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Real Estate License - Michigan > Chapter 11 - Agency > Flashcards

Chapter 11 - Agency Flashcards

1
Q

A Principal can be what four things?

A

Buyer
Seller
Landlord
Tenant

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2
Q

A Agent is the ______

A

Broker

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3
Q

The Subagent is the ________

A

Salesperson

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4
Q

The definition of Agency

A

one person called the principal empowers the agent to person a service

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5
Q

The person a agency relationship empowers is called the…..

A

Principal

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6
Q

The person or entity who has been empowered to perform

A

The Agent

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7
Q

y The person under “the agent” who has been empowered to person a service

A

The Sub-Agent

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8
Q

Fiduciary duties in a agency relation are owned to whom?

A

The Principal or Client

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9
Q

Vicarious Liability

A

The Broker is responsible for the actions of the agent

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10
Q

Expressed Agency

A

Say it or in Writing

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11
Q

Implied Agency

A

When you lead someone to believe you represent them by your actions

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12
Q

Ostensible Agency

A

When a third party gets involved but they don’t know they are responsible

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13
Q

Universal Agency

A

Agent is empowered to do everything

ex. Power of Attorney

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14
Q

General Agency

A

Agent is empowered to specific duties

ex. Property Manager

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15
Q

Special Agency

A

Agent is empowered to do one thing

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16
Q

The agency relationship is defined by

A

The laws of agency

17
Q

Client Vs. Customer

A

Client is a person you represent and owe fiduciary duties to
Customer is a third party who you have no agency with

18
Q

Three things you owe a Customer

A
  1. Honesty and Fairness
  2. Exercise reasonable care and skill
    3, Disclosure any known hidden defects
19
Q

Latent Defect

A

Hidden defects which must be disclosed if they are known

20
Q

Patent Defects

A

Visible and must be disclosed if they could be missed

21
Q

Eight Ways to Terminate a Agency Relationship

BADDMICE

A 
Bankruptcy of either party 
Abandonment (walk away from the relationship) 
Death of either party 
Destruction
Mutual Agreement 
Incompetence (deemed by court) 
Completion 
Expiration
22
Q

Puffing

A

Legal exaggeration when describing a property

23
Q

Caveat Emptor

A

Buyer is responsible for the due diligence

24
Q

Single Agency

A

When the agent represents one side of the transaction

25
Q

Dual Agency

A

When the agent represents both sides of the same transaction

26
Q

Transactional Coordinator

A

No agency or fiduciary duties owed

27
Q

Designated Agency

A

Office policy of a broker to minimize dual agency conflicts - have to name who you have agency to

28
Q

Agency Disclosure Law (Michigan)

A

Requires all licensees to disclose all agency relationships to a potential client prior to any confidential info being shared

Real Estate License - Michigan (5 decks)

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