Law of Agency Flashcards
What is the very first document you should fill out with a new client or customer?
Agency Disclosure Form
At what moment should you take out the agency disclosure form? Define what it means.
At first substantive contact. In other words, when something of substance happens, such as when the customer starts to ask questions about the property
What should you do if that client or customer refuses to sign the agency disclosure form?
Fill out an affidavit or a declaration stating the terms of the refusal to sign, then sign the affidavit, and have the signature notarized.
As a real estate salesperson, I am practicing ____________ agency.
Special
As a property manager, I am practicing ____________ agency.
General
In estate planning, I am practicing ____________ agency.
Universal
What would you call a situation where I represent the seller as my client but then work in the best interests of the buyer (my customer)?
Undisclosed Dual Agency
If I represent the buyer as a broker, that would be called ____________.
Buyer’s Broker
I owe all of the fiduciary obligations to my client or to my customer?
Client
I work ____________ the client, and ____________ the customer.
For, With
What does ‘fiduciary’ mean?
Position of Trust
The fiduciary obligations accrue only to my ____________.
Client
So, what do I owe to the ‘customer’? ____________ and ____________.
Fairness, Honesty
If it is my intention to protect my client (usually the seller) from the vicarious liability (responsible for the acts of others) of another licensee violating the laws of licensure, I should always give out my listings to other licensees as ‘broker’s agents’ or ‘sub-agents’?
Broker’s Agents (BA)
If one broker is representing both the purchaser and the seller in the same transaction, you would call this ____________.
Dual Agency
