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Real Estate Exam > Laws Of Agency And Fiduciary Duties > Flashcards

Laws Of Agency And Fiduciary Duties Flashcards

1
Q

Description of agency

A

Agent represent principal, fiduciary obligation

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2
Q

Fiduciary duties mean

A

Utmost care, integrity, honesty, loyalty

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3
Q

Acting in fiduciary capacity

A

Laws of agency

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4
Q

Agency law is found in

A

Civil Code

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5
Q

Licensee generally acts

A

As Fiduciary

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6
Q

Principals appoint what

A

Appointed an agent

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7
Q

Client is considered

A

Principal

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8
Q

Customer is owed

A

Owed honesty and fairness

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9
Q

Agent is tied to

A

Broker

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10
Q

Salesperson responsible to

A

Broker

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11
Q

Trustee’s relationship of loyalty & trust is to

A

Trustee and beneficiary, Trustee is fiduciary to the lender, works with lender

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12
Q

Broker may not remain silent to

A

Concerning material facts

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13
Q

Agent/Broker is not legally proper to

A

Keep client’s secrets

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14
Q

In a Single agency, agent is

A

Agent is client oriented

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15
Q

Dual agency is described as

A

One broker for both buyer and seller, knowledge and consent of both

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16
Q

Dual agency cannot tell buyer what

A

Cannot tell buyer that seller will sell for less

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17
Q

Dual agency is considered what type of sale

A

In-house sale with two sales associates

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18
Q

Power of attorney is a form of

A

A form of agency

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19
Q

Attorney-in-fact means

A

Must record power of attorney

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20
Q

A written agreement in creation of agency relationships is

A

The best way

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21
Q

A signed listing agreement makes the agent

A

A special agent

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22
Q

In an agency relationship, by ratification means

A

Already acted as agent, actions accepted

23
Q

Agency is not established by

A

Voluntary offer, subornation (trickery or deceit, underhanded way)

24
Q

In an agency relationship, consideration is

A

Not required

25
Q

When a broker works for free, this means the agent is a

A

Gratuitous agent

26
Q

Unlicensed electrical work that is unknown to licensee makes the agent

A

Innocent

27
Q

Subagency means having duty to

A

Duty to seller only

28
Q

Seller’s agent means

A

Agent for seller only, No fiduciary duty to buyer, Cannot reveal confidential information

29
Q

Listing agent is also considered a

A

Seller’s agent

30
Q

How should you present multiple offers

A

At the same time

31
Q

Don’t present offer if

A

Frivolous/bonafide or express instructions

32
Q

When there is a failed promise, what can happen in court

A

Civil suit for damages

33
Q

When someone promises to advertise and doesn’t, what is this called

A

Actual fraud

34
Q

Misrepresentation can get charged with

A

Discipline, civil, criminal charges

35
Q

Present all written offers

A

Until close of escrow

36
Q

Buyer’s agent fiduciary duties are to whom only

A

To buyer only

37
Q

Buyer agency requires and

A

Requires buyer’s consent, No fiduciary duty to seller

38
Q

When accepting unauthorized deposit

A

Seller’s agent becomes buyer’s agent for that one act

39
Q

Damages from broker if acts in

A

If acts in excess

40
Q

Buyer’s Agent can present offer to

A

Present offer to seller and seller’s agent

41
Q

When should the disclosure of agency disclose

A

As soon as practicable

42
Q

What is DEC

A

Disclose, Elect, Confirm

43
Q

Agency disclosure form are for which sales and leases

A

Residential sales and leases for more than 1 year

44
Q

Using an Agency disclosure form for commercial property, what type of agency should be disclosed

A

Dual agency must be disclosed on commercial property

45
Q

Unlicensed investor

A

Secret profit ok

46
Q

Licensee must disclose

A

Relationship, acting as principal

47
Q

Termination of agency not possible by what form of legal doctrine

A

By estoppel (form of legal doctrine, prevent someone from denying agency if they already had one)

48
Q

Completion of task is termination of

A

Termination of agency

49
Q

Mutual agreement can terminate

A

Termination of agency

50
Q

If Principal revokes agency it terminates

A

Termination of agency

51
Q

Liable for damages terminates

A

Termination of agency

52
Q

Death of broker or listing expires terminates

A

Termination of agency

53
Q

Object of agency is destroyed terminates

A

Termination of agency

54
Q

Owner files for bankruptcy terminates

A

Termination of agency

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