Flashcards in Chapter 4: Authorized Relationships: Duties & Disclosures (FITB) Deck (15):
An agent that is empowered to perform a single act on behalf of his or her principal has a ____ agency.
An agent whose continuing authority is limited to a single trade or business has a ____ agency.
A sales associate is a ____ of the broker's principal.
A licensee can create an agency relationship ____ or ____.
accidentally or inadvertantly
Before showing a property, allowing a buyer to sign an offer to buy, or a seller to sign a listing agreement, a licensee must provide the party with a written brokerage relationship form when acting in the capacity of a ____ relationship.
single agency, no brokerage
A member of the public may select from one of three options when working with a broker which are ____ ____, ____ ____ and ____ ____ ____.
transaction broker, single agency, no brokerage relationship
In a nonresidential transaction, a broker may assign one or more sales associates to represent a buyer and one or more sales associates to represent a seller in the same transaction as single agents if both parties have assets of ____ or more.
The Consent to Transition to Transaction Broker notice is required to be ____ or ____ for transition to occur.
initialed or signed
If the principal refuses to sign or initial the Consent to Transition to Transaction Broker notice form, the broker is required to act as a ____ ____.
Brokers are required to retain copies of all disclosure documents for transactions that have resulted in a contract being entered into for a period of at least ____ years.
The only brokerage relationship that includes fiduciary duties is the ____ ____.
A licensee assigned by a broker to act as a single agency of a buyer or seller in a nonresidential transaction is titled a ____ ____ ____.
designated sales associate
Brokers in a nonresidential sale are not required to use ____ ____.
Licensees using words or actions that mislead a member of the public can result in the creation of an ____ ____.