Agency relationships (national) Flashcards Preview

2018 California Brokers Exam-All > Agency relationships (national) > Flashcards

Flashcards in Agency relationships (national) Deck (8)
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1
Q

what are the 4 components of agency?

A
*hint CARD
C-ontrol of the agent by the principal 
A-cceptance of authority by agent
R-eliance on the agent by the principal 
D-elegation of Authority (someone does something you don't wanna do yourself)
2
Q

what is a Subagent

A
  • Typically an extension of the listing agent
  • works for the seller and with the buyer
  • A cooperating broker who brings a buyer customer to the transaction
3
Q

single agency

A

broker represents either the seller or the buyer in a transactions

4
Q

Dual agency

A

broker represents both seller and buyer in a transaction; broker must have mutual knowledge and written permission by the parties

5
Q

buyer agency

A

broker represents the buyer through a written agreement

6
Q

designated broker

A

the broker appoints agents within his officer to represent either buyer or seller

7
Q

Transactional broker

A

the broker is not an agent of either party, rather the broker is a non agent or facilitator

8
Q

What are listing agreements and buyer representation agreements?

A
  • Employment agreements
  • unilateral contracts
  • creates a special agency relationship
  • are not standardized