{ "@context": "https://schema.org", "@type": "Organization", "name": "Brainscape", "url": "https://www.brainscape.com/", "logo": "https://www.brainscape.com/pks/images/cms/public-views/shared/Brainscape-logo-c4e172b280b4616f7fda.svg", "sameAs": [ "https://www.facebook.com/Brainscape", "https://x.com/brainscape", "https://www.linkedin.com/company/brainscape", "https://www.instagram.com/brainscape/", "https://www.tiktok.com/@brainscapeu", "https://www.pinterest.com/brainscape/", "https://www.youtube.com/@BrainscapeNY" ], "contactPoint": { "@type": "ContactPoint", "telephone": "(929) 334-4005", "contactType": "customer service", "availableLanguage": ["English"] }, "founder": { "@type": "Person", "name": "Andrew Cohen" }, "description": "Brainscape’s spaced repetition system is proven to DOUBLE learning results! Find, make, and study flashcards online or in our mobile app. Serious learners only.", "address": { "@type": "PostalAddress", "streetAddress": "159 W 25th St, Ste 517", "addressLocality": "New York", "addressRegion": "NY", "postalCode": "10001", "addressCountry": "USA" } }

AZ Real Estate - Real Estate Brokerage: Law Of Agency & Pub Protection B2 Flashcards

(67 cards)

0
Q

How is fund supported?

A

New Salespersons pay $10, new brokers pay $20.

If balance goes below $600k on Jun 30, deficit made up by collecting fees when licensees renew.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
1
Q

RE Dept Recovery Fund created to?

A

Indemnify persons suffering loss as a result of misrepresentation or fraud of real estate agents.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Who is eligible to make claims on recovery fund?

A

Those who have obtained civil judgements against brokers or salespersons but have not been able to collect in whole or in part.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Procedure to file claim is:

A
  1. File an intent to claim
  2. File lawsuit against licensees
  3. Win judgement
  4. Exhaust all legal avenues of collection
  5. Get a court order directing AZRE to pay
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Max amt claimant can get from Recovery Fund is?

A

$30k per transaction

One contract is one transaction.

If multiple transactions led to claim, no more than $90k will be paid on behalf of one RE licensee.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

When RE Recovery Fund payment made on behalf of licensee, what is status of agent’s license?

A

It is terminated.

Cannot get license back until pay back Recovery Fund in full plus interest.

Corps and RE licensees cannot make claim on fund.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Who is principal or client?

A

Person who hires agent. Usually seller.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Who is customer aka 3rd party?

A

Person you work with and not for. Usually buyer. Unrepresented principal ie you represent seller buyer is w/o agent.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are 3rd parties entitled to?

A

Truthful info

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

If license terminated when can you reapply for license?

A

After 5 yrs assuming you paid fund back plus interest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Salesperson is what type of agent?

A

A sub agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Special agent means

A

One purchase or sale

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Agent authorized to perform a variety of transactions is the

A

General Agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

An agent in the employ of another agent or cooperating broker all representing Seller are

A

Subagents

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

When broker represents both buyer and seller in same transaction she is a

A

Dual agent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

An agent who does everything on behalf of a client is a?

A

Universal agent aka power of attorney

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

How does seller become client?

A

Listing agreement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

When all outward appearances imply agency because of conduct and acts it is what kind of agency?

A

Ostensible

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Agency of necessity can be created by emergency for example…

A

Agent discovers gushing water in a property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Fiduciary relationship of agent to principal are…

A
Loyalty
Confidentiality
Accountability
Obedience
Disclosure
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Principals duty to customers

A

Fair, honest and truthful

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Sellers Property Disclosure does what?

A

Helps seller to disclose. Not required by law.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Listing agreement is a

A

Authorization to Sell

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

An Agreement to Sell is a

A

Purchase Comtract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Listing agreements and purchase contracts are
Non- assignable
25
Open Listing is
1. A unilateral agreement 2. Multiple agents working for seller 3. Offers least protection to broker 4. Used in commercial 5. Procuring cause broker gets few 6. Owner makes sale he pays no fee 7. Not permitted in MLS because broker w/ open listing does not offer cooperation w/ other brokers
26
Exclusive Agency Listing
Only one broker authorized to sell. If broker or cooperating broker sells commission is paid. Of owner sells no commission paid. Broker ends up getting buyer for seller w/ signs and ads. Commercial
27
Exclusive right to sell
Only one broker auth to sell property. | Owner pays fee regardless of who gets buyer.
28
Net listing
Seller gets net amt excess proceeds go to broker.
29
Proof needed to collect in court...
A RE license Compensation agreement Procuring cause
30
Commissions earned when?
1. At moment contract signed (meeting of minds) | 2. Paid at close of escrow unless diff time agreed to
31
90 day clause protects who?
Broker. If Buyer/Seller agree to sale w/i 90 days of expiration of listing broker protected.
32
Bilateral agency can be terminated by
Acts of parties Mutual Agreement Completion of purpose (sale)
33
Agency can be terminated unilaterally by...
Revocation - seller fires agent w/ cause Renunciation - agent fires seller
34
Agency can also be ended by..,
Operation of law - condemnation, eminent domain, zoning changes, bankruptcy or supervening illegality (something legal becomes illegal).
35
How does death impact listing agreement?
Death, insanity or incompetence or seller or a self employed broker terminates listing agreement.
36
AZ Revised Statute says listings must be
1. In writing 2. Say terms and include compensation 3. Have beg and end date 4. Signed by seller, broker or salesperson
37
How many docs are needed for broker to be assured of collecting his commission if seller does not want to pay?
2
38
Valid listing on community must be given by
Husband OR wife
39
In buyer/broker exclusive employment agreement what does not have to be in agreement?
Legal description of property
40
A licensed salesperson is what kind of agent to her broker?
General agent Property manager is also a general agent. Person auth to perform variety of transactions for for principal, mostly on continuing basis.
41
In listing a property for sale what is not needed for valid exclusive listing?
A legal description.
42
A cooperating broker in a real estate transaction is most likely the...
Buyer's Broker
43
Agent owes customer...
Honesty
44
Recovery fund claimant do not need to be....
Residents of AZ
45
Broker earns cousin when..,.
Broker secures a willing and able buyer making an offer meeting seller's terms.
46
In agency relationship confidentiality is a part of what duty?
Loyalty
47
What may NOT be in a valid listing contract?
Automatic renewal clause
48
After licensee repays recovery fund right to reapply for license may be denied for a max of ___years.
5
49
A salesperson who represents seller in all RE transactions is what type of agent?
General Agent
50
Broker's duty to a third party is
Full disclosure of material facts
51
Seller gives sales person right to sell and make other decisions regarding property - this is called
General agent
52
When does a salesperson have a listing?
When listing is signed
53
Broker lists property for sale but does not advertise it, show it or communicate to seller. Seller has right to assume broker...
Has breached fiduciary and abandoned listing
54
What is not required in a listing contract to be valid?
Commission rate
55
A salesperson's right to commission is based on having a
Valid license
56
Who does a salesperson represent?
Employing broker
57
Broker relationship to seller is most likely..
Special
58
When salesperson works for brokerage co salesperson is
Agent of Corporation and corporation is agent of seller
59
When person hires another in a relationship if trust and confidence this is
Fiduciary
60
When listing broker dies his son wants to take over all listings. Son must...
Re-writ and negotiate all listings
61
Exclusive right to sell is what type of contract?
Executory bilateral
62
Broker has listing but owner forgot to sign. Listing is...
Unenforceable
63
Broker principal relationship is
Fiduciary
64
What is not required to be in listing k?
Construction cost
65
In agency relationship confidentiality is a part of what duty?
Loyalty
66
To ensure broker gets paid commission on open listing broker must
Have a signed listing contract