Tennessee Agency Overview Flashcards
relationship in which a real estate broker acts for or represents another by the other person’s express authority in a transaction.
agency
one where the licensee’s agency is limited to provide real estate services to a client. Such licensee shall function as an intermediary in negotiations between the parties to a transaction unless such parties negotiate directly.
limited agency
is an agency where the agent is employed to do one task for the client.
special agency
an agency where the agent is employed to perform a variety of tasks for the client, all related to a single business activity.
general agency
the represented party in a transaction.
client
the unrepresented party in transaction.
customer
is a broker’s policy to represent one side of a transaction only.
single agency
is a broker’s agreement to represent both sides of a transaction simultaneously.
dual agency
licensee appointed by the managing broker to be the firm’s direct representative with a client to the exclusion of any other licensee associated with the firm, including the broker.
Designated agent
is a licensee who assists one or more parties to a transaction, but represents no one in the transaction.
Facilitator
is a type of exclusive listing where the owner agrees to pay commission regardless of who procures the buyer.
Exclusive-right-to-sell listing
is a type of exclusive listing where the owner reserves the right to find the buyer, with no obligation for commission to the agent.
exclusive agency listing
an illegal listing in Tennessee where it suggests a net amount the owner wishes to receive at closing with any excess as commission to the broker.
Net listing
is the licensee who started the action that resulted in the sale.
procuring cause
In order for there to be an agency in Tennessee, law requires there be
a written and signed bilateral agreement.
A commission or fee in any brokerage agreement is ALWAYS
a negotiable amount.
For a listing agreement to be valid, it must be signed by everyone who has an ownership interest and
the broker or his representative.
On a For Sale sign of a listing firm, lettering must be the same size or larger than
the affiliates name
When an agency is limited to providing real estate representation, it is referred to as
limited agency
At closing, the broker may be compensated by
both the buyer and seller
A management agreement is between the broker and whom?
An owner who wishes to lease her property
In limited agency, a licensee functions as
an intermediary in negotiations between parties.
What duties does an agent continue to owe a client after a listing expires or terminates?
confidentiality and accounting
James is an affiliate broker. He negotiated a representation agreement with a client. The representation agreement is between
the broker and the client
information that is considered confidential because it assists the seller or buyer in negotiating.
specific assistance
A licensee acting as a transaction broker in one transaction
may act as a transaction broker or agent in a different transaction.
A listing is a personal service contract and it can be assigned to a new broker only when
an agreement is signed by all parties
A disclosure that must be made to a buying or leasing prospect if a residential property was built prior to 1978 is
lead-based paint disclosure
A listing broker’s offer of cooperation
does not imply an offer of compensation
fiduciary duties of an agent to a client
Loyalty, confidentiality, obedience
representing someone in a transaction.
agency
A licensee may place the firm’s For Sale sign on a property after
obtaining a written authorization
