Brokerage Relationships (11 items, 15%) Flashcards
A listing agreement must be in writing to form an ______ relationship.
agency
A transaction-broker listing could be ______, but it is unwise.
oral
The listing contract must identify:
- the _______
- State the sale’s ______ and _________.
- Contain the ________ of all involved _____.
- Have an ________ _____.
- the property
- terms and conditions
- signatures; parties
- expiration date
In an ______ listing, the seller can have several _________ marketing the property and only pay a commission to…
open
brokers
the broker who finds the buyer.
RULE E-13
Sometimes called a “____-______” rule.
Makes it illegal to attempt to ________ parties involved in an agency agreement by soliciting _________ or _______ of another broker.
“sign-crossing”
alienate
listings or buyers
Even after a listing agreement or a buyer agreement expires or terminates because of a _________ sale, the broker still owes the principal…
all related duties of __________ and _________.
successful
accounting and confidentiality.
If no _____ is stated in a buyer agency agreement, the agreement expires __ _____ after the date of engagement.
date
1 year
The holdover period, if not stated in the contract, is ___ days.
60
*ADVERSE MATERIAL FACTS* For a buyer/tenant, this would include: -\_\_\_\_\_\_\_\_ in title - \_\_\_\_\_\_\_\_ condition -\_\_\_\_\_\_\_\_\_\_ hazards.
For a seller/landlord, this would include, but not be limited to:
-knowledge of negative ________ _______ of the buyer.
- defects
- physical
- environmental
financial conditions
BLIND AD
An illegal ad that does not identify the _________ ____, leading readers to believe that the advertised property is for sale by a ________ ________.
brokerage firm
private party.
COMMINGLING
Mixing _______ belonging to others with _______ or _______ funds.
Illegal commingling includes:
-Failing to maintain such money in identified _______ ________.
money
personal or business
escrow accounts.
Funds from property management must be put into escrow within __ days.
5
A broker managing any type of property must use whose escrow account?
Employing broker
GENERAL AGENCY
Created when an agent is given broad ranging ______ to represent a principal in a particular business or activity.
The general agent may bind the principal to any contract within the scope of the ________ agreement.
A _________ manager is usually a general agent.
power
agreement.
property
INTERPLEADER ACTION
When a _____ action is filed to determine the disposition of earnest money, a broker may seek a _____ __________, called an interpleader action, to _______ the funds with the court.
civil
court authorization,
funds
MATERIAL DEFECTS
________ facts relating to a property of such significance they would affect a person’s ________ to enter into the contract.
Failure to disclose ________ about a specific property could result in a charge of ____________ against the seller and the broker.
Negative
decision
defects
misrepresentation
NEGATIVE CONSENT
When there is a ________ in the contract, such as failure to deliver the seller’s ______ ________ by the specified contract date, the receiving party (buyer), if they take no action, waives the right to __________ the agreement if notice isn’t given by the _________.
default
property disclosure
terminate; deadline.
STIGMATIZED PROPERTY
Disclosing information that might ______ the _____ of the property but is not an _________ ________ fact.
An example of a stigmatizing statement would be, “The previous owner died of ________.”
hinder the sale
adverse material
AIDS.
VICARIOUS LIABILITY
A principal’s ______ for the acts of an ______ when the agent is acting within the scope of the agent’s employment.
Vicarious liability has been _________ in Colorado, unless the principal directed or ratified actions of the agent that were ________ or __________.
liability
agent
eliminated
fraudulent or dishonest.
