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13 Cards in this Set
- Front
- Back
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Law of agency cannot be created unilaterally, it must be ... |
Bilateral |
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3 ways agency relationship is created |
1. By agreement (express) 2. By ratidication 3. By estoppel |
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3 express agency agreements |
1. Non exclusive agency agreement 2. Exclusive agency agreement 3. Sole agency agreement |
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In a non exclusive agreement, the agent that gets the commission is the one that... |
Effectively causes deal to go through OR instrumented the deal |
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For exclusive agreement, the validity period can be maximum... |
3 months |
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Difference between exclusive and sole agency |
In exclusive, owner cannot sell property himself but in sole, owner can sell himself |
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2 ways agent appointed impliedly |
1. Ratification 2. Estoppel |
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2 types of authorities for agents |
1. Actual -express -implied 2. Apparent authority |
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What can agent do? 2 things |
1. Describe property to prospects 2. Discuss all relevant matters with prospects |
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What can't an agent do. 3 things |
1. Sign on behalf of client 2. Receive money in agent's name 3. Accept deposit on behalf unless expressly authorized by client |
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What are the 9 duties to client |
1. Act in best interest of client, uberrimae fidei 2. Act in accordance to client's instructions 3. Act only within scope of authority 4. Advise client to seek professional advice on matters out real estate expertise 5. Maintain the confidentiality of information respecting the client 6. Disclose to the client all material info in respect of the real estate services 7. Communicate all offers or expressions of interest to client 8. Must perform due diligence to discover relevant facts regarding any real estate client has interest in 9. Take steps to avoid conflict of interest and to fully disclose if there is conflict |
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Agents and clients are in a relationship known as .... |
Fiduciary relationship |
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What is imputed knowlwdge |
Principal is deemed to have knowledge of the notices his agent have |
