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Real Estate Lesson 1

Louisiana Real Estate questions - Lesson 1

QuestionAnswer
condition which legally exists when a principal contracts with an agent to perform on his behalf. AGENCY
It is the ? function to bring together buyers and sellers in order to negotiate property transactions. broker's
The broker acts on the principal's behalf to ? buy, sell, exchange, rent, appraise, auction or lease real property
A ? is one who engages the professional advice and services of a licensee as his agent. client
A ? is a person who is not being represented by a licensee but for whom the licensee is performing ministerial acts. customer
do Ministerial acts form a brokerage agreement with the customer. no
Acts that do not establish agency Ministerial acts
Examples include but are not limited to: Responding to phone inquiries by persons as to the availability and pricing of brokerage services., the price or location of property, Conducting an open house and responding to questions about the property from a person.,Setting an appointment to view pr
the individual who is authorized and consents to represents the interests of another person. The sales associate is a representative of the sponsoring broker. The broker shares the responsibility to the client with the sales agent. Agent
: the agent of an agent. The agent is the subagent of the broker. A selling agent may be a subagent of the listing broker Sub Agent
the party who hires the agent, normally the buyer or the seller or the landlord or tenant. The principal delegates to the agent the responsibility of representing the principal’s interests. Principal
the fiduciary relationship between the principal and the agent in which the agent represents the principal in a transaction. Agency
the principal in a real estate transaction who is being represented by an agent. Client
the third party, that is, the party in the transaction whom the agent does not represent. The customer may be represented by a separate agent. Customer
brokerthe broker who finds the buyer Co-operating
someone who assists the buyer and seller, or landlord and tenant, in a transaction without representing either party, also known as a facilitator. A broker is sometimes considered a nonagent when assisting a customer. Nonagent
The agent represents only one of the parties to a transaction. The agent gives advice to the client and owes fiduciary duties to the client only. Single agency
The relationship between agent and principal is governed by a body of laws and customs known as___ THE LAW OF AGENCY
An agent works FOR a client giving ___, and WITH a customer giving only ___ ADVICE;INFORMATION
authorizes an agent to handle matters of all types for the principal. This type of agency requires a power of attorney. A court appointed guardian would be an example of universal agency. universal agency:
authorizes an agent to transact a broad range of matters concerning a specific area of business for the principal, for example, managing several investment rental properties. A property manager is an example of a general agent. general agency:
authorizes an agent to perform a specific act or to handle a specific business matter for the principal, A real estate broker is usually a special agent. The special agent does not have the power to bind the principal to a contract. special agency:
the agent in a fiduciary principal-agent relationship real estate broker
who represents broker agent
based on a formal agreement between the parties in which the parties express the establishment of an agency and state the terms and conditions, for example, a listing agreement. Express agency:
Two valid forms of Express agency may be either written or oral
An express agency relationship can also be created between a broker and a buyer and is know as a buyer representation agreement.
occurs when the parties act in such a way as to indicate that they have agreed to an agency. Implied agency:
Implied agency occurs when the parties behave as though there is an agency agreement. Agency can be created ____________ inadvertently or accidentally, without intention, by the parties’ actions.
The licensee may be held liable for his or her actions if ______________ it can be shown that an implied agency existed.
Created by: bvennen
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