Chapter 3 State Handbook Flashcards
Name three kinds of agency
Universal, General, and Special
How is an agency representation agreement created?
Through written agreement
What are the four types of agency relationships?
Nonagency
Agency representation
Limited dual agency representation
Limited dual agency with Assigned Agents
When should the Commission brochure/Agency Disclosure Brochure/Blue brochure be given to a client?
At first substantial business contact
What are the duties and obligations owed to a Customer?
Disclose to the buyer or seller customer, any adverse material fact actually known or reasonably should have been known
Assist buyer and seller in sale or purchase
Perform acts with honesty, good faith, reasonable skill and care
Properly account for moneys placed in care
Can the duties to a customer be waived?
No
What are the duties to client? (Hint: there are 11)
- Perform to the terms of the written agreement
- Exercise reasonable skill and care
- Be available to present all written offers
- Promote best interest of client in good faith, honesty and fair dealing
- Properly account for moneys
- Maintain confidentiality
- Unless in writing, NO duty to verify accuracy of completeness of any statement regarding property
- Duties are mandatory and cannot be waived
- Nothing prohibits the broker from charging a separate fee for each service provided
- Imputed knowledge between multiple licensees will not result when neither has reason to know such things
- A brokerage may represent 2 or more buyers bidding for same property providing such buyers have been notified.
What 4 items can you not disclose as a limited dual agent?
- The buyer is willing to pay more than asking price
- The seller will accept less than asking price
- Factors motivating the buyer to buy or seller to sell
- That buyer or seller will agree to price or financing terms other than those offered.
Is Idaho agency representation fiduciary?
No, it is based on statutory law.
Does Idaho have vicarious liability?
No, it is abolished. A buyer or seller is not liable for a broker’s actions and vice versa.
What 2 requirements does an agent have have client relationship termination?
- Account for all moneys and property received
2. Maintaining all confidentiality of all information.
What 5 provisions need to be in the seller representation agreement?
- Beginning and ending dates
- Sufficient description of the property
- Price and terms
- All fees and commissions
- Signature and date of the owner
What 4 provisions need to be on a buyer representation agreement?
- Beginning and ending dates
- All financial obligations, including fees and commissions
- Manner of how fee/commission will be paid to broker
- Signature and date of the buyer
Does a written agreement for compensation constitute an agreement for agency?
No, it can be fee for service.
