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Concepts Of Home Ownership > Real Estate Agency > Flashcards

Real Estate Agency Flashcards

0
Q

A person or entity for whom an agent provides services, which are only to be provided by a licensee, or a person or entity who seeks such services from a licensee.

A

Consumer

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1
Q

A person or entity that a license represents in scream property transaction.

A

Client

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2
Q

A person or entity for whom a licensee is providing services (including ministerial acts) but who is not represented by the licensee in an agency relationship.

A

Customer

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3
Q

Fiduciary/ Statutory Responsibilities

A

COLD AC

  • Care
  • Obedience
  • Loyalty
  • Disclosure
  • Accounting
  • Confidentiality
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4
Q

A structural defect that would not normally be including Ceres over the course of an ordinary inspection.

A

Latent defect

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5
Q

Properties that society has branded undesirable because of events that occurred there

A

Stigmatized Properties

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6
Q

Formal agreement between the parties

A

Express Agency

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7
Q

Agreement based on parties behavior

A

Implied Agency

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8
Q

Written employment contract to create an agency relationship between seller and sponsoring broker

A

Listing agreement

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9
Q

An express agency relationship between a buyer and a so airing broker is created by what?

A

Buyer agency agreement

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10
Q

True or False

The Real Estate License Act of 2000 requires that all exclusive brokerage agreements be in writing.

A

True

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11
Q

True or False

By operation of law, as in bankruptcy of the principal ( bankruptcy terminates the agency contract,and title to the property transfers to a court appointed receiver.

A

True

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12
Q

May represent the principal in a broad range of matters related to a particular business or activity.

A

General Agent

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13
Q

Authorized to represent the principal in one specific act or business transaction only, under detailed instructions.

A

Special Agent

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14
Q

An agent one firm represents only one party( buyer, seller, landlord, or tenant) exclusively in a real estate transaction, this relationship is…

A

Single Agency

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15
Q

Owner employ a sponsoring broker to market, lease, maintain, or manage the owners property.

A

Property management

16
Q

Managing broker responsibilities

A
  • Maintenance of licenses
  • Unexpected Loss of Managing Broker
  • Death of Sponsoring Broker
  • Renewals
  • Change of Business Address
  • Advertising
  • Supervision
  • Termination of Sponsorship
  • Planning
17
Q

An unlicensed assistant a licensee may not

A

-Host open houses, kiosk, or home show booth or fairs
-show property
-interpret information on listings, titles, franchising, contracts, closings or other information relating to a transaction
-explain or interpret a contract listing
lease agreement or other real estate
document with anyone outside the licensee’s company
-perform any other activity for which a licensed under the act is required
-negotiate or agree to any commission commission split management fee or referral fee on behalf of a licensee

18
Q

To be considered what of a sale the broker must have started or cause a chain of events that resulted in the sale

A

Procuring cause

19
Q

Antitrust violations include

A 
Price-fixing
 group boycotting 
allocation of customers 
allocation of markets and 
tie in agreements
20
Q

Types of listing agreements

A

Exclusive right to sell listing agreement exclusive agency listing agreement open listing agreement
net listing
option listing

21
Q

One ought the rise broker receives a commission regardless of who sells the property

A

Exclusive right to sell listing agreement

22
Q

There is one authorize broker
broker receives a commission only if she is the procuring cause
seller retains the right to sell without obligation

A

Exclusive agency listing agreement

23
Q

There are multiple brokers only the selling broker is entitled to a commission seller retains the right to sell independently without obligation

A

Open listing

24
Q

The broker is entitled to any amount exceeding the sellers stated net

A

Net listing

25
Q

The broker has the right to purchase the property

A

Option listing

Concepts Of Home Ownership (2 decks)

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