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Brokerage and Agency

Terms and Questions from Ch. 5 of Michigan RE Test Book

QuestionAnswer
Agency Relationship between agent or broker and principal
Agent Salesperson hired on another's(principal) behalf
Principal Buyer/Seller who hires an agent to act on their behalf
Subagent Assists in accomplishing purpose of an agency
What is the difference between a client and a customer? Client has a written agreement, customer does not.
What does fiduciary mean? One who holds a position of trust.
What are the 3 classifications of agents? 1. Universal(handles all affairs)Power of attorney 2. General(handles all affairs of a certain matter) Property manager 3. Special (narrow authorization) most RE agencies
Express Agency Agency by oral or written agreement
Implied Agency Agency by words or actions that indicate an agreement.
Accidental Agency Buyer is led to believe by an agent they are being represented.
Agency by Estoppel a false claim is made that someone is their agent and a third party relies on this information. The person who made claim is "estopped" from later claiming otherwise and is responsible.
Seller Agency and Listing Contract Allows broker to market seller's real property for a period of time. Employment contract between seller and listing broker.
Buyer Agency and Buyer Agency Agreement Allows agent/broker to represent a buyer in the purchase of real property. Sets terms and conditions for broker and purchaser relationship.
Dual Agency When a Real estate firm represents both buyer and seller in same transaction.
Designated Agency Client has an agency relationship with only certain persons listed in a contract.
Transaction Coordinator a licensee who is involved in a transaction but does not have an agency relationship with buyer/seller
What is the importance of the Michigan Uniform State Antitrust Act? Mirrors Sherman Anti-Trust Act(federal) protects fairness in Real Estate transactions. Price fixing, boycotts, territorial limitations, tying agreements
What are the 6 agent duties in an agency relationship? Obedience, Loyalty, Diligence, Care, Accounting, Reasonable Skill.
Disclosure of Information Communication of any information pertaining to a transaction in which an agency was created.
Negligent Misrepresentation Purposefully hiding or omitting information
Innocent Misrepresentation Mistakenly/Unknowingly provide bad information.
Latent defect Structural defect able to be discovered by ordinary inspection. Seller has a duty to disclose any information.
Patent defect Unknown defects only discovered upon inspection. No duty to disclose.
Seller's disclosure statement Comprehensive checklist of condition of property provided by seller.
Michigan's Seller Disclosure Act Requires a Seller's disclosure statement.
Multiple Listing Service(MLS) Facilitates orderly dissemination of listing information for better service.
Created by: jenkij