Section 3 Real Estate Contracts And Agency Flashcards
(28 cards)
Who represents clients in one specific transaction
Special agent
Represents client in many transactions in one area of practice, property manager
General agent
Can represent client in anything, unlimited power of attorney
Universal agent
An agent working under another agents authority
Sub agent
The duty of trust owed by an agent to the client
Fiduciary obligation
Dual agency is what
Illegal
Mixing brokers money with clients money
Commingling
Brokers who hold clients funds must have their own ___________ and keep accounts records
Escrow accounts
When a real estate broker is retained to preform one specific act for a client, it is known as
Special agency
In agency representation the employer is called the
Client
An escrow account is maintained by a broker for the purpose of
Impartial protection of both parties
A client is obligated to her agent for
Performance
The client in a listing agreement would be the
Seller is the listed property
Payment goes to the ____ and the ____ pays the ______
Broker broker salesperson
Do not call registry fine is
16,000$
Do not call list for clients
Can call for 18 months
Inquiry’s can call for 3 months
A house built before 1978 busy go through a what test
Lead base paint
MLS stands for
Multiple listing service
Member brokers put their listings on the
MLS
Buyer hires broker to find a home to purchase which meets specific criteria
Employment contract
Usually calls for a specified percentage commission
Employment contract
Begins as an offer is a contract
Real estate sales contract
Liquidated damages. Suits for damages
Remedies for breach
Lessor gives possession to lesser in return for rent. Lessor has leased fee estate (restate in reversion)
Definition ^^
Lease
