Title 24 Flashcards Preview

Real Estate - Law > Title 24 > Flashcards

Flashcards in Title 24 Deck (23):
1

Fiduciary Obligations

Care
Obedience
Loyalty
Accounting
Disclosure

2

Selling Agent

Under common law agency, the buyer had no representation. The salesperson they worked with represented the seller.

3

Pros of Buyer's Agency

Agents represented the party they worked with.
Buyer had representation.

4

Cons of Buyer's Agency

Dual agency
Explaining agency
Vicarious liability
Enforcing buyers agency contract

5

Changes Since Statutory Agency was Adopted

Abolished common law agency in residential.
Got rid of dual agency problem
Got rid of vicarious liability problem
Agent no longer a fiduciary
Easy to explain
Buyer's agents only paid if "procuring cause" of transaction.

6

Associate Broker

Advanced degree.
Higher degree than a salesperson.
Only Associate Brokers can become Brokers.
Works under a Broker

7

Broker

Self employed
Works for Brokerage

8

Client

Principal in statutory / common law agency relationship

9

Commission

Delaware Real Estate Commission

10

CMA

Competitive Market Analysis.
Comparable market analysis
Broker price opinion or Broker's market analysis.

11

CIS

Consumer Information Statement.
Lays out buyers relationship in easy terms.
Disclosure required by 2938.

12

Customer

Hasn't entered into statutory or common law agency with a licensee

13

Designated Agent

Licensee appointed by the Broker working with a client as a statutory agent.

14

Division

Delaware Division of Professional Regulation

15

Dual Agent

Licensee who represents both buyer and seller

16

Licensee

Broker, Associate Broker or Salesperson

17

Ministerial Task

Performing tasks for client according to brokerage agreement (ex. arranging an inspection).
Assisting others (ex. info to Mortgage Broker).

18

Property Management Services

Works with tenants etc

19

Psychologically Impacted

Homicide, Suicide or other Felony.
Except Arson & AIDS/HIV and other diseases.

20

Real Estate Service Provider

Licensee who is providing Real Estate Services

21

Real Estate Services

Includes marketing / advertising of properties for sale or lease etc

22

Salesperson

Works under a Broker.
Holds license from the Commission.

23

Substantially Related

Broke one of the hundreds of rules such as "Criminal Mischief" which mean they can't be a Licensee.