Chapter 7 laws and regulations and government brokrerage relationship

Question 1

What are the three types of agency

Answer 1

Universal agent general agent and special agent

Question 2

Agency classification

Universal

General

Special

Answer 2

Universal anything the principal can do unlimited power of attorney

General broad range they perform acts of particular activity property managers

Special have limited access detailed instructions listing agent and buyer broker

Question 3

What do you need to create an agency relationship

Answer 3

It must be in writing and you must have mutual consent

Question 4

Expressed agency versus implied agency

Answer 4

Express agency is you agreed to it and implied agency is an assumption

Question 5

Sellers listing versus buyer Buyer’s broker

Answer 5

Seller listing must be in writing to start a relationship and buyer’s broker of the agreement must be in writing before the offer is presented

Question 6

Client versus customer?

Answer 6

A client is people we represent and we overdo Sherry duties while the customer is the other people in the transaction that we owe Disclosure of material facts

Question 7

Fiduciary duties

Answer 7

Old car

Obedience, loyalty, disclosure, confidential, accounting, reasonable skill and care.

Question 8

When do you present the working with real estate agents brochure

Answer 8

At first substantial contact Which occurs when a customer provide personal financial confidential or motivational desires

If versus the actual contract has not occurred with the buyer your last chance is before you open the door for them

Question 9

What are the four agency choices

Answer 9

Single agency, dual agency, designated agency, and no agency

Question 10

What is dual agency

Answer 10

Dual agency is firm buyer and seller in the same transaction

Question 11

Designated agency

Answer 11

A BIC and a provisional broker can never be designated agents in the same transaction

The firm must create policies and procedures that protect the confidentiality of the seller

Question 12

What terminates an agency

Answer 12

If the duties are complete or there is an expiration of the term. Also mutual agreement upon both parties or breach of contract or death of a party or property destruction

Question 13

What do we know about material facts

Answer 13

Real estate agents must always disclose material facts to both client and customer. Material facts include defects about the property, facts relating to the property, anything affecting a party’s ability to perform.