Agency Relationships & Managerial Duties Flashcards
What is Agency
Describes the relationship between the real estate professional and the person or persons being represented
What is Law of Agency
Describes the rules surrounding the relationship between the real estate professional and the person being represented
What is an Agent
is someone who acts on someone else’s behalf, at that person’s requests
Does Agency relationships require agreement from both parties
Trues
Once there is agency relationship the consumer becomes a what
Client
Once there is agency relationship what does the agent become to the client
Fiduciary
What is Fiduciary
a person who’s in a position of trust and owes loyalty to another
What is principal
This term has two meaning in real estate
a client
a party to a transaction
What is a customer
is someone with whom an agent doesn’t have an agency agreement but who is still a principal to a transaction
Non agent or transactional broker does not engage in agency relationships. She can assist customers with ministerial tasks but must not provide any kind of information that isn’t strictly fact-base.
True
What can lead to undisclosed dual agency or misrepresentation
when a client is treated like a customer or a customer is treated like a client, those duties are violated
What are three types of agents
Special or limited agents
General agents
Non-agents
What are a special or limited agents
also knows as designated agent, appointed agent or assigned agent
Are hired to preform one specific duty for the client
Ex. when you get a listing you are hired for one reason only to find a buyer for the listing.
General agent
Can perform any and all acts associated with the principals ongoing business the agent has been appointed to act in
Means the agency relationship is continues and on going like a property manager.
What are universal agents
