Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate > Real Estate Agency > Flashcards

Real Estate Agency Flashcards

1
Q

Real estate agency relationships are governed by

A

Common Law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

hired by a principal to act on the principal’s behalf

A

An Agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

fiduciary relationship in which the agent is held in a position of special trust and confidence by the principal.

A

Agency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

In a real estate transaction, the principal is the

A

client

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

the nonrepresented party for whom some level of service is provided and who is entitled to fairness and honesty.

A

customer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

also known as a facilitator, intermediary, transaction broker, transaction coordinator, or contract broker

A

nonagent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

assists one or both parties with the transaction without representing either party’s interests and often is subject to specific statutory responsibilities.

A

nonagent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

The relationship between principal and agent must be

A

Consentual

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

express agreement between agent and principal

A

Express agency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

agency created when the actions of the parties indicate that they have mutually consented to an agency

A

Implied agency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

agency may exist even if no compensation is involved

A

gratuitous agency.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

six common-law fiduciary duties can be remembered as COLD-AC

A 
Care
Obedience
Loyalty
Disclosure
Accounting
Confidentiality
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

empowered to do anything the principal could do personally.

A

universal agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

represents the principal in a broad range of matters.

A

general agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

represents the principal in one specific act or business transaction only, under detailed instruction.

A

special agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

one in which an agent represents only one party in a transaction.

A

single agency

17
Q

represents a buyer as an agent to find property that meets the buyer’s specifications, as set out in the buyer representation agreement.

A

Buyers broker

18
Q

one in which an agent represents two principals in the same transaction

A

Dual agency

19
Q

Dual agency, where allowed by state law, requires what from both parties

A

Informed consent

20
Q

may occur inadvertently, can result in rescission of the sales contract, forfeiture of a commission, a lawsuit for damages, and possibly license suspension or revocation.

A

undisclosed dual agency

21
Q

sales associate authorized by the broker to represent one party to a transaction, while a different sales associate in the same firm represents the other party to the transaction.

A

designated agent

22
Q

cannot be revoked by the principal or terminated upon the principal’s death.

A

agency with interest

23
Q

legal exaggeration of a property’s benefits,

A

puffing

24
Q

the intentional misrepresentation of a material fact to harm or take advantage of another person.

A

fraud

25
Q

when a real estate professional should have known that a statement about a material fact was false and the real estate professional’s misrepresentation was due to culpable (careless) negligence rather than simple (accidental) negligence.

A

negligent misrepresentation

26
Q

requires states to make available to the public information about how they can determine where persons convicted of sexual offenses live in the community.

A

megans law

27
Q

The basic framework of the agency law that governs the legal responsibilities of real estate brokers to the people they represent is known as

A

common law

28
Q

Real estate agency relationships are governed by which kinds of law?

A

Common law, statutory law, and administrative law

29
Q

A real estate agent’s duty of confidentiality usually extends for how long?

A

The period of time specified in state law

30
Q

The agent is held in a position of special trust and confidence by the principal when the agent is considered

A

fiduciary

31
Q

In a real estate transaction, the term fiduciary typically refers to

A

the agent’s relationship to the principal.

32
Q

In MOST situations, the relationship between real estate broker and seller is what type of agency?

A

special

33
Q

Designated agency is MOST likely to occur when

A

the buyer and the seller are represented by the same company.

34
Q

A facilitator functions as

A

nonagent

35
Q

The rules established by tradition and court decisions are found in

A

common law

36
Q

Properties that are considered undesirable because of events that occurred there or because a known sex offender lives in the area are considered

A

stigmatized properties

37
Q

When the broker should have known that a statement about a material fact was false, it is considered

A

negligent misrepresentation

38
Q

A broker taking a listing is generally

A

a special agent

Real Estate (28 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions