Agency 1
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| show | agency may be an expressed contract. the principal must pay money to the agent to create an agency relationship. an agreement that may be in writing or verbal.
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| What 3 steps are required under the current agency disclosure law? | show 🗑
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| By accepting the actions of an agent, even though there is no contract, a seller may create an agency by: | show 🗑
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| A person designated in a written power-of-attorney, to legally act for another in his stead is typically called a(n): | show 🗑
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| show | ostensible. A good example of this would be watching a friend's store for him while he goes to lunch. Making a sale to a customer that comes in believing you to be the owner, you are "ostensibly" the owner's agent.
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| An agent who acts exclusively as the agent for the buyer may present offers to? | show 🗑
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| show | Incapacity or death of either the client or the broker terminates an agency relationship because agency is a contract for personal services. A listing agreement is a personal services contract in that a licensed real estate broker agrees to provide servic
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| Escrow agents are dual agents for both buyer and seller until the close of escrow. After close, they become the separate agent of either party. | show 🗑
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| The relationship of a real estate salesperson to his or her broker is as: | show 🗑
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| show | Death of listing agent (not broker) Since the broker owns the listing, only the death of the listing broker, not the listing agent, would terminate the listing
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| show | must inform the seller. An agent may pay part of the commission to the buyer if he informs the seller
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| show | When the owner has given broker express instructions not to submit any further offers A broker must present all offers unless they are frivolous or unless seller has expressly instructed broker to submit no further offers
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| show | The agent owes the principal certain fiduciary duties.
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| show | may recover his share in court The Statute of Frauds does not require an agreement between brokers to split a commission to be in writing to be enforceable. If the cooperating broker can prove his case, he can recover his share in court
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Created by:
sysofadown3
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