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18 Cards in this Set

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  • Back
When you authorize someone to perform acts in a listing, you are establishing what type of agency?
SPECIAL AGENCY
With whom do a principal and agent neqoiate with during the sale of a property?
THIRD PARTY
Ben put an ad in the local paper to sell his home. He only wants legitimate buyers and no agnets. What would be a good phrase to describe what he wants??
PRINCIPALS ONLY
Barbara wrote an offer on a house that was not currently listed. The seller had not authorized her to act on his behalf, but said she could present the offer. The seller accepted the offer and she collected a commission.
This is an example of what?
RATIFICATION
( CHANGE WHICH IS ACCEPTED)
An agency is normally established between a broker and a principal by:
EXPRESSED CONTRACT
Lonnie, an agent, has an exclusive agency listing with Keith and Sara to sell their home. Her fiduciary duty is to:
THE SELLERS
Calvin, a homeowner, led a third party to believe a broker, Harry, was his agent, which he was not. This is an example of what?
OSTENSIBLE AGENCY
Lori and Bryan had a listing with agent "Jenny". Jenny wrote a offer for a buyer after an open house. To whom does Jenny have a fiduciary duty with?
BOTH PARTIES
( a double end can be very tricky because of this and agent should be very careful)
The disclosure statement that MUST be signed by the seller and is given by the buyer is called the :
REAL ESTATE TRANSFER DISCLOSURE STATEMENT..

( as an agent be sure to carefully go over this with your clients)
A real estate agent usually is known as an ___________ __________ for purposed of tax filings.
INDEPENDENT CONTRACTOR
When the agent represents both the buyer and the seller, what type of agency exists?
DUAL AGENCY
The case that has helped determine the obligation of disclosure was what famous law suit?
EASTON V. STRASSBURGER
Due to the Easton Case what is the responsibility of the broker regarding disclosure?
To provide a reasonably competent VISUAL inspection of the property
A ____ is a civil wong such as neglegence or libel behavior.
TORT
Who's "torts" is an agent responsible for in a transaction?
HIS OWN...NOT THE SELLERS (CLIENTS)
Agent Sally thought the floors under the carpet were ALL hardwood, but it was discovered that two bedrooms did NOT have hardwood under the carpet.
This is an example of a __________.

What could be the penalty?
INNOCENT MISREPRENSATIONS

CLIENT COULD CANCEL OR ASK FOR A PRICE REDUCTIONS FOR THE ERROR.
Agent Sally told perspective Buyers things like " this home is in perfect conditions" and " the schools are wonderful" When in fact the home had many flaws and the school was low performing.
This is an example of ________
PUFFING

Can be claimed as fraud misrepresentation and have consequences such as fines or licence suspension.
Who determines the commission of an agent?
AGREEMENT WITH SELLER

though usually 6%, seller has the right to offer any commission. Usually a salesperson is restricted by Broker on how low the commission can be.