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Brokerage Class > 1 - Georgia Brokerage Relationships > Flashcards

1 - Georgia Brokerage Relationships Flashcards

1
Q

Someone who has agency representation with the real estate licensee

A

Client

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2
Q

Someone who uses or purchases a product or service

A

Consumer

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3
Q

Someone who’s working with a real estate licensee, but who isn’t represented by him

A

Customer

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4
Q

Someone who’s a party to a transaction, OR the person for whom the agent acts

A

Principal

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5
Q

Someone who acts on behalf of someone else and who’s in a position of trust and loyalty

A

Agent

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6
Q

Someone who represents neither party in the transaction

A

Non-agent

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7
Q

Let’s say you are supervising Alison, a real estate licensee. Alison just received a call from the Masons. They’re interested in putting their house on the market and would like to talk more with Alison about this process. Alison meets with the Masons the next day and is excited about this new prospect. She leaves them with her business card and a promise to call back in two months when they say they’ll be ready to act. In return, Alison leaves with an unsigned agency agreement and contact information for their son, Brent, who’s ready to buy his first home.

Alison can’t decide, are the Masons her clients? As her supervising broker, what would you say?

Yes or No

A

No

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8
Q

Alison was thrilled to meet with Brent. In a matter of days, she executed (signed) an agency agreement with Brent, searched for properties on the multiple listing service, and had several showings scheduled.

As Alison’s supervising broker you put her to the test and ask her to match the terms to the appropriate party so, who’s who in this scenario?

Agent? Client? Principal?

A

Agent-> Alison
Client->Brent
Principal->Brent

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9
Q

BRRETA Definitions

Agency relationship between a broker and a client or customer

A

Brokerage Relationship

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10
Q

BRRETA Definitions

Broker who is working with all parties as customers

A

Transaction Broker

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11
Q

BRRETA Definitions

Tasks a broker can do for customers

A

Ministerial Acts

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12
Q

BRRETA Definitions

Agency contract between brokers and their clients

A

Brokerage engagement

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13
Q

Brokerage Engagement vs. Relationship

Adam decided to list his house with Theo and just signed his brokerage listing agreement.

A

Brokerage engagement

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14
Q

Brokerage Engagement vs. Relationship

Deidre is looking for a five-acre tract and mentions it to her friend, Laura, who is the listing broker for several rural land listings. Laura shows them to Deidre without having her sign an agreement.

A

Brokerage relationship

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15
Q

Brokerage Engagement vs. Relationship

McKenna decides she’d like to use a buyer’s agent to find a condo, so she signs an agency agreement with ABC Brokerage.

A

Brokerage engagement

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16
Q

General or Special Agent

Handles all dealings for a specific piece of client property

A

General agent

17
Q

General or Special Agent

Enters into contracts on the client’s behalf

A

General Agent

18
Q

General or Special Agent

Acts as an intermediary, but doesn’t make decisions or enter into contracts on the client’s behalf

A

Special Agent

19
Q

General or Special Agent

Acts with limited authority on a client’s behalf

A

Special Agent

20
Q

Universal or Designated Agent

Holds the most authority of any agent

A

Universal Agent

21
Q

Universal or Designated Agent

Considered an uncommon role for a real estate agent

A

Universal Agent

22
Q

Universal or Designated Agent

Designated to perform duties to a client

A

Designated Agent

23
Q

Universal or Designated Agent

Known also as an appointed agent or assigned agent

A

Designated Agent

24
Q

Edwin collects rents, evicts tenants, and enters into leases on behalf of his boss, the property owner. Edwin is a designated agent.

True or False?

A

False…..(General Agent)

25
Q

Harriet has just been appointed guardian of her 12-year-old niece, Annabel, whose parents were tragically killed in an automobile accident. Harriet is a universal agent.

True or False?

A

True

26
Q

Ingo and Amy both work at the same firm and are involved in the same transaction, in which Amy represents the seller and Ingo represents the buyer. Ingo owes duties to the buyer, and Amy to the seller. Ingo and Amy are designated agents.

True or False?

A

Ture

27
Q

Jamie acts as an intermediary, liaison, and negotiator for her client, but she’s not authorized to make decisions on her client’s behalf. Jamie’s primary role is to help her client find and buy a house. Jamie is a general agent.

True or False?

A

False…Special or Limited agent

28
Q

An agency relationship that is understood and agreed to by both parties

A

Express agency

29
Q

An agency relationship that exists because you behaved in a way that led the consumer to believe you’re their agent

A

Implied agency

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