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Real Estate
Agency
| Question | Answer |
|---|---|
| Someone who is employed by and has the legal authority to act for someone else is called a | Agent |
| A person who hires or appoints an agent is called a | Principal |
| The relationship established between a principal and an agent is called a | agency |
| The type of agency in which an agent has legal authority to transact matters of all types is a | universal agency |
| The type of agency in which the agent has legal authority to act for the principal in a specific business or trade is called a | general agency |
| The relationship between a real estate broker and the salespeople who work for him/her is called a | general agency |
| The type of agency in which the agent has the legal authority to act for the principal in a single transaction is called a | special agency |
| A listing agreement between a real estate broker and a homeowner creates a | special agency |
| In creating a valid agency relationship, the party or parties who must be of legal age include | The principal only |
| In creating a valid agency relationship, the party or parties who must be legally competent include | the principal and the agent |
| What type of real estate listing agreement gives the agent the exclusive right to sell the property? | Exclusive Right to Sell |
| A listing agreement in which the listing agent receives a commission regardless of who sells the property is a | exclusive right to sell listing |
| In an exclusive right to sell listing where the broker procures a ready, willing, and able buyer but the sale is not finalized, the broker | has earned a commission |
| Exclusive Right to sell listing is: | 1.)Most common listing in GA 2.) Must be in writing in GA to be either valid or enforceable 3.)Must have a specific ending date 4.) Is an expressed, bilateral contract |
| A type of real estate listing in which the listing agent receives a commission EXCEPT when the owner sells the property is called a | exclusive agency |
| The type of listing which allows more than one broker to have a valid listing on the same property is called a | open listing |
| With an open listing, a commission is paid to the broker who | is the procuring cause of the sale |
| An open listing may be | oral or written |
| A listing agreement which does not include a specific sales price is called a | net listing |
| Net listings are | PROHIBITED IN GA |
| Word used to remember methods by which an agency can be terminated: | READIE |
| Methods by which an agency can be terminated: R | Revocation or renunciation |
| Methods by which an agency can be terminated: E | Expiration of the listing period |
| Methods by which an agency can be terminated: A | Agreement of the parties |
| Methods by which an agency can be terminated: D | Death of either party |
| Methods by which an agency can be terminated: I | Incapacity of either party |
| Methods by which an agency can be terminated: E | Extinction of the property |
| The "REA" of "READIE" stands for termination of listings by acts of | the parties |
| The "DIE" in "READIE" stands for termination of listings by acts of | law |
| Acronym used to remember the responsibilities that a real estate broker has to the principal is | "LOW PAIN" |
| The "L" in "LOW PAIN" stands for | Loyalty to the prinicipal |
| The "O" in "LOW PAIN" stands for | Obedience to the principal |
| The "W" in "LOW PAIN" stands for | Written offers must be submitted |
| The "P" in "LOW PAIN" stands for | Personally act for the principal |
| The "A" in "LOW PAIN" stands for | Account for all monies |
| The "I" in "LOW PAIN" stands for | Inform the principal of all material facts |
| The "N" in "LOW PAIN" stands for | Not be negligent |
| When an agency relationship is created, the agent has a relationship to the principal called a | fiduciary relationship |
| Representing both buyer and seller in the same transaction is called | dual agency |
| When a broker deposits money held for a principal in his/her own personal or business account it is called | commingling |
| A written instrument giving authorization to a person to act as an agent on behalf of another for one specific act or transaction is called | power of attorney |
| The person to whom a power of attorney is granted is called the | attorney-in-fact |
| When a licensed salesperson provides assistance to a buyer in closing a sale without a written agreement or any compensation this creates a | gratuitous agency |
| If brokers conspire to set commission rates, it is a violation of the | Sherman Antitrust Act |
| If a broker is a partner in a partnership that buys property the broker lists for sale, it is called a | agency with interest |
| A listing in which the listing broker charges a fee for his/her time and expenses before the property sells is called a | advance fee listing |
Created by:
mgm9480