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Real Estate Agent Course > Unit 9 > Flashcards

Unit 9 Flashcards

1
Q

What is the principal in the law of agency

A

the person who hires another to act on their behalf

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2
Q

Who can be the principal in a real estate transactions

A

buyer
seller
landlord
tenant

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3
Q

Who is the principal in dealing with sales associates

A

the broker

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4
Q

What does the agent owe the principal

A

fudiciary duty

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5
Q

What does the agent owe third parties

A

honesty

fair dealing

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6
Q

What type of agency relationship provides services but doesnt provide representation of the client

A

facilitators/transaction brokers

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7
Q

What are some examples of a facilitator/transaction broker relationship

A

providing contracts to use in a transaction

listing a property on the MLS and specifying that the buyer is representing themselves

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8
Q

What are the common law fiduciary duties

A 
obedience 
loyalty
disclosure 
confidentiality 
accounting 
reasonable care and skill
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9
Q

What is obedience

A

have to obey lawful requests

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10
Q

What is loyalty

A

the clients interests must be placed above all others

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11
Q

What is disclosure

A

disclose about known material facts must be disclosed to all parties (buyers, sellers, etc.)
and any knowledge beyond material facts must be disclosed to your client

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12
Q

What is confidentiality

A

must keep your clients confidential information private

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13
Q

What is an example of confidential information that needs to be kept private

A

price
terms
motivations
(PTM)

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14
Q

What is accounting

A

your accountable your any monies entrusted to yuo

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15
Q

What is reasonable care and skill

A

your suppose to know more about the real estate transaction process better than the public

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16
Q

What is an agents duties to third parties

A

disclosure
accounting
honesty and fair dealing

17
Q

What is an example of a disclosure need to be given to a third party

A

an agency disclosure, stating who I am and who I represent

also known material facts

18
Q

Do you still need to disclose material facts when the property is being sold “as is”

A

yes

19
Q

What are the levels of scope of an agents authority (from largest scope to smallest)

A

universal
general
special

20
Q

What is the scope of special agency

A

can perform specific acts but cannot bind the principal with a contract

21
Q

What are examples of special agency

A

you cant sign a contract, accept an offer, but help me sell/buy/find a place to rent

listing brokerages to the seller
buyer brokerage firm to a buyer

22
Q

What is the scope of general agency

A

able to perform ongoing acts on behalf of someone with limited ability to bind contractually

23
Q

Examples of general agency

A

a associate liscencee with a brokerage firm
listing aggreements
buyer/tenant representation agreements
property manager to owner

24
Q

can a licensee be a property manager

A

no, only a brokerage firm

25
Q

What is the scope of universal agency

A

performs in place of the principal, unlimited ability to bind the principal

26
Q

What is an example of universal agency

A

power of attorney

27
Q

What express agency

A

created by written or oral agreement

28
Q

What is implied agency

A

created based on the parties behavior

29
Q

In a real estate transaction, does the source of compensation determine the agency?

A

no

30
Q

What type of agency is a real estate associate to a broker

A

single agency with the broker as the principal

31
Q

What is a designated agent

A

when two agents working for the same broker represent the buyer and the seller, the broker will “designate which agent will represent who”

32
Q

What is a nonagent (transaction broker)

A

no duties to either party

just helps both with the formalities of transfering a propertyy (ministerial acts)

33
Q

Reasons an agency could be terminated

A

death or incapacity of either party
expiration of the agency terms
mutual agreement by both parties to end their contract
completion of the purpose of the agency

34
Q

What is an example of a mandatory disclosure that agents need to make

A

presence of lead based paint

35
Q

What are some disclosures that a seller typically needs to make

A

known strutural defects

violations of zoning or building codes

36
Q

What are latent defects

A

defects that wouldnt be found by normal inspection

37
Q

What law requires that sex offenders and child kidnappers register there location of residency

A

Megans Law

Real Estate Agent Course (12 decks)

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