Chapter 12 - Law Agency

Front 1

Being an agent means you can

Back 1

Act on the behalf of some else

Front 2

What is an agent?

Back 2

Some on authorized to act on the behalf of another (principle)

Front 3

The capacity to act as an agent is called

Back 3

Authority

Front 4

How can authority be created?

Back 4

1. Express authority - stated or expressed, tell some one
2. Implied authority - authorized to do certian things to make the sale that is needed
3. Ratified authority - authorizing it after, bike sold with bike lock
4. Estoppel - principle leads you to some one else with authority - go as mom, go ask dad

Front 5

What are the types of authority?

Back 5

1. Actual
a. express
b. usual
c. implied
2. Apparent (estoppel) (go ask mom, go ask dad, apperent authority

Front 6

Usual authority is

Back 6

customary authority

Front 7

What does the principle owe to the agent?

Back 7

1. pay the expenses of the agent
2. pay a commission

Front 8

What are the duties of an agent?

Back 8

LISA D
- Loyalty
- instructions - follow the clients instructions
- Skill/care - use skill and care in your job
- Accountable - be accountable to your clients

- Disclosure - you tell them everything

Front 9

How do you end authority

Back 9

- take it away
- unconditional release

Front 10

Council protection is

Back 10

- contract to list with agent, it wont be aloud to be listed by anyone else either

Front 11

Buyers agent does:

Back 11

finds properties for the buyer
writes offers

Front 12

Sellers agent does

Back 12

Lists the house

Front 13

Listing types are

Back 13

Exclusive
Multiple
Open

Front 14

Open listing means

Back 14

You put it up for sale, you tell people to come make an offer, if some one brings you a buyer, you cut them in

Front 15

Exclusive listing is

Back 15

Not on MLS - sell in your own network

Front 16

Multiple listing

Back 16

Goes on MLS - shared comission
(Multiple listing site)

Front 17

Commission percentage is

Back 17

- anything you agree on
- can be a flat rate, or a percentage

Front 18

Dual agency means

Back 18

both buyer and sellers agent is from the same brokerage

Agency must be disclosed