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Flashcards in Agency & Real Estate Brokerage 4 Deck (49)
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1

A_____

Represents the Principal and Must Follow All the Principals Instructions Unless Violates the Law?

Agent -

Represents the Principal and Must Follow All the Principals Instructions - Unless Violates the Law

Chap 4

2

Who Employs the Salesperson, When Broker is the Agent of The Client and Salesperson is Agent of Broker

Principal -

Principal Employs Salesperson, When Broker is the Agent of Client and Salesperson is Agent of Broker

Chap 4

3

Persons represented by Outside Brokerage Firms.

Customer -

Represented by Outside Brokerage Firms

Chap 4

4

If Both Parties are Represented by Your Brokerage Firm. These Parties Are Called?

Clients -

Both Represented by Your Brokerage Firm

Chap 4

5

Fiduciary Duties to client, or C.A.R.L.O.D

  1. Conf________,
  2. Acc______,
  3. R________ Care,
  4. Loy___,
  5. Ob_______,
  6. Dis_______

C.A.R.L.O.D - Fiduciary Duties to client

  1. Confidentiality,
  2. Accounting,
  3. Reasonable Care,
  4. Loyalty,
  5. Obedience,
  6. Disclosure

Chap 4

6

Duties to Customers - 5 (Fiduciary Duties):

Hint: Fairness Honestly Gives Good Faith that Customers Deserved

  1. Fai______,
  2. Hon______,
  3. G____ Faith,
  4. Compen_____,
  5. Dis_____

Duties to Customers - 5 (Fiduciary Duties):

  1. Fairness,
  2. Honesty,
  3. Good Faith,
  4. Competency,
  5. Disclosure

Hint: Fairness Honestly Gives Good Faith that Customers Deserved

Chap 4

7

Agents Not Held Liable For Non-Disclosure Of:

  1. Nat_____ Death, 
  2. Su____,
  3. Hom____,
  4. Felo_____,
  5. S___ Offender Area
  6. HIV or AIDS (Handicap Fair Housing Admin 1988)

 

Agents Not Held Liable For Non-Disclosure Of:

  1. Natural death, 
  2. Suicide,
  3. Homicide,
  4. Felony,
  5. Sex Offender Area
  6. HIV or AIDS (handicap Fair Housing Admin 1988)

Chap 4

8

Client's Duties to Agent:

  1. Comp_________,
  2. Perf_______,
  3. Indem________,

Clients Duties to Agent:

Compensation, Performance, Indemnification

Chap 4

9

Ag_____

Created through Authorization of Principal, may or may not be in writing

Agencies -

Created through Authorization of Principal, may or may not be in writing

Chap 4

10

 L_____ A________

What Employment Contract Must Be in Writing, In Order to Collect a Fee in Court, and to Comply with Arizona Statutes?

Written Listing Agreement -

Must be in Writing In Order to Collect a Fee in Court and Comply with Arizona Statutes.

Chap 4

11

Ex______ Ag______

Type of Agency Created by "Specific Authorization" From Principal, "Verbally or Written."

Expressed Agency -

"Specific Authorization," from Principal in "Writing or Verbal."

Chap 4

12

Im______ A_____

Type of Agency Created By Actions - not In writing

Implied Agency -

Agency Created By Actions - not in writing.

Chap 4

13

S__-______

What is the Salesperson To the Client called?

If the Broker Is the Agent of the Client. And the Salesperson Is the Agent of the Broker.

Sub-Agent -

The Saleperson Is the Sub-Agent to the Client.

If the Broker Is the Agent of the Client. And the Salesperson Is the Agent of the Broker.

Chap 4

 

 

14

Cons____ to Limited Rep_______

When a Dual Agency Exist, Written Permission of Both Parties (Informed Consent) Is Necessary. This is called?

Consent to Limited Representation -

When a Dual Agency Exist, Written Permission of Both Parties (Informed Consent) Is Necessary.

Chap 4

15

(READE) R___ Es____ Ag____ Dis_____ and El____ Form -

At First Substantive Discussion With Client, AZ Agents Should Use This Form.

(READE) Real Estate Agency Disclosure and Election form -

At First Substantive Discussion With Client, AZ Agents Should Use This Form.

Chap 4

 

16

Unrep_____ Seller Com_____ Ag_______ -

In working with FISBO's and Making an Offer as Buyer's Agent, when Seller is Unrepresented.

What Form Maintains Single Agency and Gives Compensation to Buyer's Agent?

Unrepresented Seller Compensation Agreement -

In FISBO Making an Offer as Buyer's Agent.

This Form Maintains Single Agency and Gives Compensation to Buyer's Agent.

Chap 4

17

Person Authorized to Represent Another thru a Power of Attorney

Attorney in Fact -

Person Authorized to Represent Another thru a Power of Attorney

Chap 4

18

Sp_____ (Spec___) Agency -

Limited Authority under Listing and Buyer Broker Agreements

Specific (Special) Agency -

Limited Authority under Listing and Buyer Broker Agreements

Chap 4

19

G_____ Agency -

  1. Agency Used for "Various Duties" - Personal and Business
  2. "Property Management Listings,"
  3. Agent Holds This Type of Agency to Broker.

General Agency -

  1. Agency Used for "Various Duties" - Personal and Business
  2. "Property Management Listings,"
  3. Agent Holds This Type of Agency to Broker.

Chap 4

20

Un_____ Agency -

Agency has Authority Over All Matters of Principal.

Universal Agency -

Authority Over All Matters of Principal

Chap 4

21

Im____ Notice -

Communicated To Agent, Automatic Notice to Principal.

Imputed Notice -

Communicated To Agent, Automatic Notice to Principal.

Chap 4

22

Vic_____ Liab____ (Respondeat Superior) -

Concept that Principal is Responsible for Acts of Agent

Respondeat means "Let the Master Answer!"

Vicarious Liability (Respondeat Superior) -

Concept that Principal is Responsible for Acts of Agent

Respondeat means "Let the Master Answer!"

Chap 4

23

G______ Liab_____ Ins______

Insures "Broker/Agent" Against Claims - When a 3rd Party Is Injured

General Liability Insurance -

Insures "Broker/Agent" Against Claims - When a 3rd Party Is Injured

Chap 4

24

Extra Liablity Insurance for Major Claims and Lawsuits

Umbrella Insurance -

Extra Liablity Insurance for Major Claims and Lawsuits

Chap 4

25

What "Does Not" Terminate Purchase Contract or Lease!

Death -

Does Not Terminate Purchase Contract or Lease

Chap 4

26

Reasonable Skill and Care 5 (Fiduciary Duty)

  1. Con____ Prep,
  2. Mark____,
  3. Adv____ on Price,
  4. Meeting Dea_____,
  5. Disclosure of Mat____ Facts

Reasonable Skill and Care 5 (Fiduciary Duty)

  1. Contract Prep,
  2. Marketing,
  3. Advising on Price,
  4. Meeting Deadlines,
  5. Disclosure of Material Facts

Chap 4

27

Disclosure (Fiduciary Duties) Agents must make Full Disclosure:

  1. Conf____ of Interest,
  2. Other Off____ on Property 
  3. Ag____ Relationship Status
  4. Mat____ Defects
  5. Info Mat____ to Client Int_____

Disclosure (Fiduciary Duties) Agents must make Full Disclosure:

  1. Conflicts of Interest,
  2. Other Offers on Property 
  3. Agency Relationship Status
  4. Material Defects
  5. Info Material to Client Interest

Chap 4

28

7 Ways to Terminate Agency:

  1. Perf______,
  2. Mutual  Agr_____,
  3. Exp_____,
  4. Revo_____,
  5. Des_____ of Property,
  6. Ba______ (BK),
  7. Death of Prin_____ or Agent

7 Ways to Terminate Agency:

  1. Performance,
  2. Mutual Agreement,
  3. Expiration,
  4. Revocation,
  5. Destruction of Property,
  6. Bankruptcy (BK),
  7. Death of Principal or Agent

Chap 4

29

Ag___ -

Relationship When Hired To Act on Behalf of Principal

Agency -

Relationship When Hired To Act on Behalf of Principal

Chap 4

30

New Homes Agency -

Agents Represent S____/Bui_____

New Homes Agency -

Agents Represent Seller/Builder

Chap 4