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Humber Real Estate Course 2 > Module 1 Part 1: Explaining Services to Buyers and Sellers > Flashcards

Module 1 Part 1: Explaining Services to Buyers and Sellers Flashcards

1
Q

In an agency relationship

A

the agent is authorized to represent the principal in dealing with a 3rd party

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2
Q

(Legislative term) Representation equals (Common marketplace term(

A

Agency

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3
Q

(Legislative term) Rep Agreement (Common marketplace term(

A

Listing agreement

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4
Q

(Legislative term) Agreement (Conveyance of interest in RE) equals (Common marketplace term)

A

Agreement of P&S

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5
Q

(Legislative term) Multiple representation equals (Common marketplace term)

A

Dual Agency

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6
Q

(Legislative term) Convey Offer equals (Common marketplace term)

A

Present offer

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7
Q

(Legislative term) Acquisition/Divestiture by registrant equals (Common marketplace term)

A

Purchase/Sale by registrant

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8
Q

Agency is the relationship bw

A

2 parties where 1 accepts responsibility for representing the other in dealing with a third party

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9
Q

REBBA term for agency

A

representation

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10
Q

Principal is the

A

seller/buyer

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11
Q

Third party

A

not directly connected to the agency relationship, also involved in the transactions

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12
Q

Fiduciary

A

relationship of trust with 1+ parties

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13
Q

Obedience (Fiduciary obligations)

A

obey the lawful instructions of the principal

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14
Q

Accounting (Fiduciary obligations)

A

Responsible of all documents and funds related to the transaction

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15
Q

Authority is the legal power

A

or right given by the a principal to act on their behalf in business transactions

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16
Q

Single agency

A

1 brokerage reps 1 principal

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17
Q

Dual agency

A

one agent reps 2+ principals within the same transaction

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18
Q

Dual agency under REBBA

A

Multiple representation

19
Q

Concurrent representation

A

Dual agency

20
Q

Express agreement

A

written or verbal representation agreement

21
Q

Written agreement

A

documents the agency relationship through a S/B rep agreement

22
Q

Ratification

A

agent acts w/o authority or in excess of the authority granted

23
Q

Estoppel

A

Principal leads a 3rd party to believe they are being represented by the agent

24
Q

Operation of law creates an agency relationship where

A

a duty is created by circumstance and is imposed on an agent to act of behalf of the principal

25
Q

Effective & expiration date

A

must be included in a seller/buyer rep agreement

26
Q

Revocation

A

Principal has the power to revoke the authority of the agent

27
Q

Continuing responsibilities after termination of a contract

A

confidentiality, loyalty, protecting best interests

28
Q

Two types of authority in RE

A

Express/actual & implied

29
Q

Brokerages/SP do not have the authority to

A

sign contracts on behalf of a principal

30
Q

Duty of indemnification

A

principal must compensate an agent for loss or damage incurred in carrying out lawful acts

31
Q

Duty of remuneration

A

principal must pay the brokerage for services agreed to

32
Q

Distinguishing aspect of an agency relationship is related to

A

providing advice - can give rise to action for damages due to negligence

33
Q

Disclosures that must be made to a costumer

A

material facts (ought to be known)/direct or indirect interests held by the salesperson

34
Q

General obligations provided to a costumer

A

Exercise care & skill

Ensure honesty

35
Q

Negotiate favourable terms (client obligation)

A

successfully negotiate agreements, discuss client’s options, drafting favourable terms

36
Q

Act in person

A

A brokerage must perform duties personally, unless instructed otherwise

37
Q

Perform mandate

A

brokerage must perform mandate as set out in the rep agreement

38
Q

3 fundamental premises for a fiduciary relationship

A

loyalty, best interests & trust/confidence

39
Q

Do not make secret profit

A

improper advice, payment from another party or payment by a third party

40
Q

payment by a third party

A

receiving a referral fee from a property inspector, appraiser or lender

41
Q

SPs must comply with general and fiduciary obligations as well as

A

regulatory obligations

42
Q

Account

A

under rebba the brokerage must account for, safeguard and keep proper records pertaining to money & documents

43
Q

Finder’s fee

A

referral fee

Humber Real Estate Course 2 (17 decks)

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