Chapter 9 Flashcards
1
Q
Agency
A
Representing someone else’s interest
2
Q
What are the 3 types of law in RE
A
- Common Law
- Statutory Law
- Administrative Law
3
Q
Common Law
A
Rules of society established by tradition and court decisions
4
Q
Statutory Law
A
Laws enacted by the legislature
5
Q
Administrative Law
A
The rules and regulations of the agency
6
Q
Single Agency
A
One broker with buyer/seller
7
Q
Fiduciary Duties
(COLDAC)
A
Care
Obedience
Loyalty
Disclosure
Accounting
Confidentiality
8
Q
Universal Agency
A
When you represent someone in all aspects
9
Q
General Agency
A
Allows the agent to do anything involved in a single business transaction
10
Q
Special Agency
A
Represents one party to a transaction
11
Q
A
