Chapter 4 Review-What is agency? Flashcards
The word ___________ is used to describe the relationship between a licensee and a client.
Agency
An _______ is a person who is authorized to act on behalf of a client or principal.
Agent
A __________ agent is authorized to perform a specific act.
Special
A __________ agent is given the authority to perform in an ongoing business relationship on behalf of the person or entity.
General
A __________ agent is given the authority to perform all acts as if he were the other person.
Universal
Express agency is created by ____________ between the parties or contract.
agreement
Implied agency is created by the _________ of the parties.
action
A _____________ relationship is one that creates a position of trust and confidence for a client.
fiduciary
A _________ is a person or entity that employs an agent who specializes in a certain line of work and to whom fiduciary duties are owed.
client
A ___________ is a person or entity that is not represented by an agent, but who must be treated honestly and to whom material defects must be disclosed.
customer
A __________ agent represents only the seller in the real estate transaction.
Seller Agent or Listing Agent
A _________ agent represents only the buyer in the real estate transaction.
buyer agent / seller agent
A _________ ______ ______ represents both the buyer and seller in the transaction.
disclosed dual agent
Disclosed dual agency is ______ with the written and informed consent of both parties
legal
Designated agency is also known as?
Appointed Agency or Split Agency
In ______________ brokerage, a real estate licensee is working with consumers as a customer.
The licensee is also known as a facilitator or non-agent.
transaction
__________ is created by written agreement between the parties or by the actions of the parties.
(The payment of money does not create an agency relationship.)
Agency
The _________ of _________ requires listing agreements to be in writing to enforce the contract.
Statue of Frauds
OLD CARD is the acronym to help you remember fiduciary duties.
What are they?
Obedience Loyalty Disclosure Confidentiality Accounting Reasonable Care Diligence
