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Cram Agency
National Real Estate Agency
Question | Answer |
---|---|
Net Listing | Not really a listing - Way to determine Commission |
Exclusive Agency Listing | You will get paid commission even if another agent sells this listing, other than if the seller himself sells. |
The person who gives authority to an agent to represent his or her interests in dealing with a third party is | Principal |
Fiduciary applies to the relationships between people in many different positions. It does not apply to | Trustor to beneficiary is borrower to lender. |
"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 | Making a sale to a customer that comes in believing you to be the owner, you are "ostensibly" the owner's agent. |
What type of listing are MLS listings | Most multiple listings are exclusive listings |
ratification | Ratification means acceptance of an act already performed. Ratification of an agency relationship is created by approving acts after they are done. |
An agency relationship, such as in a listing, may be terminated by all of the following methods except | When the agent has an interest in the subject matter of the agency; for example the broker is a co-owner of the property, the agency cannot be revoked by the principal |
principal and agent is like relationship between | trustee and beneficiary |
broker and seller is like the relationship between | Trustee and beneficiary |
Agency relationship is created by | Agreement, ratification, estoppel |
estoppel define | Precludes a person from denying something that has already been said. |
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 |