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Listing Leaders Real Estate School > Unit 9: Real Estate Agency > Flashcards

Unit 9: Real Estate Agency Flashcards

1
Q

Fiduciaries come from____

A

Common Law

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2
Q

What is Common Law?

A

The rules established by tradition and court decisions.

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3
Q

The Individual who is authorized and consents to represent the interest of another person in dealings with a third person is?

A

An agent

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4
Q

The Individual who hires the agent and delegates to that agent, the responsibility of representing the principles interest is?

A

Principle

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5
Q

The Judiciary relationship between the principal and the agent by which the agent is authorized to represent the principal in one or more transactions is?

A

Agency

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6
Q

The Relationship in which the agent is held in a position of special trust, and confidence by the principal is?

A

Fudiciary

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7
Q

The Principal in a real estate transaction for whom a real estate broker acts as agent is?

A

Client

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8
Q

Principal is also known as…

A

Client

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9
Q

Non-agent is also known as…

A

Title company

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10
Q

The third-party or non-represented consumer, who is not a principal, but for whom some level of service may be provided, and who is entitled to fairness and honesty is?

A

Customer

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11
Q

Someone who works with a buyer and a seller assisting one or both parties with the transaction without representing either parties interest is?

A

Non-agent

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12
Q

The ____ is the principle to whom the agent gives advice and counsel

A

Client

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13
Q

The other agents client is known as the…

A

Customer

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14
Q

An agency relationship may be created by an oral or written agreement between the parties, which is an…

A

Express agency

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15
Q

An agency relationship may also result from the parties behavior, creating a…

A

Implied agency

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16
Q

Express agency is…

A

A written agreement

17
Q

The principal and the agent may enter into a contract or an _____ in which the parties formally expressed their intention to establish an agency and state its terms and conditions

A

Express agreement

18
Q

An agency relationship between a real estate seller and the broker is generally created by a written employment contract commonly called a…

A

Listing agreement

19
Q

An express agency relationship between a buyer and a broker is created by an

A

Buyer representation agreement

20
Q

An agency may also be created by ____. This occurs when the parties act as though they have mutually consented to an agency, even if they have not entered into a formal agency agreement.

A

Implied agreement

21
Q

The agents b_____of trust and confidence mean that the real estate broker owes the principal certain duties.

A

Fiduciary relationship

22
Q

The six duties of care are…

A

Obedience, loyalty disclosure, accounting, and confidentiality

23
Q

The illegal use of interested money is…

A

Conversion

24
Q

A ______may represent the principle in a broad range of matters related to a particular business or activity

A

General agent

25
Q

A _____ is authorized to represent the principal and one specific act or business transaction only

A

Special agent

26
Q

In _____, the agent represents only one party to the transaction

A

Single agency

27
Q

In _____, the agent represents two principles in the same transaction

A

Dual agency

28
Q

Indoor agency, the agent has unified ___to their clients.

A

Loyalty

29
Q

Dual agency is…

A

Limited agency

30
Q

_______ Is available in some states to accommodate an in-house sale which two sales associates of the same broker are involved

A

Designated agency

31
Q

A ___ is not an agent of either party

A

Non agent

32
Q

Puffing is known as

A

Exaggeration of a property benefits.

33
Q

The intentional misrepresentation of a material fact in such a way as harm or take advantage of another person is…

A

Fraud

34
Q

Occurs when the real estate professional should have known that a statement about a material fact was false.

A

Negligent misrepresentation

35
Q

A hidden structural defect that would not be discovered by ordinary inspection is…

A

A latent defect

Listing Leaders Real Estate School (13 decks)

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