Term
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Definition
| A document which must be given to any consumer upon first substantive discussion of real estate. This document deals with types of agency relationships, it has a provision dealing with disclosure, the ways agency relationships are created and terminated, conflicts of interest. |
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Term
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Definition
| One who ahs the authority to act for a principal in a specific transaction or task |
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Term
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Definition
| One who has authroity to act for a principal in all business of a prticular kind - power of attorney |
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Term
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Definition
| Having the authority to do all acts that can be lawfully delegated to a representative |
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Term
| Agency can be termiated by: |
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Definition
Full Performance
Mutual concent
Destruction of the property
Experiation of the agency contract
Death, bankruptcy or insanity of one of the principal or agen
The agent's neglect or abandonment |
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Term
| How is an exclusive agency relationship created |
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Definition
| In writing only. It cannot be implied |
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Term
| How is an oral non-exclusive agency relationship created |
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Definition
| The liscensee must deliver a written memorandum stating terms of the relationship |
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Term
| How is a transaction licensee relatinship created? |
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Definition
If the consumer will be responsible for the fee: written agreement
If the consumer will not be responsible for the fee: written memorandum signed by consumer |
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Term
| What is necessary before a licensee can be a seller's subagent? |
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Definition
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Term
| In a sales transaction, when must the licensee provide the consumer ntoice |
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Definition
| The initial interview, or first substantive discussion |
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Term
| Is providing the consumer notice sufficent when dealing w/a sales transaction |
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Definition
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Term
| How long must the consumer notice be retained? |
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Definition
| 6 months if there has been no business, 3 years if business relationship occured |
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Term
| What proceedure must be used if the initial interview is not face-to-face? |
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Definition
| You have to orally advise the consumer of the various business relationships. |
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Term
| In a leasing transaction when must the licensee provide the consumer notice? |
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Definition
| When the application is taken. |
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Term
| Why should a consumer withold confidential info from a transaction licensee? |
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Definition
| They have limited obligations in regards to confidentiality. |
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Term
| Is a designated transaction licensee relationship possible |
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Definition
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Term
| Does a dual agent act as a 'referee' making sure neither client gains an advantage on the other client? |
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Definition
| No, they just cannot giev an advantage to either side. |
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Term
| If a consumer is not familiar with real estate transactions, which realtionship would be most appropriate |
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Definition
| A single agency or designated agency |
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Term
| Can a designated agent be a dual agent |
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Definition
| No designated agents specifically represent ONE party. Dual represents both. |
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Term
| Can a broker be a designated agent |
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Definition
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Term
| With whom can you share confidential information of your client? |
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Definition
| Broker and any other agent of the client |
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Term
| If a real estate licensee is acting as a seller's agent who is the client and who is the customer |
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Definition
The seller is the client
The buyer is the customer |
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Term
| If a real estate licensee is acting as a buyer's agent, who is the client and who is the customer? |
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Definition
| The buyer is the client, the seller is the customer |
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Term
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Definition
| A broker or salesperson who provides communication or document preparation services without being an agent or advocate of the consumer |
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Term
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Definition
| A broker, not in the employ of the listing broker, who is engaged to act for or cooperate with the listing broker in selling property as an agent of the seller. |
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Term
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Definition
| One or more licensees designated by the employing broker with teh consent of the principal to act exclusively as an agent or as agents on behalf of the principla to the exclusion of all other licensees within the broker's employ |
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Term
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Definition
| A licensee who acts as an agent for the buyer and seller or lessee and landlord in the same transaction |
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Term
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Definition
| one who is in a position of trust and confidence and therefore owes loyalty to the principal (client) |
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Term
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Definition
| undivided loyalty, obediance, confidentiality, reasonable care, full disclosure, accountability |
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Term
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Definition
| requires the agent to promptly report to the principal all money and property received and paid out, and upon request, to render an accounting |
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Term
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Definition
| requires the agent to disclose to the principal all info which might affect the pricipal's best interests |
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Term
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Definition
| requires the agent to protect the client from foreseeable risks of harm and recommend that the principal obtain expert advice when the principal's needs are outside the scope of the agent's knowledge |
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Term
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Definition
| A licensee may not knowingly, during or following the termination of an agency relationship, reveal confidential info of the principal or use confidential info of the principal to the advantage of the licensee or a thrid party. |
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Term
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Definition
| requires the agent to act subject to the principal's continuous control by not exceeding the scope of authority confererd by the principal and by obtaining and following all lawful instructions |
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Term
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Definition
| prohibits the agent from advancing any interests adverse to the principal's interests |
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