Chapter 9 Flashcards
An examination of the prices at which similar properties in the same area have recently sold
Comparative market analysis
A special relationship of trust
Fiduciary
Agent represents both a buyer and a seller in a transaction
Limited agent
A specialized sector of the property market
Niche market
Could do Sherri do that requires an agent to properly hold safe and account for all monies that come into an agent possession
Accounting
An agent looking out for your clients best interest to the greatest extent possible
Championing
As an agent, you need to be able to educate your client on the market, finding quality professionals, market conditions, interest
Client education
Duty that requires an agent to keep their clients information for themselves
Confidentiality
The fiduciary duty of disclosing completely, and fully all info concerning the transaction and property that might affect clients decisions
Disclosure
Each of the six important duties and agent is legally obligated to fulfill for the client
Fiduciary duty
The disclosure of an agent to his of her client that the agent will be acting as a limited agent
Full disclosure informed consent
An agent must always negotiate per the instructions/requirements on behalf of their client
Negotiating
Duty to follow all the clients lawful instructions do not link decisions for your client
Obedience
An acronym for the six fiduciary duties of an agent
OLDCAR
Obedience
Loyalty
Disclosure
Confidentiality
Accountability
Reasonable care & diligence
Agents responsibility to do a comparative market analysis
Pricing property properly
