Brokerage Practice Flashcards
A kind of listing, as to form, where it can be through vocal.
Verbal listing
A brokerage is a firm that acts as an intermediary between .
a purchaser and a seller
Refers to a record of all important copies of all documents of transaction.
Report
Refers to the consideration which is entrusted to the third party.
ESCROW
A real estate dealer is a principal.
TRUE
The real estate broker must be ___ to the principal.
LOYAL
Refers to the type of listing that can be given to more than two brokers
Open listing
Has both the willingness and the capacity to buy the property.
PROSPECT
Broker entitled for a commission if he is the .
Procuring cause
Real estate broker as profession, real estate dealer A.
BUSINESS
Professional fee is payable in full upon .
Consummation of the contract
The relation between one who reposes confidence in another who acts as his agent, based on trust and confidence
Fiduciary
An outside broker who joins with another broker in the sale of real property.
Cooperating broker
A clause contained in a listing that provides protection for the broker.
Protection clause
One who stays on the leased premised after his lease has expired,
Hold over tenant
A tenant that continues from period to period such as month to month.
Periodic tenant
A lease with fixed rent for an initial term and provision for predetermined increases at specified interval.
Step up lease
A estate that exist when tenant wrongfully remains after the expiration of a lease.
Tenancy at sufferance
Tenancy that can be cancelled anytime by landlord or tenant.
Tenancy at will
Replacing one party in an existing contract with a new player and releasing the first party of all liability.
Novation
To pledge something as collateral without giving up possession.
Hypothecate
A legal document in which property is transferred to third party trustee as security for an obligation.
Trust deed
Refers to the land and all those items which are attached to the land
REAL PROPERTY
Performs his acts on behalf of another.
BROKER
The process of reconciling the opposing views of the parties to the transaction.
Negotiation
The system of combining all properties into a common list.
Multiple listing
The broker can act as fiduciary.
TRUE
Seller sets a minimum acceptable selling price.
NET LISTING
Finds a specified property in exchange for the principal’s property.
Exchanged Agency
Any person who earns profit from his investment.
Real estate dealer
The business of making sales and purchases for a commission.
brokerage
Collect personal information about the client for the lender including employment and medical history.
broker
Broker or dealer shall deal in or otherwise buy or sell, for its own account or for the account of customers.
broker only
