various types of agency relationships common in the real estate profession Flashcards
A ___ agent is a person empowered to do anything the principal could do personally
universal
In Illinois, a written ___ is required to create a universal agency
power of attorney
A ___ agent may represent the principal in a broad range of matters related to a particular business or activity
general
The ___ agent may bind the principal to any contract within the scope of the agency’s authority.
general
A property manager is typically considered a ___ agent to the property owner.
general
Who are the general agents to their sponsoring broker?
Brokers and managing brokers
Brokers and managing brokers are __ agents to their sponsoring broker.
General
A ___ agent is authorized to represent the principal in one specific act or business transaction only, under detailed instructions.
special
A real estate licensee is usually a ___ agent to a client.
special
A special agent representing a seller helps them find…
A buyer for the property
A special agent representing a buyer helps them find…
Property that fits the buyer’s criteria
As a special agency, a licensee may not bind the principal to a ___.
contract
A special ___ is another legal means of authorizing an agent to carry out only a specified act or acts.
Power of attorney
A ___ agent is a person authorized by the sponsoring broker to act as the agent of a specific principal.
designated
A ___ agent is the only licensee in the company who has a fiduciary responsibility toward their assigned principal.
designated
If one licensee in the company is a designated agent, who are the others are free to act as agents for?
The other party in a transaction
Mickey and Minne are both agents working for the same company. Both of them are representing two opposing clients for the same property. Mickey is the designated agent for the seller, while Minnie is acting as an agent for the buyer. Doing this allows two agents from the same company to represent opposite sides of the sale without entering ___ agency.
Dual
In Illinois, a sponsoring broker entering into a brokerage agreement must designate those licensees employed by or affiliated with the sponsoring broker to act as ___ agents of that client to the exclusion of all other licensees employed by or affiliated with the sponsoring broker.
legal
In Illinois, licensees must advise a consumer in writing before acting as their ___.
designated agent
In Illinois, a ___ agent may disclose confidential information of a client to the sponsoring broker or persons specified by the sponsoring broker for the benefit of the client in regard to a possible transaction.
designated
In Illinois, a designated agent may disclose confidential information of a client to the ___ for the benefit of the client in regard to a possible transaction.
sponsoring broker
In Illinois, a designated agent may disclose confidential information of a client to the persons specified by ___ for the benefit of the client in regard to a possible transaction.
the sponsoring broker
A(n) ___ agency is when an agent or firm represents only one party exclusively in a real estate transaction, and the agent and firm’s fiduciary and statutory duties are provided only to that one party.
single
A ___ agency licensee may represent buyers and sellers, however they cannot represent both in the same transaction.
single
An agency relationship is established by ___, ___, or ___.
Contract
Agreement
Implication
In Illinois, is it required by law for the listing sponsoring brokerage to share the listing commission with the buyer’s sponsoring brokerage?
no
A ___ agency is an arrangement where an owner may employ a sponsoring broker to market, lease, maintain, or manage the owner’s property.
Property Management Agency
Who is made the agent of the property owner thorugh a property management agreement?
Sponsoring broker
In a property management arrangement, who has fiduciary responsibility to the owner?
Sponsoring broker
In ___ agency, the agent represents two principals in the same transaction.
dual
___ agency requires equal loyalty to 2 separate principals at the same time
dual
Real estate licensing laws permit dual agency ONLY if…
Both parties involved in the transaction are informed and consent in writing
In Illinois, all parties involved in a transaction through a dual agency must give…
Consent and confirmation to the arrangement in writing