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NJ Real Estate > Chapter 3 Agency, Brokerage and Ethical > Flashcards

Chapter 3 Agency, Brokerage and Ethical Flashcards

1
Q

Regulations prohibiting price-fixing

A

Antitrust Law Also know as Sherman Antitrust Act

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2
Q

agent who takes a buyer as the principal

A

Buyer’s Broker

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3
Q

Broker’s usual compensation

They are usually are earned when…

A

commission
*the seller accepts the buyer’s offer without conditions.
paid within 10 days of receipt by the broker

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4
Q

third party in a transaction, not the principal

A

customer

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5
Q

revealing to another any pertinent information

A

Disclosure

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6
Q

brokers taking both parties as principal

A

Dual agency

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7
Q

one authorized to act for another

A

agent

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8
Q

person authorized to act under a power of attorney

A

attorney in fact

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9
Q

salesperson whose broker pays social security, regulates hours, etc

A

employee

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10
Q

trust and confidence between parties

A

fiduciary relationship

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11
Q

principal who engages and agent

A

client

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12
Q

one empowered for a wide range of actions

A

general agent

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13
Q

one who owes special duties to another

A

fiduciary

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14
Q

intentional or unintentional misleading of another who is harmed thereby

A

fraud

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15
Q

one authorize to act for another in real estate transactions

A

broker

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16
Q

written explanation of a business relationship

*They are usually required for transactions involving

A

consumer information statement

1 to 4 family dwellings.

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17
Q

one who works for both the seller and the buyer

A

Disclosed dual agent

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18
Q

agent of an agent

A

subagent

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19
Q

agreement between a buyer and seller on major points

A

meeting of the minds

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20
Q

contract by which the owner retains a broker to find a buyer

A

Listing agreement

21
Q

harmless exaggeration as salesmanship

A

Puffing

22
Q

illegal sharing of a commission with seller

A

Kickback

23
Q

one authorized to act for another in a specific transaction

The legal relationship between a broker and seller is generally……

A

special agent

24
Q

one qualified and prepared to purchase

A

ready, willing and able buyer

25
Q

person licensed to assist a real estate broker

A

salesperson

26
Q

salesperson who sets own hours, pays own estimated income taxes, etc.

A

independent contractor

27
Q

problem not discoverable by normal prudent inspection

A

Latent defect

28
Q

rules governing conduct of agents

A

law of agency

29
Q

the one employing and agent; the client

A

Principle

30
Q

the one who brings about a sell

A

Procuring cause

31
Q

written authorization of agency

A

power of attorney

32
Q

one who facilitates a transaction without functioning as an agent

A

Transaction Broker

33
Q

legislation requiring that communities be alerted to the presence of sex offenders

A

Megan’s Law

34
Q

competence normally expected

A

standard of care

35
Q

fraud committed by someone who should have known better

A

Negligent misrepresentation

36
Q

intentional fraud

A

fraudulent misrepresentation

37
Q

member of private national organization

A

Realtor

38
Q

designation awarded for advanced study

A

graduate Realtor institute

39
Q

private nationwide organization of brokers and salespersons

A

national association of REALTORS

40
Q

problem when serving best interests of both the client and oneself

A

conflict of interest

41
Q

real estate equivalent of malpractice coverage

A

errors and omissions insurance

42
Q

standards of conduct adopted by REALTORS

A

code of ethics

43
Q

statewide group of real estate licensees who choose to join

A

New Jersey REALTORS

44
Q

unintentional deception committed in ignorance

A

innocent misrepresentation

45
Q

Agent to his principal fiduciary responsibilities

A

O-L-D-C-A-R
Obedience, loyalty, disclosure, confidentiality, accounting and reasonable care.
*The duty of loyalty forbids the seller’s broker to suggest an offer under the listed price.

46
Q

“A broker must be employed to recover a commission for his of her services” means

A

someone must have agreed to pay a commission to the broker for selling the property.

47
Q

NJ consumer fraud act

A

allows exemption from liability in some circumstances.

48
Q

Off site conditions (two disclosures)

A
  1. new construction- 5 day period in which the purchaser may cancel the contract.
  2. existing properties- no such claim.
49
Q

what are the three things taken place during a meeting of the minds?

A

price
down payment
financing method

NJ Real Estate (21 decks)

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