Real Estate Agency Flashcards
A person or entity for whom an agent provides services, which are only to be provided by a licensee, or a person or entity who seeks such services from a licensee.
Consumer
A person or entity that a license represents in scream property transaction.
Client
A person or entity for whom a licensee is providing services (including ministerial acts) but who is not represented by the licensee in an agency relationship.
Customer
Fiduciary/ Statutory Responsibilities
COLD AC
- Care
- Obedience
- Loyalty
- Disclosure
- Accounting
- Confidentiality
A structural defect that would not normally be including Ceres over the course of an ordinary inspection.
Latent defect
Properties that society has branded undesirable because of events that occurred there
Stigmatized Properties
Formal agreement between the parties
Express Agency
Agreement based on parties behavior
Implied Agency
Written employment contract to create an agency relationship between seller and sponsoring broker
Listing agreement
An express agency relationship between a buyer and a so airing broker is created by what?
Buyer agency agreement
True or False
The Real Estate License Act of 2000 requires that all exclusive brokerage agreements be in writing.
True
True or False
By operation of law, as in bankruptcy of the principal ( bankruptcy terminates the agency contract,and title to the property transfers to a court appointed receiver.
True
May represent the principal in a broad range of matters related to a particular business or activity.
General Agent
Authorized to represent the principal in one specific act or business transaction only, under detailed instructions.
Special Agent
An agent one firm represents only one party( buyer, seller, landlord, or tenant) exclusively in a real estate transaction, this relationship is…
Single Agency
Owner employ a sponsoring broker to market, lease, maintain, or manage the owners property.
Property management
Managing broker responsibilities
- Maintenance of licenses
- Unexpected Loss of Managing Broker
- Death of Sponsoring Broker
- Renewals
- Change of Business Address
- Advertising
- Supervision
- Termination of Sponsorship
- Planning
An unlicensed assistant a licensee may not
-Host open houses, kiosk, or home show booth or fairs
-show property
-interpret information on listings, titles, franchising, contracts, closings or other information relating to a transaction
-explain or interpret a contract listing
lease agreement or other real estate
document with anyone outside the licensee’s company
-perform any other activity for which a licensed under the act is required
-negotiate or agree to any commission commission split management fee or referral fee on behalf of a licensee
To be considered what of a sale the broker must have started or cause a chain of events that resulted in the sale
Procuring cause
Antitrust violations include
Price-fixing group boycotting allocation of customers allocation of markets and tie in agreements
Types of listing agreements
Exclusive right to sell listing agreement exclusive agency listing agreement open listing agreement
net listing
option listing
One ought the rise broker receives a commission regardless of who sells the property
Exclusive right to sell listing agreement
There is one authorize broker
broker receives a commission only if she is the procuring cause
seller retains the right to sell without obligation
Exclusive agency listing agreement
There are multiple brokers only the selling broker is entitled to a commission seller retains the right to sell independently without obligation
Open listing
The broker is entitled to any amount exceeding the sellers stated net
Net listing
The broker has the right to purchase the property
Option listing
