Chapter 4- Authorized Relationship: Duties And Closures Flashcards
An agent that is empowered to perform a single act on behalf of his or her principal has a ____ agency
Special
An agent whose continuing authority is limited to a single trade or business has a ___ agency
General
A sales associate is a ______ of the broker’s principal
Sub- agent
A licensee can create an agency relationship ____ or _____
Accidentally or inadvertently
Before showing a property to a customer, a licensee must provide the party with a written ___ ___ ____ notice
No-brokerage relationship
A member of the public may select from one of three options when working with a broker, which are ____ ___, ____ _____ and ___ ___ ___
Single agency
Transaction broker
No-brokerage relationship
In a non-residential transaction, a broker may assign one or more sales associates to represent a buyer and one or more sales associates to represent the seller in the same transaction a single agent of both parties have assets of ____ or more
$1,000,000
The “consent to transition to transaction broker” notice is required to be ___ or ____ for transition to occur
Signed or initialed
If the principal refuses to sign or initial the “consent to transition to transaction broker” notice form, the broker is required to act as a ____ ___
Single agent
Brokers are required to retain copies of all disclosure documents for transactions that have resulted in a contract being entered into a period of at least ____ years
Five years
The only brokerage relationship that includes fiduciary duties is the___ ____
Single agent
A licensee assigned by a broker act as a single agent of the buyer or seller in a non-residential transaction is titled a ____ ____ ____
Designated sales associate
Brokers in a non-residential sale or not required to use ___ ___
Written disclosure’s
Licensees using words or actions that mislead a member of the public can result in the creation of an ___ ___
Implied agency
Agency relationships are legally based on ___ and ____
Trust and confidence
