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Where is the concept of
agency
found?
In the
Civil Code
What are the agent's duties to the principal?
C-are
O-bedience
A-ccounting
L-oyalty
D-isclosure
How is an
agency relationship
established?
Usually by
express agreement
An express agreement can be written or oral, but to enforce the collection of a commission it must be.....
written
Is
consideration
an essential element in the creation of an
agency relationship
?
It is not
Is actual authority is that authority a principal
intentionally confers upon an agent.
What is a listing sometimes called?
An employment contract
What are the promises in a bliateral contract between the seller and broker?
compensation from seller
and diligence from the broker
If an owner sells their own house in an exclusive agency listing what compensation does the listing broker get?
Nothing
In an exclusive right to sell listing is procuring cause such that it would determine whether a commission is paid?
No... commission will be paid regardless of the procuring cause.
Who gets the commission in an exclusive right to sell listing?
The broker always gets paid regardless of who sell the property
What 3 results could misrepresenting a property to a buyer incur?
disciplined by the DRE
civil lawsuit
prosecuted criminally
What does constructive fraud involve?
negligence
What two types of fraud can misrepresentation involve?
Actual Fraud and Constructive Fraud
What is puffing?
A statement exaggerating the benefits of a property that a buyer takes it literally and believes it to be factual
What 3 places can a broker place a received deposit on behalf of another?
Into the hands of the owner of the funds
into escrow
into a trust fund
What is it called when an agent places a client's money in his personal bank account?
Comingling
What do all listing agreements give to the broker in order to accept an earnest money deposit?
express authority
Can a seller be held responsible for false information given by their agent.
Oh yeah
What is an attorney in fact?
It is a person who is appointed to act on behalf of another under a power of attorney
What is failure to disclose a dual agency violate?
Agency disclosure law
What 3 things must agents do in regards to agency relationships when representing clients?
D
isclose
E
lect
C
onfirm what the agency relationships are in a transaction
What are the 7 ways may agency be terminated?
AIRED AE
A
greement of the parties
I
ncapacity
R
evocation
E
xpiration
D
eath
A
ccomplishment of purpose
E
xtinction
What 3 ways may agency be created?
Agreement
Ratification
Estoppel
Author
Anonymous
ID
14988
Card Set
RE
Description
BROKERS EXAM
Updated
2010-04-18T03:18:50Z
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