front 1 An agency can be classified as ___ | back 1 Based on the extent of the agents authority |
front 2 What does the agent authority represent? | back 2 The principal can either be broad, or can include only a certain type of activity, or a specific transaction |
front 3 Universal agent | back 3 A person empowered to do anything the principal could do personally |
front 4 A court-appointed guardian | back 4 Will have the authority granted by the court, which includes caring for both the person and the property of the guardians ward |
front 5 A real estate professional ___ have authority over universal agent | back 5 Does NOT |
front 6 General agent | back 6 One who is authorized by a principal to represent the principal in a specific range of matters |
front 7 Example of a general agent | back 7 Bind the principal to any contract within the scope of the agent’s authority |
front 8 An entertainer may employ more than 1 general agent to find work | back 8 As well as a business manager to hire and supervise staff |
front 9 A property manager | back 9 Hired by the owner of income-producing property is typically the general agent of the employing broker |
front 10 Special agent | back 10 Also known as limited agent, is authorized to represent the principal in one specific act or business transaction only |
front 11 A real estate broker is typically | back 11 A special agent |
front 12 If hired by a seller | back 12 The broker is limited to finding a ready, willing, and able buyer for the seller’s property |
front 13 A special agent for a buyer | back 13 Would have the limited responsibility of finding a property that fits the buyer’s criteria |
front 14 A special agent for a tenant | back 14 Will find a property that meets the client’s requirements |
front 15 As a special agent | back 15 The real estate broker may not bind the principal to any contract |
front 16 Real estate professionals are ___ the parties they represent | back 16 Required to disclose |
front 17 Mandatory agency disclosure | back 17 Laws now exist in every state |
front 18 These laws stipulate | back 18 What agency alternatives exist |
front 19 Good benefits practice is to | back 19 Make the disclosure of agency before any confidentially information is disclosed |
front 20 The laws might require | back 20 Some alternatives being explained |
front 21 Single agency | back 21 The agent represents only one party to a transacton |
front 22 The real estate agent ___ fiduciary ___ or ___ exclusively to one principal within the transactions | back 22 Must provide; common law; statutory duties |
front 23 The customer is the ___ not represented by ___ | back 23 Party; agent |
front 24 The broker cannot represent both | back 24 The buyer and seller under single agenc |
front 25 Single agency avoids conflicts and results | back 25 In client-based service and loyalty to only one principal |
front 26 If a seller enters a listing agreement with a broker to manager the seller’s real estate | back 26 The broker becomes an agent of the seller; the seller is the principal, the brokers client |
front 27 The broker is strictly accountable | back 27 To the principal |
front 28 ___ the document that usually forms the agency relationship of broker and seller | back 28 The listing contract |
front 29 Dual agency | back 29 The agent represents two principals in the same transaction |
front 30 Dual agency requires | back 30 Equal loyalty to 2 different principals at the same time |
front 31 The challenge is to | back 31 Fulfill the fiduciary obligations to one principal without compromising the interests of the other |
front 32 Implied agency | back 32 When the buyer indicate the duties of loyalty and confidentiality to the principal- seller |
front 33 An undisclosed dual agency can violate licensing laws by | back 33 The result of a rescission of the sales contract, fixture of a commission, a lawsuit for damages, and possible license problems |
front 34 Designated agency | back 34 Also called assigned agency or appointed agency, is available in some states to accommodate an in-house sale in which 2 sales associates of the same broker are involved |
front 35 Designated agent | back 35 Or designated representative, is the only sales associate in the company who has a fiduciary responsibility toward the principal |
front 36 Non-agent | back 36 Also called a transaction broker, facilitator, transaction coordinator, or contract broker is NOT an agent of either party |
front 37 Transaction broker | back 37 Helps both the buyer and seller with paperwork and formalities in transferring ownership of real property, but who is not an agent of either property |
front 38 What is the job for non-agent’s | back 38 To simply help both the buyer and seller with the necessary paperwork and formalities involved in transferring ownership of real property |
front 39 What treatments do non-agent give | back 39 Honesty and commentary, to locate qualified buyers or suitable properties, to help the parties arrive at mutually acceptable terms without acting on behalf of either side, and to assist in the closing of the transaction |
front 40 An agency may be terminated for any of the following reasons | back 40 * completion, performance or fulfillment of the purpose for which the
agency was created |
front 41 An agency coupled with an interest cannot be ___by the principal acting alone, and is NOT ___ upon death | back 41 Revoked; terminated |
front 42 When a realtor is made a ___ of a property that is subject of a transaction | back 42 Party-owner |
front 43 Even though the relationship is ___ the fiduciary responsibilities of the agent, such as the duty of confidentiality, might continue | back 43 Terminated |