2 - Agency

Question 1

Agency

Answer 1

All relationships in which a real estate broker in Georgia acts for or represents another as a client by written authority in a real property transaction

Question 2

Universal Agent

Answer 2

A person empowered to do anything the principal could do personally

Question 3

General Agent

Answer 3

One who is authorized by a principal to represent the principal in a specific range of matters

Question 4

Special Agent

Answer 4

Broker. One who is authorized to perform a single act or transaction.

Find a buyer when rep. a seller.

Or find property for a buyer.

Question 5

Expressed Agency

Answer 5

Relationship based on a formal agreement between parties. expressed by words.

Question 6

Implied Agency

Answer 6

Expressed by action. Agency relationship developed by actions.

Question 7

Power of Attorney

Answer 7

Legal doc. that gives individuals the right to sign legal docs for another. In GA, must be done like a deed.

Question 8

Obligation a Broker has to a Customer

Answer 8

Honesty.

Question 9

Termination of Agency Agreement

Answer 9

Expiration Date
Death
Performance=closing
Breach- client feels abandoned
Mutual Agreement

Question 10

Obligation to 3rd Party

Answer 10

Skill
Accountability
Honesty/Integrity
No BS - puffing/fraud
Latent/Patent Defects
Full disclosure to client, not necessarily to customer.

Question 11

Latent Defects

Answer 11

Not openly known defects to the house. Termites or hidden things

Question 12

Patent Defects

Answer 12

Obvious issues with the house.

Question 13

Exclusive Agency Listing

Answer 13

One company. Client can sell their house if they want to. No commission.

Question 14

Exclusive Right to Sell Listing

Answer 14

One company. Guaranteed commission no matter who sells it within agreed time.

Question 15

Net Listing

Answer 15

We want ____ … everything else you can have…. Illegal.

Question 16

Exclusive Listing Contract Form

Answer 16

1. In writing
2. Def. date of Exp.
3. A copy is given to everyone who signed paper.

Question 17

Single Agency

Answer 17

You and your company represent ONE client.

Can be a seller, buyer, tenant or landlord.

Question 18

Dual Agency

Answer 18

YOU rep both clients. Buyer and Seller in ONE transaction.

FULL DISCLOSURE.

Question 19

Designated Agency

Answer 19

ONE company. TWO agents.

One representing a seller, other repping buyer.

Question 20

When should I disclose to the parties whom I intend to represent?

Answer 20

Disclosure should be made verbally and in writing to everyone ASAP.

Question 21

Can I represent a seller and be a subagent?

Answer 21

Nope

Question 22

What determines if I can be a “buyer’s agent” in GA?

Answer 22

Company policy, procedures and the broker.

Question 23

According to BRRETA, a listing agent must voluntarily disclose to a buyer/customer.

Answer 23

Latent Defects … Hidden.

Question 24

Can an agent sign things for the Broker?

Answer 24

YES. Usually made in the “Broker Affiliation Agreement”

Question 25

Owner sells property personally, no commission will be paid to the agent within an exclusive brokerage engagement:

Answer 25

Exclusive Agency Agreement

Question 26

A listing broker whose negligence in preparing a sales contract for the seller client allows the buyer to void the agreement… this breaches his responsibility of

Answer 26

DUE CARE

Question 27

Ministerial Acts

Answer 27

Simple, everyday acts of driving people around… etc.

Question 28

Before entering a brokerage engagement, an agent’s disclosure of the types of agency relationships offered by the broker as well as compensation is required by:

Answer 28

BRRETA, Georgia’s Real Estate Agency Law.

Question 29

An agent isn’t getting their compensation from the Broker… What should they do?

Answer 29

File judicial action or refer matter to other arbitrating bodies.