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14 Cards in this Set
- Front
- Back
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What is your responsibility to a third party or customer?
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Give them reasonable skill and care in performance of duties, honest and fair dealings; disclosure of all facts known to Agent, unknown to the customer, that materially affect desirability or value of the property.
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What is a dual agent?
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Representation of both parties; illegal unless both parties have knowledge and given written consent.
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What is fraud?
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Misrepresentation of facts, known to be false, done with the intent to deceive and relied upon by injured party to her/his damage; fraudulent acts unethical and can result in revocation or suspension of license.
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What is silent fraud?
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Not disclosing know defects or remaining "silent" about such defects.
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What is puffing?
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personal opinion not make as a representation of fact - if extreme it will make you look bad.
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What is misrepresentation?
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False statement or concealment of a material fact made with the intention of inducing some action by another party; not necessary to intend to misrepresent, agent is liable if the falsity of a statement was known or should have been known.
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What is an anti-trust law?
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They prohibit allocation of customers or markets, price fixing.
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How can allocation of customers be breaking of an anti-trust law?
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Agreement among brokers to divide their markets and not compete for each others business; division may involve geographical area or price range.
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What is price fixing?
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Conspiracy to set prices between different brokerage firms for services such as sales commissions, rather than negotiate fees; brokers may set fees in their own brokerage firms.
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What is group boycotting?
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Attempting to force a company out of business by refusing to do business with them.
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What rights does an agent have in relation to principal?
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The broker will do the following; give you legal counsel to protect themselves and salespersons, contracts may be rejected, entitled to a commission but must be licensed and employed by a principal.
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When can an agreement be terminated with a principal?
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Death or incapactiy of either party; notice of death is not necessary, destruction of property, expiration of the terms of the agency, mutual agreement, breach by one of the parties, bankruptcy of principal, completion or fulfillment for which agency was created.
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When can an agreement not be terminated?
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When agency coupled with an interest cannot be revoked by principal or terminated by principal's death.
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What is an environmental hazards?
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Can render properties unsalable; lender may request inspections to render opinion of risks; advice should be obtained from state and local authorities as to regulations concerning toxic waste dumping, contaminated soil or water, nearby chemical or nuclear facilities or health hazards, i.e., radon, asbestos, lead based paint, mold
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