Chapter 3 Flashcards
What is necessary in all advertisements for Real Estate?
Name of broker and firm.
Can a licensee send an unsolicited email?
Spam is not okay for licensed activity.
What doe the term “brokerage relationship” mean?
Page 34 2a.
What does the term “agency mean”?
Page 34 1 a.
What is a licensee obligated to for a landlord?
Page 34 1a.
Does the source of a commission determine the brokerage relationship?
No
What is needed for a licensee to receive a commission?
A written listing contract, without one no commission can be paid.
What does “material fact” mean?
Anything piece of information what would likely to induce a reasonable person to enter into or not enter into or consummate a real estate transaction.
What does “ministerial acts” mean?
Any routine acts which a licensee can perform for a person which do not involve discretion or the exercise of the licensee’s own judgement.
Who are the nine types of people exempt from Disclosure of Real Property?
Page 39-40
How many years must a licensee keep copies of proof of disclosure on completed transactions?
3 Years
What is needed to act in a dual representative capacity?
Written disclosure to all parties.
How many Federal Protected Classes are they ?
7
What are the Federal Protected Classes?
Race Color Creed (Religion) National Origin Gender Familial Status Physical & Mental Disability
How many protected classes are there in DC Fair Housing?
19
Name the DC Fair Housing protected classes.
Disability, Race, Source of Income, Age, Retaliation, Sex, National Origin, Religion, Personal Appearance, Family Responsibilities, Familial Status, Political Affiliation, Sexual Orientation, Marital Status, Color, Genetic Information, Gender Identity or Expression, Matriculation, Status as a victim of intra-family violence.
Who is a client?
A person who has entered into a brokerage relationship with a licensee.
Who is a customer?
A person who has not entered into a brokerage relationship but for whom a licensee performs ministerial acts in a real estate transaction.
Who is a designated agent or designated representative?
A licensee who has been assigned by a principal or supervising broker to represent a client when a different client is also represented by such principal or broker in the same transaction.
What is a dual agent or dual representative?
A licensee who has a brokerage relationship with both seller and buyer, or both landlord and tenant, in the same real estate transaction
