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Ch 4
| Question | Answer |
|---|---|
| In agency law, an agent that is empowered to perform a single act on behalf of their principal has a ____ agency. | special |
| In agency law, an agent whose continuing authority is limited to a single trade or business has a ___ agency. | general |
| A sales associate is a ____ of the broker's principal. | subagent |
| A licensee can create an agency relationship ___ or _____. | accidentally or inadvertently |
| Before showing a property allowing a buyer to sign to buy, or a seller to sign a listing agreement, a licensee must provide the party with a written brokerage relationship form when acting in the capacity of a ____ _____ or ____ _____ relationship. | single agency no brokerage |
| A member of the public may select from one of three options when working with a broker, which are ____, _____, and _____. | transaction broker, single agency, nonrepresentation |
| In a nonresidential transaction, a broker may assign one or more sales associates to represent a buyer and one or more sales associates to represent a seller in the same transaction as single agents if both parties have assets of _____ or more. | $1 million |
| The Consent to Transition to Transaction Broker notice is required to be ____ or _____ for transition to occur. | initiated, signed |
| If the principal refuses to sign or initial the Consent to Transition to Transaction Broker notice form, the broker is required to continue to act as a(n) _____ | single agent |
| Brokers are required to retain copies of all disclosure documents for transactions that have resulted in a contract being entered into for a period of at least how long? | five years |
| The only brokerage relationship that includes fiduciary duties is _____. | single agency |
| A licensee assigned by a broker to act as a single agent of a buyer or seller in a nonresidential transaction is titled a _____. | designated sales associate |
| Brokers in a nonresidential sale are not required to use _____. | written disclosures |
| A licensee who uses words or actions that mislead a member of the public can result in the creation of a(n) ________. | implied agency |
| Agency relationships are legally based on ___ and _____. | trust, confidence |
| For a broker to legally be paid a kickback or rebate, they must have performed a ____, held an appropriate _____, and all parties must be _____ of the payment. | service, license, advised |
Created by:
riverjan1122