Concept Of Agency

Question 1

Caveat emptor means?

Answer 1

“Let buyer beware “

Question 2

What is a special agent?

Answer 2

You don’t make any decisions or enter into any contracts on your buyers behalf
You simply just act as an intermediary, liaison, negotiator

Question 3

What is a general agent?

Answer 3

Property manager carrying out terms of agreement

Question 4

What is a fiduciary relationship?

Answer 4

Legal relationship of trust between agent and a client

Question 5

What’s a dual agency?

Answer 5

Refers to broker who represents both buyer and seller in same transaction.

Question 6

What’s subagency?

Answer 6

Relationship between listing broker and broker from other agency

Question 7

How long must a doc. Of a brokerage relationship be retained for?

Answer 7

5 years

Question 8

What is a transaction broker?

Answer 8

They provide limited representation
They deal honestly and fairly
Disclose all known facts
Present all offers in timely manner