Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Carpe Diem > CH 1 - Brokerage Relationships > Flashcards

CH 1 - Brokerage Relationships Flashcards

1
Q

Agents may not provide ANY ________ without an agency relationship.

A

professional services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

A legal instrument authorizing one to act as another’s attorney or agent.

A

Power of Attorney

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

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

A

Attorney-in-fact

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

One who desires the services of an Agent, but opts not to establish an agency relationship.

A

a customer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

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

A

a proxy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

The ___________ will always be the Agent in every real estate transaction.

A

broker-in-charge

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

A licensee may act as a disclosed dual agent only with __________________________________.

A

the prior informed and written consent of all parties.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Same BIC, different licensees…

A

Designated Agency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

The public has a right to assume that licensed real estate agents ____________________ and that the information provided is _________.

A

know what they are talking about; accurate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

One authorized to conduct business on behalf of a client with a very broad authority. ______ Agent

A

Universal Agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

One authorized to represent a client on behalf of another agent. _______ Agent

A

General Agent (licensee)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Typically the Broker-in-Charge for a principal. ________ Agent

A

Special Agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is an Undisclosed Principal?

A

When an agent represents a Principal without disclosing who the Principal is, or even that they are representing a Principal.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

While representing an Undisclosed Principal, it’s as if the agent is ______________________.

A

acting for and by himself without a principal.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

South Carolina requires that all agency agreements be _______________.

A

in writing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Written agency agreements are considered to be __________ in nature.

A

personal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

_________ never expires.

A

confidentiality

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Name the 6 obligations of an agent to a client.

A 
O bedience
L oyalty
D isclosure (full)
C onfidientiality
A ccounting
R easonable care & Diligence
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Name the 4 obligations of an agent to a customer.

A

H onesty
F airness
C are
D isclosure

20
Q

Name 3 instances where it is permissible for an agent to disclose confidential information.

A
  1. When the principal grants permission
  2. When it is required by law
  3. When disclosure is required to defend oneself against accusations of wrongful conduct before a legal standards hearing board
21
Q

3 fiduciary duties that are limited, in dual agency

A

Obedience, Loyalty, Disclosure (OLD)

22
Q

3 fiduciary duties that are NOT limited, in dual agency

A

Confidentiality, Accounting, Reasonable Care (CAR)

23
Q

Procuring Cause

A

the agent who brought the buyer and ultimately caused the buyer to purchase the property, no break in chain of events.

24
Q

Indemnity

A

earnest money; securing another party against loss or damage

25
Q

Seller leaving a house during a showing to a buyer is an example of ____________

A

good conduct

26
Q

True or False? An agent must disclose all property defects he/she knows about.

A

True

27
Q

Agency relationships must be explained when?

A

during the first substantive contact

28
Q

When explaining agency relationships to a customer, what should be provided?

A

the Agency Disclosure Brochure

29
Q

Agency disclosure requirements do not apply if (3 scenarios):

A
  1. rental / lease of residential or commercial
  2. the licensee is soliciting business
  3. sale of property by auction
30
Q

Seller/buyer can hire as many agents as they want and pays commission to agent who sells, or can do FSBO with no commission.

A

Open Listing

31
Q

Seller/buyer may only hire one agent but retain the right to sell FSBO and not pay commission.

A

Exclusive Agency Listing

32
Q

Seller/buyer pays commission regardless of how purchase/sale occurs.

A

Exclusive Right to Buy/Sell Listing

33
Q

Agreement where seller sets a reserve price, and the agent gets the difference/surplus from sale. Not legal in SC.

A

Net Listing

34
Q

Two fiduciary duties never expire after agency is terminated:

A

accounting and confidentiality

35
Q

Same broker acting for both the buyer and seller in the same transaction.

A

dual agency

36
Q

A broker has a ________ relationship with his client.

A

fiduciary

37
Q

What is needed for a broker to legally collect commissions from both the buyer and seller?

A

Prior knowledge and written consent of both the buyer and seller

38
Q

Someone who refuses buyer representation is a _______.

A

customer

39
Q

How is a broker’s commission determined in a real estate transaction?

A

It must be stated in the listing agreement and is negotiated between broker/seller

40
Q

Which two listing agreements allow owners to sell their own property without having to pay agent commission?

A

open listing and exclusive-agency listing

41
Q

Which listing agreement requires the owner to pay agent commission regardless of who sells the property?

A

exclusive-right-to-sell listing

42
Q

If the principal or broker dies, a listing agreement becomes:

A

terminated automatically due to death

43
Q

If the salesperson / licensee dies, the listing agreement is:

A

still in effect because the agreement is between the BIC and Principal

44
Q

True or False: Bankruptcy of the principal will terminate an agency relationship.

A

True

45
Q

A licensee owes _______________ to a customer.

A

honesty and fair dealing

Carpe Diem (14 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions