Agency Flashcards Preview

Real Estate Test > Agency > Flashcards

Flashcards in Agency Deck (29):
1

In the event that two rival brokers claim a commission under an open listing, the commission should go to the broker who:

Was the procuring cause of the sale

2

Brokers must be very careful of the statement they make. They are however, allowed to make statements of opinion as long as there is. I intent to deceive. This is called:

Pluffing

3

Under which of the following listing agreements may the owner of listed property sell the real estate without having to pay the listing broker a commission in South Carolina?

An exclusive agency listing

4

Which if the following persons can legally enter into listing agreements, advertise, and act as an agent in real estate transactions?

A licensed BIC

Or licensed real estate agent

5

A listing agreement may be terminated for which reason?

1.) expiration of the time period stated in the contract
2.) Death or insanity of either party
3.)Destruction of property. (Listing agreement)
4.) bankruptcy of the principal
5.) loss of title - condemnation, foreclosure
6.) change of law- i.e. Zoning
7.) impossibly of contract

6

Duel agency is:

Legal in SC if both parties give their written informed consent.

7

The relationship of trust and confidence between an agent and his principal is that of:

Fiduciary

8

An open listing:

Allows the owner to sell by his/her own efforts without payment if a commission.

9

All exclusive right-to-sell listings:

Require payment of a commits the agent if the property is sold.

10

The relationship between the BIC and the client in a listing would be that if:

Special agent

11

An agency contract may be terminated by:

Acts of parties

12

A real estate BIC is usually what kind of agent

Special agent

13

An exclusive agency listing:

Allows the ow we to sell by his/her own efforts and not pay commission.

14

Purchaser's funds held by and agent must:

Be kept in a trust account

15

The PRINCIPAL is best described as the:

Person with whom the agent signs the contact of employment.

16

The best description of a special agent would be a person who:

Has limited authority

17

An offer has been accepted on a ten-acre parcel when the listing broker learns that a buyer has been buying land in the area at a much higher price. The broker should:

Notify the seller of the facts

18

Multiple listing:

Is an arrangement by which a group of brokers agree to share their exclusive right to sell or exclusive agency listings.

19

Open listing

An owner employing more than one broke at a time

20

The south Caroline disclosure of real estate brokerage relationships form should be presented to:

Both the buyer and the seller early in the relationship.

21

Caveat emptor means:

Buyer beware

22

The principal is usually referred to as the:

Client

23

A competent person who is authorized by another to act I. His/her place as an agent is known as an:

Attorney in fact

24

A written instrument authorizing a person to act for another to the extent indicated in the instrument is called:

Power of attorney

POA

25

An agency which is voluntarily created through contractual agreement between the principal and the agent is known as:

Express agency

26

A common law agency created by conduct and acts of the principal and agent is called:

Implied agency

27

An agent while working within the scope of her authority, binds her principal. The authority granted by the seller to a broker is expressed in the:

Listening agreement

28

A type of authority that is voluntarily and explicitly set forth as instructions by the principal in the agency agreement is called:

Express authority

29

One authorized to conduct a series of transactions involving an ongoing relationship such as a salesman or broker employed by a BIC is a:

General agent