What is a recommended method to keeping all principals informed during a transaction?

The real estate broker's responsibility to keep the principal informed of all the facts that could affect a transaction is the duty of

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The real estate broker's responsibility to keep the principal informed of all the facts that could affect a transaction is the duty of
Which of these could be considered dual agency? A) The sponsored licensee acting for both the buyer and the seller in the same transactionB) Brokers cooperating with each otherC) The broker representing different principalsD) The broker and listing and selling the same property
A) The sponsored licensee acting for both the buyer and the seller in the same transaction.
The relationship of a broker to her client is that of
Which statement is TRUE regarding the duties of a real estate broker who is acting as the agent of the seller?A) The broker is obligated to render faithful service to the principal.B) It is acceptable for the broker to disclose the sellers minimum priceC) The broker should present to the seller only the highest offer on the property.D) The broker can accept an offer on behalf of the seller.
A) The broker is obligated to render faithful service to the principal.
A licensee is permitted to represent both the seller and the buyer in the same transaction when
Both parties have been informed in writing and have agreed to the dual representation.
Which action is considered lawful practice in real estate brokerage? A) Deceitful of dishonest practices B) Negligent misstatements about the propertyC) Omitted statements of material factD) "Puffing" statements about the property
D) "Puffing" Statements about the property
As an agent for the seller, a real estate broker can
Solicit an offer to purchase the property from a prospective buyer.
A seller has listed her home with a broker for $290,000 and the broker tells a prospective buyer to submit a low offer because the seller is desperate to sell. The buyer offers $285,000 and the seller accepts it. In this situation
The broker violated his agency relationship with the seller.
A listing broker was told by his principal not to advertise her property in a newspaper the was out of the area. The broker complied because he
Must obey the lawful instructions of his principal.
It is the duty of an agent to disclose to the principal every step taken in the transaction of the principal's business. This is because the
Agent has a fiduciary obligations to the principal.
Upon discovering a latent defect in the property, the licensee should discuss the problem with the seller and then
Inform the prospective buyers of the defect.
Which phrase best defines the traditional law of agency?
The rules of law that define the responsibilities of an agent to the principal.
A broker who is the agent of the buyer should
Advise the buyer if the listing price of the sellers home is unrealistic.
Cards Return to Set Details

Which of these could be considered dual agency? A) The sponsored licensee acting for both the buyer and the seller in the same transactionB) Brokers cooperating with each otherC) The broker representing different principalsD) The broker and listing and selling the same property

A) The sponsored licensee acting for both the buyer and the seller in the same transaction.

The relationship of a broker to her client is that of

Which statement is TRUE regarding the duties of a real estate broker who is acting as the agent of the seller?A) The broker is obligated to render faithful service to the principal.B) It is acceptable for the broker to disclose the sellers minimum priceC) The broker should present to the seller only the highest offer on the property.D) The broker can accept an offer on behalf of the seller.

A) The broker is obligated to render faithful service to the principal.

A licensee is permitted to represent both the seller and the buyer in the same transaction when

Both parties have been informed in writing and have agreed to the dual representation.

Which action is considered lawful practice in real estate brokerage? A) Deceitful of dishonest practices B) Negligent misstatements about the propertyC) Omitted statements of material factD) "Puffing" statements about the property

D) "Puffing" Statements about the property

As an agent for the seller, a real estate broker can

Solicit an offer to purchase the property from a prospective buyer.

A seller has listed her home with a broker for $290,000 and the broker tells a prospective buyer to submit a low offer because the seller is desperate to sell. The buyer offers $285,000 and the seller accepts it. In this situation

The broker violated his agency relationship with the seller.

A listing broker was told by his principal not to advertise her property in a newspaper the was out of the area. The broker complied because he

Must obey the lawful instructions of his principal.

It is the duty of an agent to disclose to the principal every step taken in the transaction of the principal's business. This is because the

Agent has a fiduciary obligations to the principal.

Upon discovering a latent defect in the property, the licensee should discuss the problem with the seller and then

Inform the prospective buyers of the defect.

Which phrase best defines the traditional law of agency?

The rules of law that define the responsibilities of an agent to the principal.

A broker who is the agent of the buyer should

Advise the buyer if the listing price of the sellers home is unrealistic.

Cards Return to Set Details

Term

Definition

"let the buyer beware"; common law in the 1950s

Term

What are the three laws that govern agency relationships?

Definition

1. Common Law - rules established by tradition and court decisions.2. Statutory Law - the laws enacted by the legislature.
3. Administrative Law - the rules and regulations created by real estate commissions and departments, as authorized by the legislature.

Term

Definition

A person authorized to act on behalf of the principal in dealing swith a third person.

Term

Definition

The individual who hires the agent and delegates to that agent the responsibility of representing the principal's interests.

Term

Definition

The fiduciary relationship between the principal and the agent by which the agent is authorized to represent the principal in one or more transactions.

Term

Definition

The relationship in which the agent is held in a position of special trust and confidence by the principal.

Term

Definition

The principal in a real estate transaction for whom a real estate brokers acts as an agent.

Term

Definition

The third party or nonrepresented consumer who is not a principal but for whom some level of service may be provided and who is entitled to fairness and honesty.

Term

Definition

Also referred to as a facilitator, intermediary, transactional broker, transaction coordinator or contract broker; someone who works with a buyer and a seller assisting one or both parties with the transaction without representing either party's interests. Often called a transaction broker.

Term

Definition

The principal and the agent enter into a contract in which the parties formally express their intention to establish and agency and state its terms and conditions (can be oral or written).

Term

Definition

An agency relationship between a real estate seller and a broker generally created by a written employment contract.

Term

Buyer Representation Agreement

Definition

An express agency relationship between a buyer and a broker.

Term

Definition

When teh parties act as though they have mutually consented to an agency, even if they have not entered into a formal agency agreemtn.

Term

Definition

Means the real estate broker owes the principal certain duties of trust and confidence.

Term

COLD-AC (an agent owes six duties under common law)

Definition

1. Care - An agent must exercise a reasonable degree of care.2. Obedience - Obligates an agent to act in good faith at all times, obeying the principal's lawful instructions in accordance with the contract.3. Disclosure - Agent's duty to keep the principal informed of all facts or information that might affect a transaction.4. Disclosure - Agent's duty to keep the principal informed of all facts or information that might affect a transaction.5. Accounting - Must be able to report the status of all funds received from or on behalf of the principal.
6. Confidentiality - Agent may not disclose the principal's personal information.

Term

Definition

Person empowered to do anything the principal could do personally.

Term

Definition

May represent the principal in a broad range of matters related to a particular business or activity.

Term

Definition

Or "limited agent"; is authorized to represent the principal in one specific act or business transaction only.

Term

Definition

The agent represents only one party to a transaction.

Term

Definition

The agent represents two principals in the same transaction.

Term

Definition

Exaggeration of a property's benefits.

Term

Definition

The intentional misrepresentation of a material fact in such a way as to harm or take advantage of another person.

Term

Negligent Misrepresentaiton

Definition

Occurs when the real estate professional should have known that a statement about a material fact was false.

Term

Definition

A hidden structural defect that would not be discovered by ordinary inspection.

Term

Definition

Those that society has found undesirable because of events that occurred there or because of proximity to a know nuisandc.e

Term

Definition

Promotes the establishment of state registration systems to maintain residential information on every person who kidnaps children, commits sexual crimes against children or commits sexually violent crimes.

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Crio Eth

What is a recommended method to keeping all principals informed during a transaction?

The real estate broker's responsibility to keep the principal informed of all the facts that could affect a transaction is the duty of

Which of these could be considered dual agency? A) The sponsored licensee acting for both the buyer and the seller in the same transactionB) Brokers cooperating with each otherC) The broker representing different principalsD) The broker and listing and selling the same property

A) The sponsored licensee acting for both the buyer and the seller in the same transaction.

The relationship of a broker to her client is that of

A) The broker is obligated to render faithful service to the principal.

A licensee is permitted to represent both the seller and the buyer in the same transaction when

Both parties have been informed in writing and have agreed to the dual representation.

Which action is considered lawful practice in real estate brokerage? A) Deceitful of dishonest practices B) Negligent misstatements about the propertyC) Omitted statements of material factD) "Puffing" statements about the property

D) "Puffing" Statements about the property

As an agent for the seller, a real estate broker can

Solicit an offer to purchase the property from a prospective buyer.

A seller has listed her home with a broker for $290,000 and the broker tells a prospective buyer to submit a low offer because the seller is desperate to sell. The buyer offers $285,000 and the seller accepts it. In this situation

The broker violated his agency relationship with the seller.

A listing broker was told by his principal not to advertise her property in a newspaper the was out of the area. The broker complied because he

Must obey the lawful instructions of his principal.

It is the duty of an agent to disclose to the principal every step taken in the transaction of the principal's business. This is because the

Agent has a fiduciary obligations to the principal.

Upon discovering a latent defect in the property, the licensee should discuss the problem with the seller and then

Inform the prospective buyers of the defect.

Which phrase best defines the traditional law of agency?

The rules of law that define the responsibilities of an agent to the principal.

A broker who is the agent of the buyer should

Advise the buyer if the listing price of the sellers home is unrealistic.

Cards Return to Set Details

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