Title 24 Flashcards
Fiduciary Obligations
Care Obedience Loyalty Accounting Disclosure
Selling Agent
Under common law agency, the buyer had no representation. The salesperson they worked with represented the seller.
Pros of Buyer’s Agency
Agents represented the party they worked with.
Buyer had representation.
Cons of Buyer’s Agency
Dual agency
Explaining agency
Vicarious liability
Enforcing buyers agency contract
Changes Since Statutory Agency was Adopted
Abolished common law agency in residential.
Got rid of dual agency problem
Got rid of vicarious liability problem
Agent no longer a fiduciary
Easy to explain
Buyer’s agents only paid if “procuring cause” of transaction.
Associate Broker
Advanced degree.
Higher degree than a salesperson.
Only Associate Brokers can become Brokers.
Works under a Broker
Broker
Self employed
Works for Brokerage
Client
Principal in statutory / common law agency relationship
Commission
Delaware Real Estate Commission
CMA
Competitive Market Analysis.
Comparable market analysis
Broker price opinion or Broker’s market analysis.
CIS
Consumer Information Statement.
Lays out buyers relationship in easy terms.
Disclosure required by 2938.
Customer
Hasn’t entered into statutory or common law agency with a licensee
Designated Agent
Licensee appointed by the Broker working with a client as a statutory agent.
Division
Delaware Division of Professional Regulation
Dual Agent
Licensee who represents both buyer and seller
Licensee
Broker, Associate Broker or Salesperson
Ministerial Task
Performing tasks for client according to brokerage agreement (ex. arranging an inspection). Assisting others (ex. info to Mortgage Broker).
Property Management Services
Works with tenants etc
Psychologically Impacted
Homicide, Suicide or other Felony.
Except Arson & AIDS/HIV and other diseases.
Real Estate Service Provider
Licensee who is providing Real Estate Services
Real Estate Services
Includes marketing / advertising of properties for sale or lease etc
Salesperson
Works under a Broker.
Holds license from the Commission.
Substantially Related
Broke one of the hundreds of rules such as “Criminal Mischief” which mean they can’t be a Licensee.
