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Cram Agency

National Real Estate Agency

QuestionAnswer
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
Created by: Kids3