Chapter 7 laws and regulations and government brokrerage relationship Flashcards Preview

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Flashcards in Chapter 7 laws and regulations and government brokrerage relationship Deck (13):

What are the three types of agency

Universal agent general agent and special agent


Agency classification




Universal anything the principal can do unlimited power of attorney

General broad range they perform acts of particular activity property managers

Special have limited access detailed instructions listing agent and buyer broker


What do you need to create an agency relationship

It must be in writing and you must have mutual consent


Expressed agency versus implied agency

Express agency is you agreed to it and implied agency is an assumption


Sellers listing versus buyer Buyer’s broker

Seller listing must be in writing to start a relationship and buyer’s broker of the agreement must be in writing before the offer is presented


Client versus customer?

A client is people we represent and we overdo Sherry duties while the customer is the other people in the transaction that we owe Disclosure of material facts


Fiduciary duties

Old car

Obedience, loyalty, disclosure, confidential, accounting, reasonable skill and care.


When do you present the working with real estate agents brochure

At first substantial contact Which occurs when a customer provide personal financial confidential or motivational desires

If versus the actual contract has not occurred with the buyer your last chance is before you open the door for them


What are the four agency choices

Single agency, dual agency, designated agency, and no agency


What is dual agency

Dual agency is firm buyer and seller in the same transaction


Designated agency

A BIC and a provisional broker can never be designated agents in the same transaction

The firm must create policies and procedures that protect the confidentiality of the seller


What terminates an agency

If the duties are complete or there is an expiration of the term. Also mutual agreement upon both parties or breach of contract or death of a party or property destruction


What do we know about material facts

Real estate agents must always disclose material facts to both client and customer. Material facts include defects about the property, facts relating to the property, anything affecting a party’s ability to perform.