Chapter 4 Flashcards
What is a special agent?
Single agent assigned to a single project
What is a sub-agent?
The person working under the broker is a sub-agent of the broker. Has the same duties to the client as the broker.
What is a single agent?
Works only for buyer or seller, not both
Has fiduciary responsibility to the principal
What is a transactional broker?
Works for both the buyer and the seller
Has limited fiduciary representation to each principal
What is a principal?
Person whom licensee has entered into a single relationship with.
Can you represent both the buyer and the seller in a single agency relationship?
No, that is an illegal dual agency
Do you have to present all offers to the buyer?
Yes, all offers written or oral, with or without a deposit
What are the duties in a non-representation relationship?
Honesty and Fairness
Disclosures
Accounting for funds
