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41 Cards in this Set
- Front
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Occurs when one person hires another individual to act on his or her behalf. |
Agency |
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One who is in a position of trust and loyalty to the principal |
Fiduciary |
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The person who selects the agent to act on his behalf is the |
Principal or client |
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Is the party the agent brings to the principal as a seller or buyer of the property. |
Customer |
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Fiduciary Responsibilities |
Obedience Loyalty Disclosure of information Confidentiality Accountability Reasonable care, skill and diligence |
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Someone authorized to handle all affairs of the principle concerning a certain matter or property. |
General agent |
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Someone who has narrow authorization to act on behalf of the principal |
Special agent |
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The broker and the principal are the first two parties in an agency relationship. Are there individuals involved with the principal and broker are |
Third parties |
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... maybe structural or other problems that a seller may know about but that are not obvious to the purchaser. |
Latent defect |
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… Can occur when a broker has an undisclosed interest in a property |
Self dealing |
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One person is responsible or liable for the actions of another person |
Vicarious liability |
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Preventing a person from making a statement contrary to a previous statement |
Estoppel |
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The most common condition for a broker |
Percentage of final sales price |
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The broker takes the listing based on a specific payment by the seller at the time of listing. This is an upfront fee. |
Flat fee |
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… Are illegal strengths of trade that are harmful to free competition. |
Antitrust violations |
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And acted over a span of 24 years at the turn-of-the-century provided legislation and control for antitrust violations |
The Sherman and Clayton antitrust acts and the federal trade commission act |
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Price-fixing Group boycotts Market allocation agreements Tyanne arrangements |
Illegal restraints of trade |
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… Is an agent who was acting as a buyers agent and sellers agent in the same transaction |
Dual agent |
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The revised law allows consumers to select and allow a dual agency relationship in advance of it actually occurring. |
As of January 1, 2011, new amendments apply to section 443 of the New York real property law that dual agency disclosure and obtaining informed consent. |
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Undivided loyalty |
Undivided loyalty |
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… Occurs when a sub agent or a seller agent is working with a buyer customer and agrees to negotiate for that buyer customer rather than work in the best interest of the other client, the seller. |
Undisclosed dual agency |
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… Occurs when a sales agent attempts to represent the interests of a seller client and a buyer client in the same transaction. |
Single licensee dual agency |
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Represents the buyer or the seller in a transaction but not both |
Single agency |
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… Is a listing agent who acts alone or who cooperates with other agents as a sub agent or a brokers agent |
Seller agent |
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Expiration of a listing contract for the sale of real estate Completing the terms of the agency When a brokers license is revoked |
Termination of agency |
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… Must accompany all real estate listings agreements for the sale or rental of 1 to4 unit residential properties and residential condominiums and cooperatives in any size building. |
NYS disclosure form for buyer and seller |
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This agreement is between a real estate agent and a buyer of real property. The agreement defines the obligations of the broker, affiliated agents, and the principal; the means of compensation; and the listing duration. The office policy determines other terms as long as the client excepts them. Like seller agency, the buyers agents client has a fiduciary relationship with the broker and agent. |
Exclusive buyer/purchaser agency agreement |
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Under the … listings Contract, only one broker lists the property. If the owner sells the property, the broker earns no commission. |
The exclusive right to sell agreement |
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Under a ________the seller allows a property to be shown by one or more brokers. |
Open listing agreement |
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… Occurs when the parties share some detail and information about the property |
First substantive contact |
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Requirements under section 443 of the real estate property law |
Agency disclosure form |
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Attending an open house Walking into a real estate office Going to appointments Feeling properties |
Examples of the first substantive meeting. |
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… States that the supervision of a sales person by a broker “shall consist of regular, frequent and consistent guidance, instruction, oversight and super intendant” |
DOS regulation 175.21, based on section 441, of the New York real estate property law |
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… Relationship is that the employer does not have the right to control the details of a workers performance |
Independent contractor |
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… States that each licensed broker shall keep and maintain for a period of three years records of each transaction effective through his office concerning the sale or mortgage of 1 to 4 family dwellings |
DOS regulation 175.23 |
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The agent works for the buyer or seller |
Single agent |
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A listing agent who acts alone or cooperates with other agents as a sub agent or broker’s agent. |
Seller agent |
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An agent of the principal under the agency relationship of the primary broker |
Sub agent |
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The agent represents the buyer as principal and enters into a listing agreement with the buyer. Locates a property and negotiated for the buyer. |
Buyer agent |
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… Cooperates with or is engaged by a listing agent, buyers agent, or tenants agent. The seller, buyer, landlord, or tenant does not have vicarious liability for the acts of… |
Brokers agent |
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Representation includes seller agents, sub agents, buyer agents, and brokers agents. These agents work to assist the listing broker in the sale of the property.… May or may not work through MLS |
Cooperating agent |
