Wk2. Agent Broker

Question 0

SALESPERSON - BORKER/SALEPERSON

Answer 0

Agent to the broker they work for
May be Special or General agent of broker depending on contract
May be called Buyer’s or Seller’s agent representative

Question 1

AGENT

Answer 1

Someone who represents the interest of another

Question 2

Primary Agent

Answer 2

Broker to Client

Salesperson or Broker/Salesperson to Broker

Question 3

Types of Agents

Answer 3

Primary … Secondary

Question 4

Secondary Agent

Answer 4

Salesperson or Broker/Salesperson to client

Question 5

LICENSEE

Answer 5

Only in NV
Salesperson or broker/salesperson represents their broker’s client
In NV, Broker may assign different licensees in same office to represent differnt clients

Question 6

SUBAGENT

Answer 6

Someone who REPRESENTS a broker’s client one of two ways OUTSIDE Nevada

Question 7

SUBAGENT BROKER

Answer 7

A broker from another firm who represents the listing brokers client

Question 8

SUBAGENT SALESPERSON - BROKER/SALESPERSON

Answer 8

A salesperson or broker/salesperson relationship to their broker’s client

Question 9

Ask yourself ?

“Can you, the real estate agent, do a transaction with the client directly.”

Answer 9

YES … You are a BROKER in all 50 states

NO … You are a SUBAGENT in all states outside of Nevada

In Nevada, you are a licensee of the client

Question 10

BROKER

Answer 10

An agent to their client or principal from each of the following groups

A listing or buyer’s agent
A single or dual agent
A special, general or universal agent

Question 11

LISTING AGENT

Answer 11

Represents Sellers

Question 12

BUYERS AGENT

Answer 12

Represents Buyers

Question 13

SINGLE AGENT

Answer 13

Represents only buyer or seller in transaction, never both in the same transaction

Question 14

DUAL AGENT … NATIONALLY

Answer 14

Broker represents buyer and seller in same transaction with written request

Question 15

DUAL AGENT … NEVADA

Answer 15

Only if licensee appointed by broker represents buyer and seller on a signed form called … Consent to act by all parties confirmed in writing

Question 16

DUAL AGENT … NATIONAL and NEVADA

Answer 16

Limited fiduciary - cannot discuss motivation of either party or price and terms

Question 17

SPECIAL AGENT

Answer 17

Agent does one act or series of acts on behalf of client

e.g. Property Management

Question 18

GENERAL AGENT

Answer 18

Agent authorized to do everything, usually has unlimited power of attorney … makes agent attorney in fact

Question 19

Types of AGENT RELATIONSHIPS

Answer 19

Third Party/Customer … Client/Principal

Question 20

THIRD PARTY/CUSTOMERS … Relationship

Answer 20

Responsibility Only

Created by any licensed agent who talks real estate with seller, buyer, exchanger, exchangee, lessor, lessee

Parties owed FHD … FAIR, HONEST, DISCLOSURE OF ALL MATERIAL FACTS

Question 21

CLIENT/PRINCIPAL … Relationship

Answer 21

Responsibility and Representation

Created by any agent who signs an agency or dustier owed with seller, buyer, exchanger, exchanger, lessor, lessee

Owed FIDUCIARY

Care, Confidentiality, Obedience, Accounting, Loyalty, Diligence, Disclosure, Agency

Question 22

AGENCY

Answer 22

Mutual consensual agreement between client and broker

In Nevada called … DUTIES OWED

Question 23

Types of AGENCY

Answer 23

EXPRESSED … IMPLIED

Question 24

EXPRESSED AGENCY

Answer 24

WRITTEN or VERBAL and DEFINITIVE by nature e.g. listing agree

Ratification … Clint agrees to be bound by Agent’s acts

Agency coupled with an Interest … Cannot be broken, agent has interest in the listed realty outside of ownership

Question 25

IMPLIED AGENCY

Answer 25

Actions create agency … Leave brokerage sign up after listing expires

Ostensible … You lead someone to believe you are their agent

Estoppel … Third party believes agent represents client without clients denial

Necessity … e.g. fixing broken windows to clients home when client gone and client reimburses