AZK RE L-02 C-10 Agency 2 - 51-100

• - or nonagent
• - or facilitator
• - or contract broker
• - or transaction broker
• - or transaction coordinator
•    - is not an agency for either party

• Ministerial Act
•    - for nonagent to help both the buyer and the seller with the paperwork formalities involved

• - or nonagent
• - or transaction broker
• - or facilitator
• - or transaction coordinator
•    - is not an agency for either party

• Ministerial Act
•    - for nonagent to help both the buyer and the seller with the paperwork formalities involved

• - or nonagent
• - or transaction broker
• - or facilitator
• - or contract broker
•    - is not an agency for either party

• Ministerial Act
•    - for nonagent to help both the buyer and the seller with the paperwork formalities involved

• - or nonagent
• - or transaction broker
• - or transaction coordinator
• - or contract broker
•    - is not an agency for either party

• Ministerial Act
•    - for nonagent to help both the buyer and the seller with the paperwork formalities involved

• - or nonagent
• - or facilitator
• - or transaction coordinator
• - or contract broker
•    - is not an agency for either party

• Ministerial Act
•    - for nonagent to help both the buyer and the seller with the paperwork formalities involved

• - or transaction broker
• - or facilitator
• - or transaction coordinator
• - or contract broker
•    - is not an agency for either party

• Ministerial Act
•    - for nonagent to help both the buyer and the seller with the paperwork formalities involved

Ministerial Act

- for nonagent to help both the buyer and the seller with the paperwork formalities involved

• 1) Completion performance or fulfilment of the purpose
• 2) Death or incapacity of either party
• 3) Destruction or condemnation of the property
• 4) Expiration of the terms of the agency
• 5) Breath by one of the parties
• 6) By operation of law as in bankruptcy of the principal

• .
•       - when a real estate agent is made part-owned of a property that is the subject of transaction
•       - cannot be revoked by the principal acting along
•       - cannot be terminated upon the principle's death

• Agency coupled with an interest
•       - cannot be revoked by the principal acting along
•       - cannot be terminated upon the principle's death

• - principal primary responsibility
• - customer secondary responsibility

• - secondary responsibility
•    1) Reasonable care and skill
•    2) Honest and fair dealing
•    3) Disclosure of material facts

• - statements of opinion are permissible if
•       - not made carelessly
•       - there is no intention to deceive

• - exaggeration of a property's benefits
• - considered an ethical even if it is legal

Puffing

- intentional misrepresentation of a material fact in such a way to harm or take advantage of another person

Fraud

• .
•       - occurs when the REP should have known that a statement about a material fact was false
•       - lack of awareness of an issue is no excuse

Negligent Misrepresentation

• 1) toxic waste dumping
• 2) underground storage tank
• 3) contaminated soil or water
• 4) nearby chemical or nuclear facilities
• 5) lead-based paint (required by federal law

• - in residential transactions involving property of up to 4 units
• .
• - seller has a duty to disclosure any known defect that threaten…
•    - structural soundness 
•    - personal safety

- is a hidden structure defect that would not be discovered by ordinary inspection

Latent Defect

- some states allow the seller to provide a Nondisclosure Statement to the buyer that places the burden (бремя) of discovering any adverse (неблагоприятный) property conditions on the buyer

Nondisclosure Statement

- properties that society has found undesirable because of events that occurred there or because of proximity of the property to a known nuisance (неприятность)

Stigmatized properties

- Federal legislation to maintain residential information on every person who kidnaps children, commit sexual crimes against children, or commit sexually violent crimes

Megan's Law

General Agent

Special Agent

Common Law

Common Law

• 1) cannot be revoked by the principal acting along
• 2) cannot be terminated upon the principle's death