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WV Real Estate Exam 7- End > Unit 9- Real Estate Agency > Flashcards

Unit 9- Real Estate Agency Flashcards

1
Q

Subagent

A

Agents working for broker

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2
Q

Agency

A

Fiduciary between principal and agent

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3
Q

Fiduciary

A

Trust from principal

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4
Q

3 laws that govern agency

A

Common- court rule
Statutory- recorded law
Admin- RE commission

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5
Q

Non Agent

A

Doesn’t represent anyone. Just help fill out forms

Transactional Broker / agent / facilitator / intermediary

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6
Q

Latent defect

A

Hidden defect in property

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7
Q

Stigmatize property

A

Branded undesirable
Due to criminal, or tragic situations

Of event of published

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8
Q

3 types of agency laws

A

Common- judge decision
Statutory- written law
Admin- RE Commission

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9
Q

Megan’s law

A

Child protection

Have to let someone know when someone is a sexually offender in area

Stigmatized law

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10
Q

Fiduciary duties

A 
Care
Obedience 
Loyalty
Disclosure 
Accounting 
Confidentiality
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11
Q

Agent

A

Represents another person

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12
Q

Fiduciary

A

Agent holds trust with principal

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13
Q

Agency

A

Form a fiduciary relationship with principal and agent

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14
Q

Subagent

A

Working under broker

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15
Q

2 types of agency

A

Express - written contract

Implied agency- did action to make person think you have agency

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16
Q

3 types of agency relationship

A

Universal- can do anything principal can, POA

General- property manager, has many jobs

Special- has todo a set list of things, RE agent

17
Q

Single agency

A

One client

18
Q

Dual agency

A

Reps both buyer and seller

19
Q

Notice of agency/ disclosure law

A

Form to claim agency with client

20
Q

Agency with coupe interest

A

Can’t be revoked by principle even by death - property manger collect rent - comingled money you get back- must be written

21
Q

Nonagenarian

A

Facilitator/ intermediary / transactional broker: contract broker

WV Real Estate Exam 7- End (15 decks)

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