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National License > Chapter 2 - Brokerage, Agency, The Licensee > Flashcards

Chapter 2 - Brokerage, Agency, The Licensee Flashcards

1
Q

Agent

A

one who acts or has the power to act for another

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2
Q

Principal

A

CLIENT

main party to a transaction

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3
Q

What three things can an agent be

A

Individual, corporation, or partnership

who represent someone in a real estate transaction

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4
Q

What are the 3 types of agents

A

G-U-S
Gus is my agent, he is my friend! Gus could be:

General Agent
Universal Agent
Special Agent

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5
Q

Special Agent

What power of attorney do they have?

A

Facilitates one particular act or transaction

Limited power of attorn

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6
Q

General Agent

A

Property Manager

Facilitates ongoing service related to a partciular job

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7
Q

Universal Agent

What power of attorney do they have?

A

Have greatest amount of authority
Can do anything for you
Full power of attorney

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8
Q

How is agency created?

A

Implied Agency

Expressed Agency

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9
Q

Implied Agency

A

Someone believes they are being represented by actions, behavior or words agent uses

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10
Q

Whats another name for Implied Agency

A

Ostensible Agency

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11
Q

Expressed Agency

A

Takes place orally or in writing, no room for misunderstanding
Facts made clear

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12
Q

whats Ostensible agency

A

implied agency

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13
Q

Fiduciary

A

Your relationship with a client that requires trust and loyalty
One who confidence is placed
Acting in best interests of client

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14
Q

Fiduciary Relationship

A

Between sales person and client

Between sales person and broker

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15
Q

What do customers (3rd party) deserve

A

honesty (about material facts)
fairness
accuracy (of facts)

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16
Q

Duties to client

A 
Care
Loyalty
Obedience
Confidentiality 
Accounting
Full Disclosure
17
Q

Who is represented, a customer or client?

A

Client

18
Q

Procuring Cause

A

Effort that brings about desired reults. Who is the cause of the sale and receives commission.

19
Q

Dual Agency

A

Representing two parties (buyer and seller in transaction). Must be in writing.

20
Q

Caveat Emptor

A

Buyer Beware

They have responsibility for reasonable investigation

21
Q

Commissions

A

Paid by consumer to broker they sign with.
Sales person only allowed to receive commission from Broker.
Exchange of properties can bring about commission or two sales.
Broker may receive compensation for services wihtout representing the party that paid the fee.

22
Q

What act prohibits real estate agents from conspiring

A

Sherman Anti Trust Law

23
Q

When are commissions earned?

A

When a ready and will buyer is produced

24
Q

When are commissions paid?

A

When a client closes.

AT CLOSING

25
Q

Sherman Anti Trust Act Rule

A

Prohibits sales people from

1) price fixing
2) dividing territories
3) Agreements to not deal with another person or business
4) Refuse to provide service unless customer buys another service

26
Q

Lead Paint Disclosure (YEAR)

A

Required for housing built before 1978

  • Give EPA info
  • Disclose known hazards
  • Sellers provide 10 day period to conduct pain inspection
  • Sellers and lessors retain copy of disclosures for no less than 3 years from date of sale or lease
27
Q

Can Spam Act

A

Rules for commercial email

  • No false misleading header info
  • Identify message as ad
  • Tell receipient how to opt out and honor that
  • Monitor others actions on your behalf
28
Q

Do-Not-Call Exemptions

A

Charities, non-profits
Politcal campaigns
Surveys

  • Consumers who had a relationship up to 18 months before end of transaction
  • Consumer who makes inquiry, you have 3 months to call them
  • Persons granting permission in WRITING
29
Q

Do-Not-Call FSBO’s

A
  • can only call for client who wants to discuss sale of property
  • cannot solicit for owner to register property with sales person
30
Q

Electronic Signatures

A

E signatures are legal

E Sign 2000
UETA 1999

31
Q

Required disclosures

A

All disclosures should be made UP FRONT

  • Licensees must disclose to agents and other parties how they serve their consumer (client or customer)
  • Individual consumer must be made aware of the service they are to receive (client or customer)
  • All known defects must be disclosed
  • If licensee is personally involved as THE seller or buyer, they must disclose they are licensed
32
Q

Independent contractors

A

Set own hours
Have no social security withheld
Pay own expenses
Sign agreement with broker to represent them

National License (17 decks)

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