Types Of Agency

Question 0

A written agency contract between the seller and a real estate broker stipulating that the broker will be paid commission for finding a ready, willing, and able buyer for a sellers property.

Answer 0

A listing agreement

Question 1

An agency relationship with between a seller and licensee in a real estate transaction is usually created with a written document referred to as

Answer 1

A listing agreement

Question 2

This agency relationship can be created with the documents such as a buyer broker contract. This contract is a written agency contract between a buyer and a real estate broker stipulating the broker will be paid a commission when the buyer purchases real estate.

Answer 2

Buyers agency

Question 3

Anyone given authority by an agent so that they can assist in carrying out the principles orders. This does not refer to a sales person.

Answer 3

Subagent

Question 4

Cooperates with the listing broker to market and sell the property.
Owes all fiduciary duty is to the listing broker’s clients.
Must be offered this relationship in the MLS with the clients consent.

(_______is not a subagent of the listing brokers client)

Answer 4

Brokers agent

Question 5

This type of agency is set in place to help with the conflict of interest caused by dual agency. However, the brokers loyalty is still divided so _____agency has it’s limits.

Answer 5

Designated agency

Question 6

Once the conversation leads toward representation, and any form, agency may be establishing between you and your buyer or seller.

Answer 6

First substantive contact

Question 7

This form must be signed before confidential information can be revealed

(while it may not be realistic for the agent to insist that the agreement be signed prior to the prospect deciding to use the services, it is realistic for the agent to insist that the agreement at least be read. This in shores that the prospects knows not to divulge any confidential information prior to deciding on an agent. )

Answer 7

The agency disclosure form

Question 8

Hey prudent agent will give parties a blank_____ form to take home and Mark with questions for discussion at the next meeting.

Answer 8

Agency disclosure form

Question 9

Giving information that is false. (do not guess at what might be true)

Answer 9

Misrepresentation

Question 10

Knowing the statement is false

Answer 10

Actual fraud

Question 11

Should know the statement is false

Answer 11

Constructive fraud

Question 12

An agent who works with the listing agent to sell property in a real estate transaction, the selling agent who found a buyer for the listed property.

Answer 12

Cooperating agent

Question 13

Finds the buyer in a real estate transaction often as a cooperating agent. Also called a _____ broker.

Answer 13

Selling agent (not seller’s agent)