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law of agency > Ch 2 Agency Relationships > Flashcards

Ch 2 Agency Relationships Flashcards

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1
Q

Special agency is also known as

A

Limited agency

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2
Q

A general agency gives the right

A

To represent the principle in a particular type of transaction or business

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3
Q

The authority that comes from specific instructions, either oral or written is

A

An Express authority

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4
Q

The power to act for the principal and all transactions is what type of agency?

A

Universal agency

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5
Q

If an agent has acted without prior authorization, and then the principal excepts payment, what has happened?

A

Agency by ratification

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6
Q

In order for a agreement to be enforceable, it must be

A

In writing

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7
Q

If an individual grants express authority to the agent to perform an act whether written or oral, what authority was given to the agent?

A

Agency by actual authority

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8
Q

When actions lead one person to assume that another is an agent they have created a

A

Ostensible agency

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9
Q

If an agent takes on powers beyond the scope of authority, given by the principal what type of agency is created

A

Agency by estoppel

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10
Q

In agency couple with an interest this means

A

The agent/broker and close relatives are the owner of a property being so or is interested in the property

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11
Q

A written listing agreement, or buyer representation agreement is evidence that the agency relationship exist, and gives the agent

A

Express authority

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12
Q

Express authority can also come from

A

The principal specific oral instructions given to the agent

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13
Q

Implied authority also means

A

Agency authority.. “The norm” or what is considered customary in the business

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14
Q

Fiduciaries are held to

A

The highest amount of good faith, and are required to exclude all selfish interest and make for disclosure of all relevant facts

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15
Q

What are the three categories or types of agencies?

A

Universal, general, special

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16
Q

Universal agency is created with

A

A power of attorney

17
Q

As a universal agent, the individual has the power

A

To act for the principle in all transactions

18
Q

As a general agent

A

The individual has the right to represent his or her principal in a particular type of transaction or business

19
Q

What is the most common example of a general agent in real estate?

A

Property manager

20
Q

What are brokers not responsible for?

A

Timely renewal of licensing for license holders, CE requirements, adequate opportunities for generating income, company, car, health, insurance, vacation or disability benefits

21
Q

What is the most limited agency of all agencies?

A

Special agency

22
Q

In a special agency relationship

A

The agent may only perform limited duties for the principal they must only follow instructions of the principal.

23
Q

In real estate, what agreements establishes a special agency relationship between the broker and a seller or landlord

A

Listing agreement and a buyer tenant representation agreement

24
Q

What is the acronym for fiduciary duties to clients?

A

OLDCAR

25
Q

What does OLDCAR stand for?

A

Obedience, loyalty disclosure, confidentialities, accounting, and reasonable care

26
Q

Obedient means

A

An agent must follow all the clients lawful instructions

27
Q

Loyalty means

A

Putting the interest of a client first

28
Q

True or false: the license holder must present only some of the offers on your listing

A

False they must present all offers to the seller

29
Q

In a disclosure, an agent has what Duty

A

To disclose all information relating to the property and all properties in the transaction

30
Q

What do material facts include?

A

Defects in the title, encroachments, floodplain information, leases on the property, and any environmental issues affecting the property

31
Q

At first contact with a party to a potential transaction what must a license holder this close to that party?

A

Whom he or she represents

32
Q

True or false: an agent must keep any confidential information he or she learns about a Client confidential forever

A

True

33
Q

The mixing a client funds with a brokers, business operating or personal funds is

A

Commingling

34
Q

If a broker spends his or her clients funds without authorization, that broker is guilty of

A

Conversion

35
Q

When an agent in a potential party, enter a substantive discussion of a real estate transaction the party must be provided?

A

Information about brokerage services (IABS)

36
Q

What is the best way to secure a buyer as a client?

A

It is best accomplished by using a buyer representation agreement to formally established the brokers agency relationship with the buyer

37
Q

An example of a general agent in the world of real estate would be a

A

Property manager

law of agency (6 decks)

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