Louisiana Real Estate questions - Lesson 1
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| show | AGENCY
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| It is the ? function to bring together buyers and sellers in order to negotiate property transactions. | show 🗑
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| The broker acts on the principal's behalf to ? | show 🗑
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| show | client
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| A ? is a person who is not being represented by a licensee but for whom the licensee is performing ministerial acts. | show 🗑
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| do Ministerial acts form a brokerage agreement with the customer. | show 🗑
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| Acts that do not establish agency | show 🗑
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| Examples include but are not limited to: | show 🗑
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| the individual who is authorized and consents to represents the interests of another person. The sales associate is a representative of the sponsoring broker. The broker shares the responsibility to the client with the sales agent. | show 🗑
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| : the agent of an agent. The agent is the subagent of the broker. A selling agent may be a subagent of the listing broker | show 🗑
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| the party who hires the agent, normally the buyer or the seller or the landlord or tenant. The principal delegates to the agent the responsibility of representing the principal’s interests. | show 🗑
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| the fiduciary relationship between the principal and the agent in which the agent represents the principal in a transaction. | show 🗑
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| the principal in a real estate transaction who is being represented by an agent. | show 🗑
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| show | Customer
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| brokerthe broker who finds the buyer | show 🗑
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| show | Nonagent
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| The agent represents only one of the parties to a transaction. The agent gives advice to the client and owes fiduciary duties to the client only. | show 🗑
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| The relationship between agent and principal is governed by a body of laws and customs known as___ | show 🗑
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| show | ADVICE;INFORMATION
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| show | universal agency:
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| show | general agency:
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| authorizes an agent to perform a specific act or to handle a specific business matter for the principal, A real estate broker is usually a special agent. The special agent does not have the power to bind the principal to a contract. | show 🗑
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| the agent in a fiduciary principal-agent relationship | show 🗑
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| who represents broker | show 🗑
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| based on a formal agreement between the parties in which the parties express the establishment of an agency and state the terms and conditions, for example, a listing agreement. | show 🗑
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| Two valid forms of Express agency | show 🗑
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| show | buyer representation agreement.
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| occurs when the parties act in such a way as to indicate that they have agreed to an agency. | show 🗑
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| Implied agency occurs when the parties behave as though there is an agency agreement. Agency can be created ____________ | show 🗑
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| The licensee may be held liable for his or her actions if ______________ | show 🗑
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Created by:
bvennen
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