unit 5

Question 1

laws that are made by the COURTS. Based on the concept that it is unfair to treat similar facts differently and diff occasions

Answer 1

common law

Question 2

non-representation relationship

Answer 2

involves real estate prof working with a party to trade in real estate but not acting on behalf of them

Question 3

customer

Answer 3

individual who has contacted but not engaged a real estate prof

Question 4

representation relationship

Answer 4

real estate prof acts for one of the parties to a trade in real estate

Question 5

client

Answer 5

inidivdual who has entered into a service agreement with a real estate prof

Question 6

t/f written disclosure should be timely , and should occur before consumers are led to believe that a representation relationship exists

Answer 6

true

Question 7

If an individual declines to provide written disclosure

Answer 7

you should make a note of the refusal in the file and include date, time and reason

Question 8

customer acknowledgement form

Answer 8

the consumer chooses to be a customer and signs this form .

For non-representation

Question 9

written service agreement

Answer 9

the consumer chooses to be a client and signs this form

For representation

Question 10

if changes are made on a form what needs to happen

Answer 10

must be initialed by client and industry member

Question 11

what are the five D’S

Answer 11

discuss, determine, document,disclose,do

Question 12

real estate prof will not provide customers with

Answer 12

any confidential info, services that include judgement,

Question 13

general obligations to CUSTOMERS

Answer 13

act honestly, exercise care and skill

Question 14

omission

commission

Answer 14

failing to do something

doing something that shouldn’t be done

Question 15

type of civil wrong that arises from legal assumption that a party must adhere to a standard of care while performing acts that have the potential to harm another party

Answer 15

tort law

Question 16

clients can also be called
customers can be called
real estate prof can be called

Answer 16

principle
third party
agent

Question 17

express authority

Answer 17

describing orally or in writing

Question 18

implied authority

Answer 18

in order to have implied authority you must have received express authority

Question 19

widely accepted way of behaving or performing an action

Answer 19

customary authority

Question 20

law decides whether or not the responsibilities imposed by statue and the law of agency have been fulfilled

Answer 20

creation of law

Question 21

fiduciary duties

Answer 21

legal duty requiring an agent to act at all times in the best interest of the principle

Question 22

by estoppel

Answer 22

principal acts in a way that leads a third party to believe an agent said so .

Question 23

operation of law

Answer 23

agent takes immediate action to save the property or prevent danger

Question 24

competing interest

Answer 24

interests of client represented by the same brokerage compete with each other. (two buyers want same property)

Question 25

opposing interest

Answer 25

interest of clients represented by same brokerage oppose one another (seller wants high price, buyer wants lower price)

Question 26

prevents brokerages from being able to meet their agency responsibilities when representing multiple clients in same transaction

Answer 26

attributed knowledge

Question 27

1st degree 2nd degree 3rd degree

Answer 27

partners, siblings,children grandparents, aunts, uncles, halfsibilinngs, step siblings first cousins, great grandparents , great grandchildren

Question 28

real estate prof registered with brokerages practicing this do not share info and advice, do not have knowledge of confidential info concerning clients.

Answer 28

designated agency

Question 29

alters the representation relationship that exist by modifying or abrogating the agency responsibilities that cannot be fulfilled

Answer 29

transaction brokerage

Question 30

mandate

Answer 30

authorization to act in a particular way

Question 31

when are fiuciary duties owed by a real estate prof

Answer 31

as soon as they recieve confidental info from client