Chapter 4 Flashcards
An agent that is empowered to perform a single act on behalf of his or her principal has a
Special agent
Written statues that have been enacted by an appropriate unit of government
Statutory law
Has the principals limited authority to act for him or her, to a specific trade or business
General agent
Authorized to act as the principal without limitations
Universal agent
A sub agent is a party who has been granted authority to act on behalf of another agent
Subagency
To avoid illegal dual agency, a broker cannot represent both buyer and seller. A type of form
Consent to transition to transaction broker
In a non residential transaction, a broker may assign one or more sales to represent a seller and a buyer only if both parties have assets of
1,000,000 or more
Broker Failure to present any and all offers may be considered
Concealment or breach of trust
Who owes fiduciary duties in an agency
The broker only
Brokers are required to retain copies of all disclosure documents for transactions for a period of a least
5 years
Brokerage relationship disclosure act?
The purpose served by disclosures in a real estate transaction is to both inform and educate the public
Transaction broker?
Is a broker who provides limited representation to a buyer, a seller, or both, in a real estate transaction.
Single agent?
Is a broker who represents, as a fiduciary, either the buyer or seller but not both in the same transaction
Transition to transaction broker?
A single agent relationship may be changed to a transaction broker relationship at any time during the relationship between an agent and principal.
No brokerage relationship notice?
Must be described and disclosed in writing before showing a property.
