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24 Cards in this Set

  • Front
  • Back
caveat empor
Buyer Beware
Bringing buyers and sellers together
3 types of agents
1) Universal - agents for all things relating to principle
2) General - property managers
3) Special - agents in only one specific transaction
Acting in a matter that accepts groundwork someone else has laid out
Can buyer agreements be oral?
Yes, but must be in writing by the first offer of any party in a transaction
Why would an agent want a written buyers agreement?
Only in writing can people be bound to one agent
Rule about Broker in Charge and dual agency...
A provisional broker and a BIC cannot be agents for buyers and sellers in the same transaction
When must dual agency be disclosed?
First substantial contact it must be in writing OR oral for the buyer's agent until first offer
When one firm but 2 agents for the firm represent competing interests in a transaction, that is called...
Designated Dual Agency
When can there not be valid designated dual agency?
When CONFIDENTIAL INFORMATION has be transmitted about one party
Brochure for buyers and sellers is called...
Working with Real Estate Agents
Brochure is given...
At first substantial contact.
Signed brochure must be kept on file for how long?
3 years
What is the acronym for agency duties and what does it stand for?
L -loyalty
O -obedience
A -accounting
D -disclosure
S -skill / care / diligence
Statements exaggerating a property's benefits are called...
Material facts that should be disclosed include:
Facts about the property, facts dealing with the ability to sell the property, and facts of specific importance about parties related to the property
4 types of conduct that could get an agent in trouble...
Willful / Negligent Misrepresentations / Omissions
Are sex offenders living near by a material fact?
3 types of common anti-trust violations...
Price-fixing, group boycotting, and allocating markets
Fee-for-service arrangements
Customer picks which services they want and the agent does them
Under National Do Not Call, brokers can call clients for up to _ months
Under National Do Not Call, brokers can call clients who made an info request for up to _ months
Agent breaching duty can be penalized in 3 ways:
1) Civil litigation, 2) Criminal charges, 3) License suspension/revocation by the commission
Brochure should be given at:
First substantial contact