front 1 ___ are governed by ___, which is established by tradition and court decisions, and ___, which is passed by state legislatures and other governing bodies | back 1 Real estate agency relationships; common law; statutory law |
front 2 An ___ is hired by a principal to act on the principal’s behalf | back 2 Agent |
front 3 ___ is the fiduciary relationship in which the agent is held in a position of special trust and confidence by the principal | back 3 Agency |
front 4 In a real estate transaction, the ___ is the ___ | back 4 Principal; client |
front 5 A ___ is the non-representative party for whom some level of service is provided and who is entitled to fairness and honesty | back 5 Customer |
front 6 A ___ is authorized to work with the agent on behalf of the client | back 6 Sub-agen |
front 7 A ___ (also known as a ___, ___, ___, ___, or ___) assists one or both parties with the transaction without representing either party’s interests and often is subject to specific statutory responsibilities | back 7 Non-agent; facilitator, intermediary, transaction broker, transaction coordinator; contract broker |
front 8 The relationship between principal and agent must be ___ | back 8 Consensual |
front 9 As ___ is based on an express agreement between agent and principal, while an ___ will be created when the actions of the parties indicate that they have mutually consented to an agency | back 9 Express agency; implied agency |
front 10 The source of the agent’s ___ does not determine the agency, because the agent may be compensated by someone other than the client, or the agency may exist even if not compensation is involved — a ___ | back 10 Compensation; gratuitous agency |
front 11 An agent has a ___ of trust and confidence with the principal | back 11 Fiduciary relationship |
front 12 The 6 common-law fiduciary duties can be remembered as ___ | back 12 COLD-AC |
front 13 Which is an acronym for the following | back 13 Care; Obedience; Loyalty; Disclosure; Accounting; Confidentiality |
front 14 a ___ is empowered to do anything the principal could do personally | back 14 Universal agent |
front 15 A ___ represents the principal in a broad range of matters | back 15 General agent |
front 16 A ___ represents the principal in one specific act or business transaction only, under detailed instruction | back 16 Special agent |
front 17 A ___ is one in which an agent represents only one party in a transaction | back 17 Single agency |
front 18 A real estate broker becomes an ___ of the seller by entering into a listing agreement for the seller’s property | back 18 Agent |
front 19 A ___ represents a buyer as an agent to find property that meets the buyer’s specifications, as set out in the ___ | back 19 Buyer’s broker; buyer representation agreement |
front 20 A ___ is one in which an agent represents two principals in the same transaction | back 20 Dual agency |
front 21 Dual agency, where allowed by state law, requires the ___ of both parties | back 21 Informed consent |
front 22 An ___, which may occur inadvertently, can result in rescission of the sales contract, forfeiture of a commission, a lawsuit for damages, and possibly license suspension or revocation | back 22 Undisclosed dual agency |
front 23 A ___ (or ___) is a sales associate authorized by the broker to represent one party to a transaction, while a different sales associate in the same firm represents the other party to the transaction | back 23 Designated agent; designated representative |
front 24 Termination of agency may be accomplished by the | back 24 Completion, performance, or fulfillment of purpose of agency; destruction or condemnation of the property; expiration of the terms of the agency; mutual agreement of all parties to the contract; breach by one of the parties, who may be liable for damages; operation of law, as in the bankruptcy of the principal |
front 25 An ___ cannot be revoked by the principal or terminated upon the principal’s death | back 25 Agency coupled with an interest |
front 26 Statements to clients and customers should be clearly identified as ___ or ___ | back 26 Opinion; fact |
front 27 ___ is legal exaggeration of a property’s benefits, while ___ is the intentional misrepresentation of a material fact to harm or take advantage of another person | back 27 Puffing; fraud |
front 28 A ___ occurs when a real estate professional ___ that a statement about a material fact was false and the real estate professional’s misrepresentation was due to culpable (careless) negligence rather than simple (accidental) negligence | back 28 Negligent misrepresentation; should have known |
front 29 The ___ of residential property may have the duty to disclose any known ___ (i.e., hidden) ___ that threaten a building’s structural soundness or an occupant’s personal safety | back 29 Seller; latent; defect |
front 30 In some states, an agent has an independent duty to conduct a ___ of the property and to disclose defects to prospective buyers | back 30 Reasonably competent and diligent inspection |
front 31 Disclosure of ___ may be required | back 31 Environmental hazards |
front 32 ___ may equine an agent to consult an attorney | back 32 Stigmatized properties |
front 33 ___ requires states to make available to the public information about how they can determine where persons convicted of sexual offenses live in the community | back 33 Megan’sLaw |