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Carpe Diem > CH 1 - Brokerage Relationships > Flashcards

CH 1 - Brokerage Relationships Flashcards

(45 cards)

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1
Q

Agents may not provide ANY ________ without an agency relationship.

A

professional services

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2
Q

A legal instrument authorizing one to act as another’s attorney or agent.

A

Power of Attorney

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3
Q

An attorney or agent who may or may not be a lawyer who is given written authority to act on another’s behalf as specified by a power of attorney.

A

Attorney-in-fact

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4
Q

One who desires the services of an Agent, but opts not to establish an agency relationship.

A

a customer

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5
Q

An agent legally authorized to act on behalf of another party (client).

A

a proxy

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6
Q

The ___________ will always be the Agent in every real estate transaction.

A

broker-in-charge

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7
Q

A licensee may act as a disclosed dual agent only with __________________________________.

A

the prior informed and written consent of all parties.

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8
Q

Same BIC, different licensees…

A

Designated Agency

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9
Q

The public has a right to assume that licensed real estate agents ____________________ and that the information provided is _________.

A

know what they are talking about; accurate

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10
Q

One authorized to conduct business on behalf of a client with a very broad authority. ______ Agent

A

Universal Agent

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11
Q

One authorized to represent a client on behalf of another agent. _______ Agent

A

General Agent (licensee)

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12
Q

Typically the Broker-in-Charge for a principal. ________ Agent

A

Special Agent

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13
Q

What is an Undisclosed Principal?

A

When an agent represents a Principal without disclosing who the Principal is, or even that they are representing a Principal.

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14
Q

While representing an Undisclosed Principal, it’s as if the agent is ______________________.

A

acting for and by himself without a principal.

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15
Q

South Carolina requires that all agency agreements be _______________.

A

in writing

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16
Q

Written agency agreements are considered to be __________ in nature.

A

personal

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17
Q

_________ never expires.

A

confidentiality

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18
Q

Name the 6 obligations of an agent to a client.

A 
O bedience
L oyalty
D isclosure (full)
C onfidientiality
A ccounting
R easonable care & Diligence
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19
Q

Name the 4 obligations of an agent to a customer.

Study These Flashcards
A

H onesty
F airness
C are
D isclosure

20
Q

Name 3 instances where it is permissible for an agent to disclose confidential information.

Study These Flashcards
A
  1. When the principal grants permission
  2. When it is required by law
  3. When disclosure is required to defend oneself against accusations of wrongful conduct before a legal standards hearing board
21
Q

3 fiduciary duties that are limited, in dual agency

Study These Flashcards
A

Obedience, Loyalty, Disclosure (OLD)

22
Q

3 fiduciary duties that are NOT limited, in dual agency

Study These Flashcards
A

Confidentiality, Accounting, Reasonable Care (CAR)

23
Q

Procuring Cause

Study These Flashcards
A

the agent who brought the buyer and ultimately caused the buyer to purchase the property, no break in chain of events.

24
Q

Indemnity

Study These Flashcards
A

earnest money; securing another party against loss or damage

25
Seller leaving a house during a showing to a buyer is an example of ____________
good conduct
26
True or False? An agent must disclose all property defects he/she knows about.
True
27
Agency relationships must be explained when?
during the first substantive contact
28
When explaining agency relationships to a customer, what should be provided?
the Agency Disclosure Brochure
29
Agency disclosure requirements do not apply if (3 scenarios):
1. rental / lease of residential or commercial 2. the licensee is soliciting business 3. sale of property by auction
30
Seller/buyer can hire as many agents as they want and pays commission to agent who sells, or can do FSBO with no commission.
Open Listing
31
Seller/buyer may only hire one agent but retain the right to sell FSBO and not pay commission.
Exclusive Agency Listing
32
Seller/buyer pays commission regardless of how purchase/sale occurs.
Exclusive Right to Buy/Sell Listing
33
Agreement where seller sets a reserve price, and the agent gets the difference/surplus from sale. Not legal in SC.
Net Listing
34
Two fiduciary duties never expire after agency is terminated:
accounting and confidentiality
35
Same broker acting for both the buyer and seller in the same transaction.
dual agency
36
A broker has a ________ relationship with his client.
fiduciary
37
What is needed for a broker to legally collect commissions from both the buyer and seller?
Prior knowledge and written consent of both the buyer and seller
38
Someone who refuses buyer representation is a _______.
customer
39
How is a broker's commission determined in a real estate transaction?
It must be stated in the listing agreement and is negotiated between broker/seller
40
Which two listing agreements allow owners to sell their own property without having to pay agent commission?
open listing and exclusive-agency listing
41
Which listing agreement requires the owner to pay agent commission regardless of who sells the property?
exclusive-right-to-sell listing
42
If the principal or broker dies, a listing agreement becomes:
terminated automatically due to death
43
If the salesperson / licensee dies, the listing agreement is:
still in effect because the agreement is between the BIC and Principal
44
True or False: Bankruptcy of the principal will terminate an agency relationship.
True
45
A licensee owes _______________ to a customer.
honesty and fair dealing

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