Section 3 Real Estate Contracts And Agency

Question 1

Who represents clients in one specific transaction

Answer 1

Special agent

Question 2

Represents client in many transactions in one area of practice, property manager

Answer 2

General agent

Question 3

Can represent client in anything, unlimited power of attorney

Answer 3

Universal agent

Question 4

An agent working under another agents authority

Answer 4

Sub agent

Question 5

The duty of trust owed by an agent to the client

Answer 5

Fiduciary obligation

Question 6

Dual agency is what

Answer 6

Illegal

Question 7

Mixing brokers money with clients money

Answer 7

Commingling

Question 8

Brokers who hold clients funds must have their own ___________ and keep accounts records

Answer 8

Escrow accounts

Question 9

When a real estate broker is retained to preform one specific act for a client, it is known as

Answer 9

Special agency

Question 10

In agency representation the employer is called the

Answer 10

Client

Question 11

An escrow account is maintained by a broker for the purpose of

Answer 11

Impartial protection of both parties

Question 12

A client is obligated to her agent for

Answer 12

Performance

Question 13

The client in a listing agreement would be the

Answer 13

Seller is the listed property

Question 14

Payment goes to the ____ and the ____ pays the ______

Answer 14

Broker broker salesperson

Question 15

Do not call registry fine is

Answer 15

16,000$

Question 16

Do not call list for clients

Answer 16

Can call for 18 months

Inquiry’s can call for 3 months

Question 17

A house built before 1978 busy go through a what test

Answer 17

Lead base paint

Question 18

MLS stands for

Answer 18

Multiple listing service

Question 19

Member brokers put their listings on the

Answer 19

MLS

Question 20

Buyer hires broker to find a home to purchase which meets specific criteria

Answer 20

Employment contract

Question 21

Usually calls for a specified percentage commission

Answer 21

Employment contract

Question 22

Begins as an offer is a contract

Answer 22

Real estate sales contract

Question 23

Liquidated damages. Suits for damages

Answer 23

Remedies for breach

Question 24

Lessor gives possession to lesser in return for rent. Lessor has leased fee estate (restate in reversion)

Definition ^^

Answer 24

Lease

Question 25

Lesser transfers some rights to another

Answer 25

Sub lease

Question 26

Lesser transfers all rights to another

Answer 26

Assignment

Question 27

Business owner sells building to investor that then leases the building back

Answer 27

Sale leaseback

Question 28

What terminates a lease

Answer 28

Expiration. Proper notice. Destruction of property. Mutual agreement. Abandonment. Breach.