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Real Estate Class > Unit 11 - Broker Relationships > Flashcards

Unit 11 - Broker Relationships Flashcards

1
Q

Agent

A

is the one who is authorized to act on the PRINCIPAL’S behalf

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2
Q

Principal

A

one who delegates authority to another to act on one’s behalf

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3
Q

Sub Agent

A

is Sales Associate’s relationship to the Broker’s clients or customers
Has the SAME obligations to the client or customer as the Broker.

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4
Q

Principal - Agent - Sub Agent

A

Buyer - Broker - Sales Associate/broker assoc.

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5
Q

Single Agent Broker

A

Has a relationship with a Buyer or Seller ONLY.

Broker Has allegiance to the Principal, all sub agents working under Broker have same allegiance

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6
Q

DAD SO COLD - Single Agent Broker

A

Dealing honestly and fairly
Accounting for all funds
Disclosing all known facts that materially affect value and that are not immediatly observable
Skill, Care and Diligence (get answers to quesitons)
Offers and COunter offers presented in timely manner
Confidentiality of everything - FULL!!!! BIG DEAL!!!!
Obedience
Loyalty
Disclosure (full) of all material facts including rumor and questionable facts.

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7
Q

Single Agent Broker can only work with the other party in ____________unless_____________–

A

No Brokerage unless both parties agree to transaction brokerage.

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8
Q

Dual Agency

A

Arises when a single agent for the seller is also a single agent for the buyer. Illegal in Florida. Violators subject to disciplinary action from FREC

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9
Q

No Brokerage - Nonrepresentation

A

A relationship when the broker works with a seller or buyer as a nonrepresentative

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10
Q

No Brokerage - Nonrepresentation - DAD

A

Only owes
Dealing Honestly and Fairly
Account for funds
Disclosing material facts

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11
Q

Broker showing a no brokerage listing

A

Has no other obligation to the seller, but must tell the prospective buyer the value of the property

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12
Q

Relationship disclosure Req. Chapter 475

A
  1. Mandates the delivery of statutory disclosure form when operating as a single agent in residential transactions.
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13
Q

Sales Associate must sign on with

A

Broker or developer. One or the other

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14
Q

Transaction Brokerage

A

Limited representation of buyer, seller or both

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15
Q

Transaction Brokerage

A

Limited representation of buyer, seller or both.
It is assumed that a licensee is working in a transactional capacity UNLESS a single agent or no brokerage relationship is established.

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16
Q

No Brokerage

A

Non-representational

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17
Q

No Brokerage

A

Non-representational
FSBO, or maybe unrepresented buyer at open house who wants you to draw up a contract.
Only Owe them
Deal honestly and fairly
Account for funds
Disclose material info
**MUST TELL PROSPECTIVE BUYER THE VALUE OF THE PROPERTY”

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18
Q

Which Brokerage relationship has limited confidentiality of PTM?

A

Transactional

19
Q

PTM

A

Price
Terms
Motivation

20
Q

A brokerage firm repping transactional with a buyer can only

A

rep transactional OR non broker with a seller, or vice versa ,

21
Q

Chapter 475 is the

A

Laws of Real Estate

22
Q

Automatic renewal of a listing agreement is

A

prohibited

23
Q

A listing agreement is a contract between____&______ and if in writing, must include:
1-5

A

a seller and a broker. In florida it does not have to be in writing. however, if the broker uses a written listing agreement, it must include:

  • Start and expiration date
  • description of property
  • acceptable price and terms to seller
  • amount/method of compensation
  • signed by seller
24
Q

Residential Transactions Include:

A

`1. Improved dwellings 4 units or fewer

  1. Unimproved property approved for and intended for use as dwellings of 4 units or fewer
  2. AGRICULTURE property of 10 acres or fewer - RESIDENTIAL AGRICULTURE
25
Q

No brokerage (so, unrepresented buyer), agreement and transition to transaction forms must be signed before when?

A

SHOWING THE PROPERTY

26
Q

Authority to perform in place of another - Universal Agents

A

1 Power of Attorney

  • Attorney in fact is the one who has power of attorney
  • Broker doesn’t automatically have it.
    2. Guardian
    3. Trustee
    4. Personal representative
27
Q

Buyer / Broker Agreement

A

Parties and Buyer and Broker

Default is TRANSACTION BROKER

28
Q

Listing Agreement

A

Parties are Seller and Listing Broker
Emploeyment contract that authorizes and agrees to pay a broker to find a ready, willing and able buyer according to the terms of the contract, or on any other terms acceptable to the seller.

29
Q

Listing Agreement - Conditions under with commission is earned:

A
  1. Procure a Buyer
  2. Procure and optionee
  3. Procure a Tenant
30
Q

Listing Agreement

A
  • Parties are Seller and Listing Broker
  • Employment contract between one or more sellers and the listing broker.
  • Created by Florida Realtors
  • Exclusive right of sale means procuring clause will never be an issue.
  • Athorizes and agrees to pay a broker to find a ready, willing and able buyer according to the terms of the contract, or on any other terms acceptable to the seller.
31
Q

Listing Agreement - Amount or Method of Compensation for Broker

A
  1. Flat Fee
  2. Percent of Gross sales price
  3. Hourly
  4. Net : Price - net = commission
32
Q

Types of Listing Agreements - Exclusive

A 
Exlusive - 1 listing with 1 broker,
Bilateral
Maximum protection for broker
Gets paid no matter who sells it
Procuring Clause is never an issue
33
Q

Types of Listing Agreements - Exclusive Agency

A

Seller reserves right to sell it on their own without paying commission
Broker Paid if anyone else sells it

34
Q

Types of Listing Agreements - Non Exclusive / Open Listing

A

More that one broker - Unilateral
Broker paid only if broker sells
Least protection for the broker
ex: FSBO, You can put a sign in the yard. If they get a buyer, you get nothing. If you get a buyer, you get paid. If another broker gets a buyer, you don’t get paid

35
Q

Authorized Agreement

A

Each party, including Agent, signs and dates the agreement

36
Q

Authority to sell property

A
  • Contractual Rights and obligations are extended through the dates of closing.
  • No guarantee of sale
  • Both promise - no illegal discrimination
  • Seller Promises to convey property
37
Q

Description of property

A
  • Get it from County Property Appraiser
  • Real property address and legal description
  • Personal property description
  • OCcupancy, is there a lease?
38
Q

Price and Terms

A
  • Offering Price
  • Acceptable Finance Terms
  • Cash to Seller
  • Purchase money mortgage, contract for deed, seller financing
  • Assumption of existing mortgage
  • Is there any credit from the seller?
39
Q

Broker Obligation and Authority

A
  1. Advertise
  2. obtain current mortgage info
  3. Use MLS
  4. Provide CMA to potential Buyers
  5. Follow Lockbox and offer instruction
  6. Act as a Transaction Broker
40
Q

Seller Obligations

A
  1. Cooperat
  2. Allow Access to property
  3. Notify Broker before encumbering the property
  4. Hold Harmless CLause
  5. Comply with FIRPTA
  6. Make all property disclosures
  7. Seek professional advice from others - lawyer, roofer, home inspector etc.
41
Q

Default Broker Relationship

A

Transactional

42
Q

Dispute Resolution

A

Mediation
Arbitration
Litigation

43
Q

Termination of Agency Agreement

A
  1. Death or Chapter 7 bankruptcy of Broker, Buyer, or Seller.
    2, Destruction of Improvements
  2. Performance or Expiration (Sell or expire)
  3. Mutual Recission - like it never happened.

Real Estate Class (12 decks)

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