.

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16
Q

Unrep_____ Seller Com_______ Ag_______ -

In working with FISBO’s and Making an Offer as Buyer’s Agent, when Seller is Unrepresented.

What Form Maintains Single Agency and Gives Compensation to Buyer’s Agent?

A

Unrepresented Seller Compensation Agreement -

In FISBO Making an Offer as Buyer’s Agent.

This Form Maintains Single Agency and Gives Compensation to Buyer’s Agent.

Chap 4

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17
Q

Person Authorized to Represent Another thru a Power of Attorney

A

Attorney in Fact -

Person Authorized to Represent Another thru a Power of Attorney

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18
Q

Sp_____ (Spec___) Agency -

Limited Authority under Listing and Buyer Broker Agreements

A

Specific (Special) Agency -

Limited Authority under Listing and Buyer Broker Agreements

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19
Q

G_____ Agency -

  1. Agency Used for “Various Duties” - Personal and Business
  2. “Property Management Listings,”
  3. Agent Holds This Type of Agency to Broker.
A

General Agency -

  1. Agency Used for “Various Duties“ - Personal and Business
  2. “Property Management Listings,”
  3. Agent Holds This Type of Agency to Broker.

Chap 4

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20
Q

Un_____ Agency -

Agency has Authority Over All Matters of Principal.

A

Universal Agency -

Authority Over All Matters of Principal

Chap 4

21
Q

Im____ Notice -

Communicated To Agent, Automatic Notice to Principal.

A

Imputed Notice -

Communicated To Agent, Automatic Notice to Principal.

Chap 4

22
Q

Vic_____ Liab____ (Respondeat Superior) -

Concept that Principal is Responsible for Acts of Agent

Respondeat means “Let the Master Answer!”

A

Vicarious Liability (Respondeat Superior) -

Concept that Principal is Responsible for Acts of Agent

Respondeat means “Let the Master Answer!”

Chap 4

23
Q

G______ Liab_____ Ins______

Insures “Broker/Agent” Against Claims - When a 3rd Party Is Injured

A

General Liability Insurance -

Insures “Broker/Agent” Against Claims - When a 3rd Party Is Injured

Chap 4

24
Q

Extra Liablity Insurance for Major Claims and Lawsuits

A

Umbrella Insurance -

Extra Liablity Insurance for Major Claims and Lawsuits

Chap 4

25
Q

What “Does Not” Terminate Purchase Contract or Lease!

A

Death -

Does Not Terminate Purchase Contract or Lease

Chap 4

26
Q

Reasonable Skill and Care 5 (Fiduciary Duty)

  1. Con____ Prep,
  2. Mark____,
  3. Adv____ on Price,
  4. Meeting Dea_____,
  5. Disclosure of Mat____ Facts
A

Reasonable Skill and Care 5 (Fiduciary Duty)

  1. Contract Prep,
  2. Marketing,
  3. Advising on Price,
  4. Meeting Deadlines,
  5. Disclosure of Material Facts

Chap 4

27
Q

Disclosure (Fiduciary Duties) - Agents must make Full Disclosure:

  1. Conf____ of Interest,
  2. Other Off____ on Property
  3. Ag____ Relationship Status
  4. Mat____ Defects
  5. Info Mat____ to Client Int_____
A

Disclosure (Fiduciary Duties) - Agents must make Full Disclosure:

  1. Conflicts of Interest,
  2. Other Offers on Property
  3. Agency Relationship Status
  4. Material Defects
  5. Info Material to Client Interest

Chap 4

28
Q

7 Ways to Terminate Agency:

  1. Perf______,
  2. Mutual Agr_____,
  3. Exp_____,
  4. Revo_____,
  5. Des_____ of Property,
  6. Ba______ (BK),
  7. Death of Prin_____ or Agent
A

7 Ways to Terminate Agency:

  1. Performance,
  2. Mutual Agreement,
  3. Expiration,
  4. Revocation,
  5. Destruction of Property,
  6. Bankruptcy (BK),
  7. Death of Principal or Agent

Chap 4

29
Q

Ag___ -

Relationship When Hired To Act on Behalf of Principal

A

Agency -

Relationship When Hired To Act on Behalf of Principal

Chap 4

30
Q

New Homes Agency -

Agents Represent S____/Bui_____

A

New Homes Agency -

Agents Represent Seller/Builder

Chap 4

31
Q

This Agreement is Binding on Heirs of Buyer and Seller, If Either Dies

A

Purchase Agreement -

Binding on Heirs of Buyer and Seller if Dies.

Chap 4

32
Q

Who is the Agent of the Client?

A

Broker -

Is the Agent of the Client

Chap 4

33
Q

When the Agent Only Represents One Party (Buyer or Seller)

A

Single Agency -

When the Agent Only Represents One Party (Buyer or Seller)

Chap 4

34
Q

A Document through which the Client Authorizes the Agent to Act on His/Her Behalf.

A

Power of Attorney -

A Document through which the Client Authorizes the Agent to Act on His/Her Behalf.

Chap 4

35
Q

Insures Licensees - Against** **Misrepresentations of Material Facts the Licensee Failed to Disclose is called?

A

Errors & Omissions Insurance -

Insures Licensees - Against** **Misrepresentations of Material Facts the Licensee Failed to Disclose

Chap 4

36
Q
  1. One Who Contracts His/Her Services to the Broker and Pays Own (Taxes and Social Secuirty)
  2. IRS Requires: Written Independant Contractor Agmt
  3. Broker Monitor Overall Performance Only
A

Independent Contractor -

  1. One Who Contracts His/Her Services to the Broker and Pays Own (Taxes and Social Security)
  2. IRS Requires: Written Independant Contractor Agmt
  3. Broker Monitors Overall Performance Only

Chap 4

37
Q

What Type of Fiduciary Duty?

The Agent Must Place the Client’s Interest Above the Agent’s Interest

A

Loyalty (Fiduciary Duties) -

The Agent Must Place the Client’s Interest Above the Agent’s Interest

Chap 4

38
Q

What type of Fiduciary Duty?

An Agent Must Follow the Client’s Instructions Unless They Violate The Law.

Violations:

  1. Seller Asks to Violate Fair Housing Laws
  2. Seller Asks Not To Disclose Defects In Property.
A

Obedience (Fiduciary Duty) -

An Agent Must Follow the Client’s Instructions Unless They Violate The Law.

Violations:

  1. Seller Asks to Violate Fair Housing Laws
  2. Seller Asks Not To Disclose Defects In Property.

Chap 4

39
Q

What type of Fiduciary Duty?

The Agent Must Account To the Parties For All Monies the Agent Accepts In the Transaction.

A

Accounting (Fiduciary Duties) -

The Agent Must Account To the Parties For All Monies the Agent Accepts In the Transaction.

Chap 4

40
Q

What type of Fiduciary Duty?

The Agent Must Keep Certain Information Confidential.

Examples

  1. Price Seller will Accept
  2. Price Buyer will Pay
  3. Duty Remains in Effect Indefinately After Expiration.
A

Confidentiality (Fiduciary Duties) -

The Agent Must Keep Certain Information Confidential. What type of Fiduciary Duties

Examples

  1. Price Seller will Accept
  2. Price Buyer will Pay
  3. Confidentiality Remains in Effect Indefinately After Expiration.

Chap 4

41
Q

The Sherman Anti-Trust Act regulates?

  1. Sale of Real Estate Across State Lines
  2. Contracts that Fall Under Statute of Frauds
  3. Brokerage Firms Agreeing to Change Their Fees From Commission Basis to Each Firm Charging Same Flat Rate
  4. Disclosure of Finance Charges in a Loan
A

The Sherman Anti-Trust Act regulates:

  1. Sale of Real Estate Across State Lines
  2. Contracts that Fall Under Statute of Frauds
  3. Brokerage Firms Agreeing to Change Their Fees From Commission Basis to Each Firm Charging Same Flat Rate
  4. Disclosure of Finance Charges in a Loan

Chap 4

42
Q

The Agent shows Several House to a Buyer and tells Him that One House is the Best Investment. What type of Agency may the Saleperson be Creating?

  1. Expressed Agency
  2. Implied Agency
  3. General Agency
  4. Specific Agency
A

The Agent shows Several House to a Buyer and tells Him that One House is the Best Investment. What type of Agency may the Saleperson be Creating?

  1. Expressed Agency
  2. Implied Agency
  3. General Agency
  4. Specific Agency

Chap 4

43
Q

A Special Agent Can Do All of the Following EXCEPT:

  1. Represent the Principal in All Real Estate Transactions
  2. Represent the Principal in a Specific Real Estate Transaction
  3. Sell Land
  4. Find a Ready Will and Able Buyer
A

A Special Agent Can Do All of the Following EXCEPT:

  1. Represent the Principal in All Real Estate Transactions
  2. Represent the Principal in a Specific Real Estate Transaction
  3. Sell Land
  4. Find a Ready Will and Able Buyer

Chap 4

44
Q

A Property is Listed for Sale and Before Expiration the Principal is declared Bankrupt

  1. Terminated
  2. Not Affected
  3. Subjected to Court Review
  4. Transferred to the Trustee
A

A Property is Listed for Sale and Before Expiration the Principal is declared Bankrupt

  1. Terminated
  2. Not Affected
  3. Subjected to Court Review
  4. Transferred to the Trustee

Chap 4

45
Q

All of the Following Situations would Legally Terminate a Listing EXCEPT:

  1. Death of the Listing Salesperson
  2. Revocation By The Seller
  3. Revocation By The Broker
  4. Insanity of The Seller
A

All of the Following Situations would Legally Terminate a Listing EXCEPT:

  1. Death of the Listing Salesperson
  2. Revocation By The Seller
  3. Revocation By The Broker
  4. Insanity of The Seller

Chap 4

46
Q

If One Agent is Exclusively Representing the Seller, and the Buyer’s Broker brings the Buyer and Seller together it would be a:

  1. Single Agency
  2. Dual Agency
  3. Universal Agency
  4. Ratified Agency
A

If One Agent is Exclusively Representing the Seller, and the Buyer’s Broker brings the Buyer and Seller together it would be a:

  1. Single Agency
  2. Dual Agency
  3. Universal Agency
  4. Ratified Agency

Chap 4

47
Q

The Concept that Informaiton given to Client’s Agent has been given to Client is know as:

  1. Caveat Emptor
  2. Respondent Superior
  3. Vicarious Liability
  4. Imputed Notice
A

The Concept that Informaiton given to Client’s Agent has been given to Client is know as:

  1. Caveat Emptor
  2. Respondent Superior
  3. Vicarious Liability
  4. Imputed Notice

Chap 4

48
Q

Agency Types

  1. _____ Agency - LImited Authority (Listing Agmt/Buyer Broker Agmt)
  2. _____ Agency - Broader Authority - Bus and Personal (Property Management/Agent is to Broker)
  3. ______ Agency - Authority in All Matters
A

Agency Types

  1. Special Agency - LImited Authority (Listing Agmt/Buyer Broker Agmt)
  2. General Agency - Broader Authority - Bus and Personal (Property Management/Agent-General to Broker)
  3. Universal Agency - Authority in All Matters

Chap 4

49
Q

Client Agent Liabilities

  1. ________ Communication or Notice to Agent is Communication or Notice to Client
  2. ________ Principle is Responsible for Acts of Agent
A

Client Agent Liabilities

  1. Imputed Notice - Communication or Notice to Agent is Communication or Notice to Client
  2. Vicarious Liability/Respondeat Superior - Principle is Responsible for Acts of Agent

Chap 4

AZ Real Estate Agent License 2020 (23 decks)

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