Glossary of RE Law Chapter 2
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- TRUE OR FALSE
The law does not require both parties to consent to the agency.
Both parties in an agency must agree to the agency.
- What type of agent has the authority to perform all necessary acts for a principle.
Give an example of this type of agent.
- GENERAL AGENT
PROPERTY MANAGER: RENT, EMPLOY, MAKE REPAIRS OR IMPROVEMENTS.
- Realtors are most likely what type of agency? Define
- SPECIAL AGENCY: Specific acts of the agency agreement.
- An ____________ agency is created by a principle who intentionally, or by ordinary care, causes a third party to believe another to be his agent.
- OSTENSIBLE AGENCY
- When you make a statement that induced a person to act in reliance on that statement, you cannot rescind that assertion based on _____________.
- Broker Thomas, who was not your agent, told perspective clients that he was your lease agent. After leasing the property, you accepted the rent. You now cannot deny the agency because of ___________.
- A contract that may have been entered into without the proper agency, but was accepted by the owner, is considered valid based on the principle of ______.
- What party (ies) can a broker represent in a transaction?
BUYER/SELLER OR BOTH PARTIES
- What type of real estate sale does NOT require an agency disclosure form?
IE: OFFICE BUILDING
- What might happen if a Realtor failed to supply the disclosure of agency relationship to a client, especially in a dual agency?
- FORFEIT OF COMMISSION
RESCISSION OF CONTRACT OF AGENCY
- TRUE OR FASLE
Compensation is required for an agency to exist.
- There are certain duties like fliers, open houses, Internet advertising, that are normal in the RE Agency, these things are called __________ Agency.
- IMPLIED AGENCY
- A fiduciary agency exists between whom?
- The Broker ( or Realtor) and the Principal.
- An agent is responsible only to whom?
Seller or Buyer
- Client Buyer submitted an offer to Seller through the agent. Though the agent did not think the Seller would take the offer, what is the Agent's responsibility?
- To submit to the Seller ALL offers.
- Agent for Seller is alerted of defects in the property. Is he required to tell a perspective Buyer? Why or Why Not?
Agent must fill out a disclosure on all things that may effect the value of the property.
- Who is liable to a third party should a problem arise?
- The Principle or the Agent could be responsible.
- A Civil Wrong doing such as liable, slander, trespassing is called a ____.
- What are the three most important things in an fiduciary relationship?
- What would happen to an agent who did not adhere to the Principal's direction?
- As long as it is legal, an agent can be liable for not following the instructions of the client.
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