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Agency 1
| Question | Answer |
|---|---|
| Agency is referred to as the relationship between the agent and his principal.Which can be established by | agency may be an expressed contract. the principal must pay money to the agent to create an agency relationship. an agreement that may be in writing or verbal. |
| A broker's contract ordinarily makes him the agent of the seller. If he performs an act which his contract does not authorize him to do, he is the agent of the other party, the buyer | |
| The agent has an obligation always to act fairly and honestly with third parties. | |
| The trustee is the agent for the beneficiary under a deed of trust. | |
| A special agency is called upon to perform a specific task such as listing (a contract between an owner of real property and an agent who is authorized to obtain a buyer). | |
| What 3 steps are required under the current agency disclosure law? | The three steps required under the agency disclosure law are: disclose, elect, and confirm. |
| By accepting the actions of an agent, even though there is no contract, a seller may create an agency by: | Ratification Definition: Ratification means acceptance of an act already performed. Ratification of an agency relationship is created by approving acts after they are done. |
| A person designated in a written power-of-attorney, to legally act for another in his stead is typically called a(n): | attorney-in-fact Any person may give another the authority to act on his or her behalf. The legal document that does this is called a power of attorney. The person holding the power of attorney is an attorney-in-fact |
| "A" has given "B" the impression that "X" is "A"'s agent even though "X" was never given the authority to represent "A". From "B"'s standpoint, the agency is: | ostensible. A good example of this would be watching a friend's store for him while he goes to lunch. Making a sale to a customer that comes in believing you to be the owner, you are "ostensibly" the owner's agent. |
| An agent who acts exclusively as the agent for the buyer may present offers to? | the seller and seller's agent |
| If a broker dies after he or she has taken a listing, what happens to the agency relationship it created? | Incapacity or death of either the client or the broker terminates an agency relationship because agency is a contract for personal services. A listing agreement is a personal services contract in that a licensed real estate broker agrees to provide servic |
| Escrow agents are dual agents for both buyer and seller until the close of escrow. After close, they become the separate agent of either party. | |
| The relationship of a real estate salesperson to his or her broker is as: | employee As far as the Real Estate Law is concerned, a salesperson is an employee of the broker. For IRS purposes, the salesperson usually is an independent contactor. |
| What event does not terminate an agency? | Death of listing agent (not broker) Since the broker owns the listing, only the death of the listing broker, not the listing agent, would terminate the listing |
| An agent who pays part of the commission to the buyer: | must inform the seller. An agent may pay part of the commission to the buyer if he informs the seller |
| When may a real estate broker, acting as agent for the seller, refuse to submit a buyer's offer? | When the owner has given broker express instructions not to submit any further offers A broker must present all offers unless they are frivolous or unless seller has expressly instructed broker to submit no further offers |
| To which of the following does a real estate agent owe a fiduciary duty? | The agent owes the principal certain fiduciary duties. |
| Broker Jones secured an agency listing in writing from the Johnson Co. on a commercial building that had been vacant for some months. The listing broker entered into a verbal agreement to share his commission with a cooperating broker. The cooperating bro | may recover his share in court The Statute of Frauds does not require an agreement between brokers to split a commission to be in writing to be enforceable. If the cooperating broker can prove his case, he can recover his share in court |
Created by:
sysofadown3
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