Real Estate Chpt 4

Front 1

Examples of real estate related administrative agencies under administrative law are

Back 1

DBPR and FREC

Front 2

The body of law that addresses the rights duties and related obligations that arise from a principal agent relationship

Back 2

The law of agency

Front 3

An single agent works on the behalf of their employer. Their employer is called the

Back 3

Principal

Front 4

Agent authorized under agency law to perform a single act

Back 4

Special agent

Front 5

An agent that has the principal's authority under agency law to act on a continuing basis but with authority limited to a specific trade or business

Back 5

A general agent

Front 6

An agent authorized to represent the principal in all matters without limitation and usually has a power of attorney

Back 6

Universal agent

Front 7

An extension of another agency, is a party who has been granted authority to act on behalf of another agent

Back 7

Subagent

Front 8

The brokerage relationship disclosure act defines the relationship between broker and principal in residential real estate transactions and includes

Back 8

Disclosure forms

Front 9

Broker who represents as a fiduciary either buyer or seller but not both

Back 9

Single agent

Front 10

Broker who provides limited representation to a buyer, seller or both but does not represent either in a fiduciary capacity

Back 10

Transaction broker

Front 11

Notice of non representation relates to what agency relationship

Back 11

No Brokerage Relationship

Front 12

Retention of disclosure documents is for _ from execution

Back 12

5 years

Front 13

Disclosures are required only for _ sales

Back 13

Residential

Front 14

Transition to Transaction Broker documents require a

Back 14

Signature

Front 15

Brokers are charged with _ if they fail to present all offers

Back 15

Concealment

Front 16

Words or actions can create an ___ relationship

Back 16

Agency relationship

Front 17

Punitive damages can be in a ___ format

Back 17

Monetary

Front 18

The Brokerage Relationship Disclosure act defines the relationship between a broker and the broker's employer in ____ real estate transactions

Back 18

Residential

Front 19

The only brokerage relationship form that must be signed is

Back 19

Transition to Transaction broker

Front 20

Written disclosure specifying the nature of the relationship a broker has with the public is required for which two agency definitions

Back 20

Single agency and nonrepresentation

Front 21

All licensees in any brokerage relationship must perform DAD duties. Which are

Back 21

Deal honestly- Account for all funds- Disclose known facts

Front 22

A broker cannot accept or reject and offer on behalf

Back 22

of their employer

Front 23

Transaction brokers duties also include confidentiality on

Back 23

price ( other than what's in listing), motivation for selling

Front 24

Duties of a single agent must be fully described and disclosed in

Back 24

writing as a separate document or included in another document such as a listing agreement

Front 25

The exception to the dual agency is

Back 25

Designated Sales Associates for Buyer and Seller who both have assets of $1 million +

Front 26

Caveat Emptor ( Buyer Beware is synonymous with

Back 26

Arms Length

Front 27

When a broker is employed "Effect to Sale" the broker is entitled to pay upon

Back 27

consummation/ closing of the contract

Front 28

It is ___ for competing brokers to attempt to fix the rate charged for their services

Back 28

Illegal

Front 29

The fee a broker charges is always by law a matter of

Back 29

negotiation

Front 30

Manipulation of a transaction by a broker to profit at the expense of the employer is called

Back 30

Overage or Unjust commission

Front 31

Kickbacks are prohibited by what act

Back 31

RESPA- Real Estate Settlement Procedures Act

Front 32

The kickback exception is, a broker performs a service entitling them to a fee, has disclosed/ received consent and has the appropriate

Back 32

license to perform the service

Front 33

A broker may share a commission or pay a referral if the out of state broker DOES NOT

Back 33

Participate in the transaction

Front 34

A broker may not pay fees or share commission with

Back 34

unlicensed individuals

Front 35

A broker may collect a commission from both parties in a transaction provided that both parties know and _ to the dual commission

Back 35

Agree

Front 36

The transition to transaction broker disclosure requires the signature of the

Back 36

Principal

Front 37

A broker can both list and sell a property in what is called a__as long as long as a transition from single agent to transaction broker is completed

Back 37

In house transaction