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Real estate > Chapter 4 > Flashcards

Chapter 4 Flashcards

1
Q

what is agency?

A

describes that special relationship

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2
Q

What is agency governed by?

A

two kinds, common law, and statutory law

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3
Q

how is agency governed in IL?

A

It is governed by statutory law

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4
Q

how is law of agency defined in IL?

A

defines the rights and duties of the principal and the agent

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5
Q

what is a agent?

A

a person who is authorized and consents to represent the interest of another person. in the real estate business, a firm sponsoring broker is the agent and shares the responsibility with the broker who work for them.

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6
Q

what is agency?

A

a relationship in which consumer has given consent to real estate broker to represent the consumer in property transaction.

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7
Q

What is brokerage agreement?

A

a agreement made verbally set out in writing for an agent or firm to provide brokerage services to consumer and receive money for providing those services

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8
Q

who is the client?

A

the person that a licensee represent in real property transaction

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9
Q

who is the consumer?

A

a person for whom an agent provides services which are only tone provided by a broker or person or entity who seeks such services forma broker

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10
Q

What i confidential information?

A

information give by a client to broker during the term of a brokerage agreement

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11
Q

what are the three rules for the confidential information?

A
  1. the client request the broker keep in confidence
  2. relates to the client negotiating position
  3. could damage to client negotiating position if disclosed. This information must not be share unless the client given permission
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12
Q

Who is customer?

A

a person for whom a broker is providing services buy who is not represented by the broker in an agency relationship

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13
Q

what is ministerial act?

A

clerical service provided by a broker to a consumer providing ministerial act is not equivalent to active representative

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14
Q

what is the memory tip COLDAC?

A
  1. care 2. obedience 3. loyalty 4. disclosure 5. accounting 6. confidentiality
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15
Q

What is article 15 under the act?

A

this deals with brokers must do

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16
Q

what are the five rules for brokers?

A
  1. perform the term of the brokerage agreement between a sponsor and client
  2. promote the interest of the client
  3. exercise reasonable skill and careen the performance of brokerages service
  4. comply with all requirement of the Act and all applicable statutes regulations including fair housing and civil rights
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17
Q

what is the sub rules under 2?

A
  1. Seeking a transaction at the price and terms stated in the brokerage agreement or at a price and terms otherwise acceptable to the client
  2. disclosing to the client material facts concerning the transaction of which the license has actual knowledge, unless that information is confidential information
  3. timely accounting for all money and property received in which the client has may have should have had an interest
  4. obeying specific direction of the client that are not otherwise contrary to applicable status, ordinances, or rules
  5. acting in manner consistent with promoting the clients best interest as opposed to a licensee or any other person self interest
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18
Q

What is material fact?

A

is any fact that is known might reasonably expected to affect the course of events

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19
Q

What is section 15-15 (C) of the act?

A

material facto do include the following lowing when located on or related to real estate that is not the subject of the transaction

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20
Q

What is the three rules?

A
  1. physical condition that don’t have substantial adverse effect on the value of the real estate
  2. fact situations
  3. occurrences
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21
Q

What is puffing?

A

statement of must accurate, Exaggeration of a property benefits

22
Q

what is fraud?

A

is the intentional misrepresentation of a material fact in such a way as to harm or take advantage of another person

23
Q

What is negligent misrepresentation?

A

occurs when license should have known that a statement about a material fact was false

24
Q

What is latent defects?

A

the seller has duty to disclose any know latent defect that threaten structure soundness or personal safety. A structure defect that would not normally be uncovered over the course of an ordinary inspection

25
Q

What happen with Harkala v. wildwood?

A

which held that a broker or salesperson has no duty to discover “latent material defect” in property if a seller has not disclosed those defect to her to prior sale

26
Q

What is stigmatize properties?

A

are those properties that society has branded undesirable because of event that occurred there

27
Q

In IL what does article 15 of act states?

A

“no cause of action shall arise against a broker for the failure to disclose that an occupant of that property was afflicted with HIV or any other medical condition or that property was the sit elf an act or occurrence which had no effect on the physical condition of the property

28
Q

What happen if the person discloses medical condition?

A

they could sent to prison put to five years

29
Q

What is megan’s law?

A

is known as the sexual offenders act of 1994 an requires persons convicted of sex crime against children to notify local law enforcement of any change of address or employment after release from jail

30
Q

In IL, What is article 15 section 15-20 of the act?

A

“no cause of action shall arise against a licensee for the failure to disclose

31
Q

What is creation of agency?

A

an agency relationship may be ace on formal agreement between the parities an express agency or implied

32
Q

what is express agency?

A

the person and agent may enter into contract

33
Q

In IL, all exclusive brokerage agreements must be in what?

A

in writing

34
Q

how do you terminate a agency?

A
  1. death of incapacity of either party
  2. destruction or condemnation of the property
  3. mutual agreement by all parties to the contract
  4. breach by one the parties
  5. by operation of law,
  6. completion performance or fulfillment of the purpose for which the agency was created
35
Q

In IL, all contracts must have what?

A

they must have a end date.

36
Q

what is an agency coupled with an interest?

A

in an agency relationship in which the agent has interest in the subject of the agency, such as the perry being sold.

37
Q

What is universal agent?

A

is person empowered to do anything the principal could do personally

38
Q

what is general agent?

A

is authorize to represent the principal in one specific act or business transaction only, under detailed instructions

39
Q

what is special agent?

A

is authorized to represent the principal in one specific act or business transaction only, under detailed instructions

40
Q

What is designed agent?

A

is person authorized by sponsor to act as the agent of specific principal. a designed age is the only one in the company who a fiduciary responsibility toward that principal

41
Q

what is single agency?

A

when agent or firm represent only party exclusively in a real state transaction

42
Q

what is buyers agency?

A

representing buyers exclusively

43
Q

what is property management agency?

A

An owner may employ a spinor to market, lease, maintain or manage the owner property

44
Q

what is dual agency?

A

the agent represents two principals in the same transaction

45
Q

what is disclosure of dual agency?

A

real estate licensing law permit dual only the buy and seller are informed and consent to the licensee’s representation of both in the same transaction

46
Q

What is confirmation of consent to dual agency?

A

in states where ether are permitted all parties must consent to arrangement preferably in writing

47
Q

what is undisclosed dual agency?

A

a broker may not intent to create a dual agency. any of these actions create an implied agency with the buyer and violate the duties of loyalty and confidentiality to the principal seller. because neither party has been informed of that situation. this would jeopardized both parties.

48
Q

What is article 15-35 agency relationship relationship disclosure?

A

it requires that consumer be advised in writing that designed agency relationship exists unless there is written agreement between the sponsor and the consumer providing or a different brokerage relationship

49
Q

what does agent owe a customer?

A

the duets of reasonable care and skill honest and roar dealing and disclosure

50
Q

what does licensees must disclose?

A

all materials adverse fact about the physical condition of the property to the customer that are actually known

Real estate (19 decks)

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