Vocabulary

Question 1

Individual who holds a state-granted real estate license. In Oregon.

Answer 1

Licensee

Question 2

Primary purpose is to self-police its members and implement a strict code of ethics to be followed by all members when it comes to interacting with the public or other?

Answer 2

REALTOR®

Question 3

Also known as the listing agent or

Answer 3

Seller’s Agent

Question 4

Also called the selling agent

Answer 4

Buyer’s Agent

Question 5

Is the licensee representing a buyer in finding a property to buy and throughout the subsequent purchase transaction.

Answer 5

Buyer’s Agent/Selling Agent.

Question 6

The brokers associated with the principal broker are?

Answer 6

Subagent

Question 7

Is the agent of an agent

Answer 7

Subagent

Question 8

Licensee who has disclosed and received permission to act as the agent for more than one party to a real estate transaction?

Answer 8

Disclosed Dual Agent

Question 9

In Oregon, the disclosed dual agent is called?

Answer 9

Disclosed limited agent

Question 10

Sometimes called the appointed agent?

Answer 10

Designated Agent

Question 11

Licensee chosen by the managing licensee to act as the agent for the buyer or seller

Answer 11

Designated Agent

Question 12

Also called the transaction facilitator

Answer 12

Transaction Broker

Question 13

______ or ______ is allowed in some states that allow non-agency relationships with the public.

Answer 13

Transaction Broker or Transaction facilitator

Question 14

Oregon allows three types of real estate licenses. Which are they?

Answer 14

Principal Broker, Broker and Property Manager

Question 15

The parties to the real estate agency relationship are?

Answer 15

Principal,
Agent,
Subagent,
Third party
Customer

Question 16

The person who hires the agent and delegates to that agent the authority of representing their interests; the client

Answer 16

Principal

Question 17

the _____ is a seller, buyer, landlord, or tenant

Answer 17

Principal

Question 18

These are the different types of principals that can exist in an agency relationship?

Answer 18

Undisclosed.
Partially disclosed.
Disclosed

Question 19

______ Is a client whose identity and existence are kept secret and not disclosed by the agent

Answer 19

Undisclosed Principal

Question 20

All of the parties involved in dealings with the agent representing an ______ ______ are led to believe that the agent is the principal and is not representing a client.

Answer 20

Undisclosed Principal

Question 21

Famous individuals and well-known development companies are two examples of those who try to protect their identities by using the

Answer 21

Undisclosed Principal

Question 22

third parties will know that the principal exists, but they won’t see the principal’s identity

Answer 22

Partially Disclosed Principal

Question 23

While not common in real estate, a ____ is sometimes necessary to protect the identity of the principal for the same reasons as the undisclosed principal

Answer 23

Partially disclosed principal

Question 24

All parties are open and known when signing an offer

Answer 24

Disclosed Principal

Question 25

One who represents the principal in dealings with third parties

Answer 25

Agent

Question 26

There are three types of agents., hat are they?

Answer 26

Universal General Special

Question 27

The ______ agent represents a principal in all matters that can be delegated by a principal to an agent

Answer 27

Universal Agent

Question 28

This delegation is broad and includes the authority to enter into contracts and sign other legal documents on behalf of the principal

Answer 28

Universal Agent

Question 29

A power of attorney or court order gives the authority to act as a_____ agent.

Answer 29

Universal Agent

Question 30

Typically, real estate licensees are not given universal agency authority but sometimes work with the _______ agent of a buyer or seller.

Answer 30

Universal agent

Question 31

The ______ agent can represent the principal in all matters that can be delegated (that the principal can legally entrust to another person).

Answer 31

Universal agent

Question 32

The _________ represents a principal in all business matters of a particular kind, business matters of a specified range, or business matters in a particular place

Answer 32

General Agent

Question 33

. The _______ agent can enter into binding contracts while operating within the scope of the authority given in the agency agreement

Answer 33

General Agent

Question 34

A general power of attorney is one way to create this type of agency relationship

Answer 34

General Agent

Question 35

The _______ agent represents a principal in all business matters of a particular kind, business matters of a specified range, or business matters in a particular place and can contract on behalf of the principal

Answer 35

General

Question 36

The ______ agent has limited and specific authority, usually to represent a principal in a single transaction

Answer 36

Special Agent

Question 37

The principal retains most rights and responsibilities and authorizes the agent to perform limited and specific tasks, such as finding a buyer for a property and negotiating the purchase

Answer 37

Special Agent

Question 38

The _______ agent is the most common type of agency relationship in real estate brokerage

Answer 38

Special Agent

Question 39

The _____ agent can represent the principal in one business transaction, cannot normally contract for the principal, and is the type of agency that characterizes the real estate brokerage business.

Answer 39

Special Agent

Question 40

A legal document known as a _________ is another method used to appoint an agent

Answer 40

Power of Attorney

Question 41

A __________ is often given by a seller or buyer to grant authority to another person to sign contracts and closing documents on their behalf

Answer 41

Power of Attorney

Question 42

The person signing under the authority of a power of attorney is known as an attorney-in-fact.

Answer 42

Attorney-in-fact

Question 43

The person signing under the authority of a _________ is known as an attorney-in-fact.

Answer 43

power of attorney

Question 44

A _________ is a person an agent deals with as a representative of their principal

Answer 44

Third Party

Question 45

When a buyer hires a broker to find a house, the broker is their agent, the buyer is the client, and the seller is the ______?

Answer 45

Third Party

Question 46

When the broker is hired to sell a property, the broker is the agent, the seller is the client, and the buyer is the ________?

Answer 46

Third Party

Question 47

For example, the buyer's lender, home inspector, and the escrow company are all _________ to the transaction

Answer 47

Third Parties

Question 48

Which describes an unrepresented buyer?

Answer 48

A customer

Question 49

Under the statute of frauds, the following express agreements must be in writing to be enforceable

Answer 49

Listing agreement Real Estate Sale Agreement Property management agreement Right to lease property agreement

Question 50

Agency relationships are defined by how they get created. These different types of agency relationships are

Answer 50

``` Express agency Implied agency Agency by ratification Agency by estoppel Agency by necessity ```

Question 51

Which three documents are required to be in writing?

Answer 51

Real estate sale agreement, listing agreement, property management agreement

Question 52

What is an express agency agreement.

Answer 52

An agreement created in writing when compensation is expected by the agent.

Question 53

________ means that the parties act as if they are in an agency agreement

Answer 53

Implied Agency

Question 54

When more than one agency relationship exists with the same agent during the same transaction, whether intentional or not, express or implied, it creates a _____________

Answer 54

conflict of interest

Question 55

A ____________ prevents the agent from representing the best interests of the collective clients

Answer 55

Conflict of Interest

Question 56

Actions or conduct that create an implied agency can also create an __________.

Answer 56

Accidental Agency

Question 57

________ to confirm or consent to something done or arranged by an agent.

Answer 57

Ratify

Question 58

Ratify

Answer 58

Confirming or consenting to something done or arranged by an agent.

Question 59

Estoppel

Answer 59

Is a legal term, used to stop and individual from changeing their story. For example I was the agent but later the principal would state that I was not their agent.

Question 60

Oregon terminology: In Oregon, dual agency is called?

Answer 60

Oregon terminology: In Oregon, dual agency is called Disclosed Limited Agency.

Question 61

Use the acronym "AC is COLD" to remember these fiduciary duties the agent owes to the principal.

Answer 61

- Accounting - Care (also sometimes referred to as skill, care, and diligence or reasonable care and diligence) - Confidentiality - Obedience - Loyalty - Disclosure (also sometimes referred to as full disclosure)

Question 62

What is a fiduciary?

Answer 62

-An agent | A fiduciary owes a fiduciary duty to another individual; an agent is a fiduciary.

Question 63

What is Commingling?

Answer 63

Commingling is depositing trust funds into any account that is not a designated trust account.

Question 64

What is conversion?

Answer 64

Stealing; If the agent uses funds to be held in trust, the agent is guilty of conversion.

Question 65

Describe Conversion.

Answer 65

Conversion is a breach of the fiduciary duty of accounting, a civil wrong, and a criminal act. Conversion occurs when the agent converts the personal property of the client to personal use. Conversion and commingling are violations of the duty of accounting.

Question 66

What is CMA?

Answer 66

Current Market analysis.

Question 67

What is Confidentiality?

Answer 67

To: Disclose, reveal, tell, impart, pass on, promulgate, give away, Personal client information.

Question 68

What is Safeguard?

Answer 68

means to keep confidential any information that might weaken the principal's bargaining position.

Question 69

What is Obedience?

Answer 69

The duty of obedience requires the agent to act in good faith at all times, according to the principal's instructions and wishes. However, the agent cannot act illegally or unethically and should withdraw from the agency relationship if pressured by the client to act inappropriately.