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Ch 6
Question | Answer |
---|---|
Generally an agent works for the | principal |
A minor | is anyone younger than 18 years of age |
someone appointed to carry out a particular transaction is a | Special Agent |
an independent contractor is distinguished by | responsibility for Social Security and other payments |
, the California real estate law treats a real estate salesperson as a | employee of the broker |
a salesperson is a brokers | agent |
an agency agreement to perform an act that requires a writing | must itself be in writing |
to be enforceable, all real estate sales contracts | must be in writing |
As a contract, a real estate agency agreement | must meet the requirements for a valid contract |
Real estate commission rates | are not fixed by law |
all real estate agency agreements must | be in writing |
the most commonly used form of real estate listing agreement is the | Exclusive authorisation and right to sell listing |
A real estate agent owes duties to | the principal, the third person, the sub agent |
the agent is the principle of the duty of | loyalty |
a real estate agent must make full disclosure of | material facts that are known by the agent or that would be revealed by a reasonable inspection of the property |
the principal owes the agent | the duty of care |
a real estate seller must disclose | material facts concerning the property's value or desirability |
exaggerating a property's value or desirability | is never permitted |
the recovery account is available to | people victimized by a real estate licensee |
an agency relationship may not be terminated by | someone outside the agency relationship |