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Alaska Real Estate Exam > Real Estate Brokerage and Agency > Flashcards

Real Estate Brokerage and Agency Flashcards

1
Q

Agency

A

relationship between an agent and a principal

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2
Q

agency coupled with interest

A

an agency relationship where the broker has interest in buying the property

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3
Q

antitrust laws

A

designed to protect the free enterprise system by making price fixing illegal

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4
Q

COALD

A 
The acronym for fiduciary duty - 
Care
Obedience
Accounting 
Loyalty 
Disclosure
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5
Q

commission

A

payment to a broker for services rendered

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6
Q

cooperating broker

A

the other broker in the transaction

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7
Q

dual agency

A

representing both parties in the transaction and must be disclosed and concented to by all parties

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8
Q

employee

A

someone who works under direct control of employer, employer pays taxes and social security

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9
Q

estoppel

A

legally prevented from denying that an agency agreement exists

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10
Q

express agreement

A

contract that is in words

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11
Q

fiduciary

A

someone placed in a position of trust for someone for something financial

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12
Q

fraud

A

intentional misrepresentation to take advantage or harm someone

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13
Q

general agent

A

authorized to represent for a number of transactions

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14
Q

implied agreement

A

inferred by your actions and conduct of the parties

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15
Q

independent contractor

A

someone who provides a service for someone not under their direct control, takes care of their own taxes

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16
Q

law of agency

A

the laws that govern the right and duties of principals and agents

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17
Q

listing agreement

A

contract between a seller and broker to sell a property in a set period of time

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18
Q

multiple listing

A

a listing share with other brokers to bring more buyers to the property

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19
Q

principal

A

the main party to the transaction, the guy who hires the agent

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20
Q

procuring cause of sale

A

an action that starts a chain of “continuous” events that results in the sale of real estate

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21
Q

puffing

A

exaggerated opinions or comments about property that are not necessarily true.

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22
Q

ratification

A

creating an agency relationship in which the principal confirms the conduct of someone who initially acted without authority

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23
Q

ready, willing, able buyer

A

ready and willing to take the steps, financially ready

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24
Q

special agent

A

authorized to represent for 1 transactions

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25
Q

subagent

A

the agent of an agent

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26
Q

assignment

A

transfer of the rights or duties to a contract

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27
Q

breach of contract

A

a violation of any of the terms of the contract

28
Q

consideration

A

something of legal value that each party brings to the table as a promise to complete the transaction

29
Q

contingency

A

something that must happen to make a contract valid

30
Q

contract

A

a legally enforceable set of promises that there is a remedy for a default

31
Q

counter offer

A

a new offer made in response to the original offer

32
Q

default

A

any breach of the terms of a contract

33
Q

equitable title

A

the right to gain title from / agreement to closing buyer / agreement to obtain absolute ownership

34
Q

earnest money

A

an amount of money deposited by the buyer that applies to the contract if he closes or he forfeits the contracs

35
Q

escape clause

A

clause in an agreement that allows an out

36
Q

executory contract

A

something remains to be completed - PSA until closing

37
Q

express contract

A

in words

38
Q

implied contract

A

inferred by your actions

39
Q

installment contract

A

owner carried note. Seller holds title until note is paid off

40
Q

land contract

A

another name for installment contract, contract for deed. Owner carry

41
Q

legality of object

A

contract must be for a legal purpose

42
Q

legally competent parties

A

legal age, and sound mind

43
Q

liquidated damages

A

an amount of money that is full compensation for a default

44
Q

novation

A

substituting a new contract for the old one.

45
Q

offer and acceptance

A

meeting of the minds come to an agreement

46
Q

option

A

an agreement to keep open for a period of time, a price on a property for a fee

47
Q

parol evidence rule

A

no oral evidence can refute a written contract

48
Q

real estate sales contract

A

complete terms between a buyer and seller for the purchase of a property

49
Q

specific performance suit

A

a legal action to compel a party in default to complete a contract

50
Q

statute of frauds

A

real estate contracts must be in writing to be valid

51
Q

unenforceable contract

A

something in it makes it where a court would not uphold it

52
Q

valid contract

A

fully enforceable

53
Q

void contract

A

has no force or effect

54
Q

voidable contract

A

could be rejected by a party who would be harmed if it were enforced.

55
Q

automatic extension

A

illegal - clause in listing agreement that extends the time of it does not sell in the time

56
Q

CMA - Comparative Market Analysis

A

informal appraisal by the broker to help the seller set the listing price

57
Q

exclusive agency listing

A

if the broker causes a sale broker gets the fee, if the seller sells himself get the fee

58
Q

exclusive right to sell listing

A

no matter who sells the property, including the seller, broker still gets the commission

59
Q

listing agreement

A

a contract between a seller and a broker to sell a property within a period of time.

60
Q

market value

A

most probable price a property would bring in an open market

61
Q

multiple listing service

A

an organization of brokers who share listings to bring amore buyers to the property

62
Q

net listing

A

seller desires a net amount anything above that can be commission

63
Q

option listing

A

a listing with an option for the broker to buy the property

64
Q

open listing

A

any broker who brings a buyer would be paid

65
Q

special agency

A

an agency relationship for 1 transaction

66
Q

unilateral subagency

A

an offer made to the other brokers to sell the listing and represent the seller with that broker

Alaska Real Estate Exam (4 decks)

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