Ch 7 - Brokerage, Agency & Faur Housing Flashcards Preview

Real Estate National Q+A > Ch 7 - Brokerage, Agency & Faur Housing > Flashcards

Flashcards in Ch 7 - Brokerage, Agency & Faur Housing Deck (21)
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1

Appears to exist

Ostensible

2

The decision by the appropriate public agency that a property is no longer fit and therefore must be closed or destroyed

Condemnation

3

Making statements of opinion while selling real estate

Puffing

4

A provision that protects the broker in the event the seller sells to one of the prospects with whom he had negotiated during the listing term

Safety or protection clause

5

The channeling of home-seekers to particular areas, either to maintain the homogeneity of an area or to change the character of an area in order to create a speculative situation

Steering

6

The practice of refusing to make mortgage loans due to the age of the neighborhood or its ethnic composition without regard to the economic qualification of the applicant

Redlining

7

Created when one person, called the principal, delegates to another person-called the agent – the right to act on the principal’s behalf in dealing with third parties

An agency

8

Inducing homeowners to sell by making representations regarding the entry or perspective entry of minorities into the neighborhood

Panic selling / blockbusting

9

True or false:

advertising a property for sale “as is” relieves the seller and broker from the responsibility of revealing hidden or latent defects to a buyer

False

10

True or false:

Compensation must always be negotiated between the owner and broker

True

11

True or false:

Because of the mutual promises between the owner and the broker, and exclusive agency listing is a unilateral contract

False - it’s a bilateral contract

12

True or false:

The most frequent of the antitrust violations that can occur in the real estate business are price fixing and allocation of customers or markets

True

13

Meant to expand the scope of federal regulations to protect handicapped individuals and familial status of individuals

The fair housing amendments act of 1988

14

How long does any aggrieved person have to file a complaint with the secretary or his or her delegate after a discriminatory action occurs?

360 days

(1 real estate year)

15

What are the three levels of agency?

- universal agency
- general agency
- special agency

16

What are five ways to create an agency?

- written agreement
- ostensible agency
- agency by ratification
- agency coupled with an interest
- dual agency

17

All exclusive listings must have a definite __________

Termination date

18

An agent is entitled to _________ and is to be held blameless for actions of the principal, such as a misrepresentation by the principal that was passed on in good faith to a buyer

Indemnification

19

What are the four ways an agency is most often terminated?

- by purpose of the agency being completed
- by expiration of the term of the agency
- by mutual agreement
- by revocation

20

When a broker has produced a ready, willing, and able buyer, he or she is said to be the ________ Of the sale and is entitled to the commission

Procuring cause

21

What are the few types of listings in use?

- open listing
- exclusive agency listing
- exclusive right to sell listing
- net listing