Chapter 4: Authorized Relationships: Duties & Disclosures (FITB) Flashcards Preview

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Flashcards in Chapter 4: Authorized Relationships: Duties & Disclosures (FITB) Deck (15):
1

An agent that is empowered to perform a single act on behalf of his or her principal has a ____ agency.

special

2

An agent whose continuing authority is limited to a single trade or business has a ____ agency.

general

3

A sales associate is a ____ of the broker's principal.

subagent

4

A licensee can create an agency relationship ____ or ____.

accidentally or inadvertantly

5

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

6

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

7

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.

$1 million

8

The Consent to Transition to Transaction Broker notice is required to be ____ or ____ for transition to occur.

initialed or signed

9

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 ____ ____.

single agent

10

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.

5

11

The only brokerage relationship that includes fiduciary duties is the ____ ____.

single agency

12

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

13

Brokers in a nonresidential sale are not required to use ____ ____.

written disclosures

14

Licensees using words or actions that mislead a member of the public can result in the creation of an ____ ____.

implied agency

15

Agency relationships are legally based on ____ and ____.

trust and confidence

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