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Real Estate Notes > Brokerage Relationships > Flashcards

Brokerage Relationships Flashcards

1
Q

A consensual relationship authorizing a broker to act on the behalf of and represent a client in a real estate transaction. The client retains the relationship. And controls the agent. Agents may not provide and professional services without an agency relationship.

A

Agency

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2
Q

An agent of a principal that stands in a special relation of trust, confidence, or responsibility in certain obligations to others.

A

Fiduciary

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3
Q

A client who empowers another agent to act as their representative in a real estate transaction.

A

Principal

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4
Q

The party for which professional services are rendered, as by a real estate broker. Under law of agency, clients are those which have entered into a written agency agreement for representation by an agent.

A

Client

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5
Q

Broker in Charge of a real estate company. Affiliated licensees are not agents to the principal.

A

Agent

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6
Q

An agent who is appointed by the broker in charge. And for whom the principal agent is responsible for. The broker in charge will employ subagents to represent that principal in their behalf.

A

Subagent

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7
Q

One who desires the services of an agent, but opts not to establish an agency relationship for legal representation. Agents must be sure to clearly explain the agency relationships to all potential buyers and sellers of real estate. After the relationship is explained and the potential buyer and seller decides to use agency services w/o the agent.

A

Customer

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8
Q

A legal instrument authorizing one to act as another attorney or agent to the extent authorized in this document.

A

Power of Attorney

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9
Q

An attorney or agent who may or may not be a lawyer who is given written authority to act in another’s behalf as specified by a power of attorney.

A

Attorney in-fact

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10
Q

Body of law that is based on custom and general principles and embodied in case law and that serves as precedent or is applied to situations not covered by statute.

A

Common Law

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11
Q

When an Agent represent only one client in the same real estate transaction (either buyer or seller)

A

Single Agency

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12
Q

when the agent represents two clients in a real estate transaction. (buyer and seller)

A

Dual Agency

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13
Q

An agent legally authorized to act on behalf of another party (client)

A

Proxy

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14
Q

The practice of a real estate agent only representing the seller in a real estate transaction

A

Seller Agency

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15
Q

The practice of a real estate agent only representing the buyer in a real estate transaction.

A

Buyer Agency

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16
Q

Those acts that a licensee may perform for a person that are informative in nature. No professional services or obligations are provided.

A

Ministerial Acts

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17
Q

When an agent may designate an individual associated licensee to act solely on behalf of a client. The designated agent has a duty to promote the best interest of their client, including negotiating a price. The broker-in-charge will remain the dual agent.

A

Designated Agency

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18
Q

Transactional brokers only perform ministerial acts for both parties. There is no agency relationship or fiduciary responsibilities and do not provide any representation for either party. Transactional Brokers only serves as a facilitator in attempt to bring the buyer and seller to agree on terms of the purchase and sale of real estate.

A

Transactional Broker (Neutral)

19
Q

What is power of attorney?

A

A document

20
Q

Who is considered third party in a real estate transaction?

A

Home Appraiser, Attorney, etc.

21
Q

What does MLS stand for? What can you do with it? How much information must listing agent disclose?

A

Multiple Listing System; List house and search houses.; Listing Agents must disclose all information about the property for sale.

22
Q

What brokerage relationships are legal in SC?

A

Seller Agency, Buyer Agency, Disclosed Dual, Disclosed Designated, Transactional Brokerage.

23
Q

Has very broad authority when acting for the principal.

A

Universal Agent

24
Q

Is the agent of an agent such as a sub agent.

A

General Agent

25
Q

Is the agent, such as the broker in charge

A

Special Agent

26
Q

Can tell the other party who the principle is and that you represent them.

A

Disclosed Principle

27
Q

Cannot tell who the principle is or that you represent them.

A

Undisclosed Principle

28
Q

Cannot tell who the principal is but can say that you represent them.

A

Partially Disclosed Principle

29
Q

What must brokerage relationships be?

A

-Contractual
-Consensual
-must have an agency agreement to provide professional services.

30
Q

What are the six fiduciary duties an agent must give or have?

A

-Obedience
-FULL disclosure
-Loyalty
-Care and Diligence
-Accounting
-Confidentiality

31
Q

What are the six fiduciary duties an agent must give or have?

A

-Obedience
-FULL disclosure
-Loyalty
-Care and Diligence
-Accounting
-Confidentiality

32
Q

What are the six qualities a client must have?

A

-Good conduct
-Reimbursement
-Indemnity
-Opportunity
-Compensation
-Good Faith

33
Q

What must you disclose to all customers and clients?

A

ALL defects to property

34
Q

How is agency is created?

A

-Law requires all agency agreements to be established in writing.
-Verbal/Oral agreement are considered implied agency (Illegal in SC)
-If the principal believes the agent is representing them with no written agreements. It is considered Implied agency.

35
Q

Can you keep anything confidential with CUSTOMERS?

A

NO, customers are not clients

36
Q

What is a Buffer Zone?

A

Strip of land used to separate two conflicting zone types.

37
Q

What is Spot Zoning?

A

Occurs when a small area in an existing neighborhood is singled out and placed in a different zone from neighboring property.

38
Q

What is Non-conforming Use?

A

exist when a property is currently being used for some purpose other than what the property is zoned for.

39
Q

What are variances?

A

Permits a change in the specifications required by the zoning ordinance.

40
Q

What are the five categories of real property zoning?

A

-Residential
-Commercial
-Industrial
-Agricultural
-Special Purpose

40
Q

What are the five categories of real property zoning?

A

-Residential
-Commercial
-Industrial
-Agricultural
-Special Purpose

41
Q

What are zoning laws?

A

Regulations/Restrictions on how land can be used.

42
Q

What is Escheat?

A

Reversion of property to the state when one dies intestate with no legal heirs.

Real Estate Notes (1 decks)

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