Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
22 Cards in this Set
- Front
- Back
|
Agency |
Ethical relationship btwn a real estate licensee and a party to a transaction |
|
|
Licensee |
Any person licensed or registered under state law to practice real estate (sales-person, broker or timeshare sales-person) |
|
|
Broker |
1. Negotiates or offers or attempts to negotiate a sale 2. Pattern of sales - 5 sales or exchanges in 1 yr or 10 sales or exchanges in 5 yrs 3. Shows property 4. Advertises property |
|
|
Exchange |
Tax planning tool for prop owner to exchange one prop for another and defer payment of the tax on income earned. Must be of same kind or class of prop and be held for productive use in a trade, business or an investment |
|
|
Option to purchase |
An Agreement to keep open, for a period of time, an offer to sell or lease real prop. Seller=optionor and is bound by agreement Buyer=optionee and is not bound Seller can sell to a new buyer but they are subject to the option |
|
|
Business Sale |
Any type of business that is for sale including the goodwill of an existing business and all the assets, but not necessarily including the building where business is located
|
|
|
Who doesn't need a broker license? |
Receivers, trustees, personal reps, guardians, or person appointed by or acting under a judgment or order of the court. Public officers while performing official duties Any custodian, janitor, employee or agent of the owner or manager of residential building who shows unit, accepts applications, gives info to future tenants. An attorney licensed in Wisconsin acting w/in the scope of license |
|
|
Salesperson |
Any person other than broker or time-share salesperson who is employed by a broker. If broker loses license, salesperson can't engage in any transactions until employed by new broker - no grace period |
|
|
Customer |
Party to a transaction who receives brokerage services but who is not a client and doesn't have an agency agreement |
|
|
Client |
Party to a contract w/ an agency agreement |
|
|
Single Agency |
Broker represents either seller or buyer but never both |
|
|
Multiple representation |
broker reps two or more clients in the same transaction Both parties must consent (to be withdrawn at any time) and receive full written disclosure stating duties to each party |
|
|
Multiple rep w/out designated agency |
broker much take a neutral position in negotiations |
|
|
Multiple rep w/ designated agency |
broker designates an agent to each client and they do not have to remain neutral in the transaction |
|
|
Fiduciary |
Person responsible for the prop of another |
|
|
Listing broker |
Broker with whom a seller signs a listing contract |
|
|
Listing Agent |
Licensed agent of listing broker who actually secured the listing and executes the listing contract |
|
|
Selling Broker |
Broker that procures the buyer and writes the offer = subagent of listing broker |
|
|
Selling agent |
licensed agent of the selling broker who procures the buyer and writes the offer = agent of the selling broker |
|
|
Buyers broker |
broker that signs a buyer agency agreement with a buyer |
|
|
Buyer's agent |
licensed agent of the buyer's broker who drafts the offer for the buyer-client = agent of the buyer's broker |
|
|
Duties owed to a Client |
1. Negotiate on behalf of client (waiveable in part or whole, expressly and in writing and B must give written disclosure) 2. Fulfill any obligation in agency agreement 3. Loyalty - place C's interests b4 B's 4. provide, when requested, info and advice to C on material matters 5. Disclose all MATERIAL facts, not just adverse |
