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Chapter 2
Agency Issues
| Question | Answer |
|---|---|
| A remedy for breach of contract whereby a party sues the breaching party for cash damages. | Sue for damages |
| A way of terminating the rights of the parties under a contract whereby the parties act as if the contract never existed and forfeit their right to sue. | Rescission |
| Uninterrupted chain of events which lead to the sale. | Procurement |
| An agency contract between several brokers and a seller. The only broker entitled to a commission is the one that procured the buyer. | Open listing contract |
| An employment contract in which the broker receives as commission all excess monies over and above the minimum sales price agreed on by broker and seller. | Net listing |
| An offer to purchase that is written at the price and on substantially the terms set forth in the listing. Even if the seller does not accept this offer a commission may be owed. | Mirror image offer |
| A sale in which the listing broker is the only broker in the transaction. | in-house sale |
| An agency relationship created between parties as evidenced by their actions. | implied agency |
| Authorized to conduct all of a principal's affairs within the context of one specific contract. | general agent |
| An agency agreement giving the listing broker the exclusive right to market the seller's property. The seller promises to pay a commission to the listing broker if the terms of the contract are fulfilled, except if the buyer is procured by the seller. | Exclusive agency listing contract |
| The broker will earn their commission only if they procure a buyer specified in the listing contract. | One -party listing contract |
| A fee or commission paid to an unlicensed person for performing brokerage activity. | Fee splitting |
| An agreement whereby brokers pool their listings and offer to cooperate and compensate other brokers. | (MLS) Multiple listing service |
| One authorized by a principal to perform one particular act or transaction. | special agent |
| Competitors conspiring against another business or agreeing to withhold their patronage to limit competition. | Group boycott |
| The amount owed a broker as payment for services rendered in connection with the listing contract or buyer agency agreement. | Commission |
| An agency relationship created through a party's word, written or oral. | Express agency |
| A written employment agreement that creates an agency relationship between a broker and a buyer. The buyer employs the broker to put forth a reasonable effort to find a property for the buyer to purchase and to negotiate on behalf of the buyer. | Buyer agent agreement |
| Competitors conspiring together to eliminate competition by agreeing on the prices they will charge consumers. | Price-fixing |
| the exclusive right to market the seller's property. The seller promises to pay a commission to the listing broker if the terms of the contract are fulfilled, no matter who procures the buyer. | Exclusive right to sell listing contract |
| A prospective buyer of property who is legally capable and financially able to consummate the deal. | Ready, willing, and able buyer |
| Laws that make it illegal to conspire to restrain trade or the free flow of goods and services in a market place. | Antitrust laws |
Created by:
lisahale782006
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