Laws Of Agency And Fiduciary Duties Flashcards
(54 cards)
Description of agency
Agent represent principal, fiduciary obligation
Fiduciary duties mean
Utmost care, integrity, honesty, loyalty
Acting in fiduciary capacity
Laws of agency
Agency law is found in
Civil Code
Licensee generally acts
As Fiduciary
Principals appoint what
Appointed an agent
Client is considered
Principal
Customer is owed
Owed honesty and fairness
Agent is tied to
Broker
Salesperson responsible to
Broker
Trustee’s relationship of loyalty & trust is to
Trustee and beneficiary, Trustee is fiduciary to the lender, works with lender
Broker may not remain silent to
Concerning material facts
Agent/Broker is not legally proper to
Keep client’s secrets
In a Single agency, agent is
Agent is client oriented
Dual agency is described as
One broker for both buyer and seller, knowledge and consent of both
Dual agency cannot tell buyer what
Cannot tell buyer that seller will sell for less
Dual agency is considered what type of sale
In-house sale with two sales associates
Power of attorney is a form of
A form of agency
Attorney-in-fact means
Must record power of attorney
A written agreement in creation of agency relationships is
The best way
A signed listing agreement makes the agent
A special agent
In an agency relationship, by ratification means
Already acted as agent, actions accepted
Agency is not established by
Voluntary offer, subornation (trickery or deceit, underhanded way)
In an agency relationship, consideration is
Not required
