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Alaska Real Estate Exam > Real Estate Brokerage and Agency > Flashcards

Real Estate Brokerage and Agency Flashcards

(66 cards)

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1
Q

Agency

A

relationship between an agent and a principal

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2
Q

agency coupled with interest

A

an agency relationship where the broker has interest in buying the property

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3
Q

antitrust laws

A

designed to protect the free enterprise system by making price fixing illegal

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4
Q

COALD

A 
The acronym for fiduciary duty - 
Care
Obedience
Accounting 
Loyalty 
Disclosure
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5
Q

commission

A

payment to a broker for services rendered

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6
Q

cooperating broker

A

the other broker in the transaction

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7
Q

dual agency

A

representing both parties in the transaction and must be disclosed and concented to by all parties

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8
Q

employee

A

someone who works under direct control of employer, employer pays taxes and social security

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9
Q

estoppel

A

legally prevented from denying that an agency agreement exists

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10
Q

express agreement

A

contract that is in words

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11
Q

fiduciary

A

someone placed in a position of trust for someone for something financial

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12
Q

fraud

A

intentional misrepresentation to take advantage or harm someone

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13
Q

general agent

A

authorized to represent for a number of transactions

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14
Q

implied agreement

A

inferred by your actions and conduct of the parties

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15
Q

independent contractor

A

someone who provides a service for someone not under their direct control, takes care of their own taxes

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16
Q

law of agency

A

the laws that govern the right and duties of principals and agents

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17
Q

listing agreement

A

contract between a seller and broker to sell a property in a set period of time

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18
Q

multiple listing

A

a listing share with other brokers to bring more buyers to the property

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19
Q

principal

A

the main party to the transaction, the guy who hires the agent

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20
Q

procuring cause of sale

A

an action that starts a chain of “continuous” events that results in the sale of real estate

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21
Q

puffing

A

exaggerated opinions or comments about property that are not necessarily true.

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22
Q

ratification

A

creating an agency relationship in which the principal confirms the conduct of someone who initially acted without authority

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23
Q

ready, willing, able buyer

A

ready and willing to take the steps, financially ready

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24
Q

special agent

A

authorized to represent for 1 transactions

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25
subagent
the agent of an agent
26
assignment
transfer of the rights or duties to a contract
27
breach of contract
a violation of any of the terms of the contract
28
consideration
something of legal value that each party brings to the table as a promise to complete the transaction
29
contingency
something that must happen to make a contract valid
30
contract
a legally enforceable set of promises that there is a remedy for a default
31
counter offer
a new offer made in response to the original offer
32
default
any breach of the terms of a contract
33
equitable title
the right to gain title from / agreement to closing buyer / agreement to obtain absolute ownership
34
earnest money
an amount of money deposited by the buyer that applies to the contract if he closes or he forfeits the contracs
35
escape clause
clause in an agreement that allows an out
36
executory contract
something remains to be completed - PSA until closing
37
express contract
in words
38
implied contract
inferred by your actions
39
installment contract
owner carried note. Seller holds title until note is paid off
40
land contract
another name for installment contract, contract for deed. Owner carry
41
legality of object
contract must be for a legal purpose
42
legally competent parties
legal age, and sound mind
43
liquidated damages
an amount of money that is full compensation for a default
44
novation
substituting a new contract for the old one.
45
offer and acceptance
meeting of the minds come to an agreement
46
option
an agreement to keep open for a period of time, a price on a property for a fee
47
parol evidence rule
no oral evidence can refute a written contract
48
real estate sales contract
complete terms between a buyer and seller for the purchase of a property
49
specific performance suit
a legal action to compel a party in default to complete a contract
50
statute of frauds
real estate contracts must be in writing to be valid
51
unenforceable contract
something in it makes it where a court would not uphold it
52
valid contract
fully enforceable
53
void contract
has no force or effect
54
voidable contract
could be rejected by a party who would be harmed if it were enforced.
55
automatic extension
illegal - clause in listing agreement that extends the time of it does not sell in the time
56
CMA - Comparative Market Analysis
informal appraisal by the broker to help the seller set the listing price
57
exclusive agency listing
if the broker causes a sale broker gets the fee, if the seller sells himself get the fee
58
exclusive right to sell listing
no matter who sells the property, including the seller, broker still gets the commission
59
listing agreement
a contract between a seller and a broker to sell a property within a period of time.
60
market value
most probable price a property would bring in an open market
61
multiple listing service
an organization of brokers who share listings to bring amore buyers to the property
62
net listing
seller desires a net amount anything above that can be commission
63
option listing
a listing with an option for the broker to buy the property
64
open listing
any broker who brings a buyer would be paid
65
special agency
an agency relationship for 1 transaction
66
unilateral subagency
an offer made to the other brokers to sell the listing and represent the seller with that broker

Alaska Real Estate Exam (4 decks)

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