Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/14

Click to flip

14 Cards in this Set

  • Front
  • Back
Waht is ostensible agency?
created when a licensee acts like an agent and others respond to those actions
What is an agency by radification?
when agent acts without permission then clievt learns of it and accepts it
What is agency by estoppel
principal fails to control agent and court prevents principal from denying agent
3 types of agency
universal
general
special/limited
What is universal agency
principle gives ok to represent in all aspects, rare in real estate
What is general agency?
principle gives permission to represent in particular trade or businesss, can bind client
ex: property manager
What is Special/limited agency?
prioncipal only gives permission to represent in one act, cant bind client
A principal's duties?
CRIP
Compensation
Reimbursement
Indemnification
Performance
An agenst duties?
OLD CAR
Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable care
Is trust a duty of broker?
no
What is the easiest duty of an dual agent/intermediary?
accounting
What is the difference in exclusive agency and exclusive right to sell?
exclusive agency=compete with seller
exclusive right to sell=broker gets sale
What federal law has impact on agency?
Sherman Anti-Trust Act
What is Sherman-Anti-Trust Act?
prohibits monopolies, makes commission negotiable, violate by price fixing, prohibits boycotting of discount brokers