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24 Cards in this Set
- Front
- Back
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caveat empor
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Buyer Beware
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Brokerage
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Bringing buyers and sellers together
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3 types of agents
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1) Universal - agents for all things relating to principle
2) General - property managers 3) Special - agents in only one specific transaction |
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Ratification
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Acting in a matter that accepts groundwork someone else has laid out
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Can buyer agreements be oral?
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Yes, but must be in writing by the first offer of any party in a transaction
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Why would an agent want a written buyers agreement?
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Only in writing can people be bound to one agent
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Rule about Broker in Charge and dual agency...
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A provisional broker and a BIC cannot be agents for buyers and sellers in the same transaction
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When must dual agency be disclosed?
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First substantial contact it must be in writing OR oral for the buyer's agent until first offer
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When one firm but 2 agents for the firm represent competing interests in a transaction, that is called...
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Designated Dual Agency
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When can there not be valid designated dual agency?
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When CONFIDENTIAL INFORMATION has be transmitted about one party
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Brochure for buyers and sellers is called...
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Working with Real Estate Agents
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Brochure is given...
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At first substantial contact.
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Signed brochure must be kept on file for how long?
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3 years
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What is the acronym for agency duties and what does it stand for?
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L -loyalty
O -obedience A -accounting D -disclosure S -skill / care / diligence |
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Statements exaggerating a property's benefits are called...
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Puffing
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Material facts that should be disclosed include:
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Facts about the property, facts dealing with the ability to sell the property, and facts of specific importance about parties related to the property
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4 types of conduct that could get an agent in trouble...
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Willful / Negligent Misrepresentations / Omissions
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Are sex offenders living near by a material fact?
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No
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3 types of common anti-trust violations...
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Price-fixing, group boycotting, and allocating markets
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Fee-for-service arrangements
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Customer picks which services they want and the agent does them
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Under National Do Not Call, brokers can call clients for up to _ months
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18
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Under National Do Not Call, brokers can call clients who made an info request for up to _ months
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3
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Agent breaching duty can be penalized in 3 ways:
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1) Civil litigation, 2) Criminal charges, 3) License suspension/revocation by the commission
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Brochure should be given at:
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First substantial contact
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