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

  1. Nonagency
    • - 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
  2. contract broker
    • - 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
  3. transaction coordinator
    • - 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
  4. facilitator
    • - 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
  5. transaction broker
    • - 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
  6. nonagent
    • - 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
  7. Act for nonagent to help both the buyer and the seller with the paperwork formalities involved
    Ministerial Act
  8. Ministerial Act
    - for nonagent to help both the buyer and the seller with the paperwork formalities involved
  9. Termination of agency (6)
    • 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
  10. Agency coupled with an interest
    • .
    •       - 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
  11. Agency when a real estate agent is made part-owned of a property that is the subject of transaction
    • Agency coupled with an interest
    •       - cannot be revoked by the principal acting along
    •       - cannot be terminated upon the principle's death
  12. Agent's primary and secondary responsibility
    • - principal primary responsibility
    • - customer secondary responsibility
  13. Agent's Customer Level Service (3)
    • - secondary responsibility
    •    1) Reasonable care and skill
    •    2) Honest and fair dealing
    •    3) Disclosure of material facts
  14. Opinion versus fact
    • - statements of opinion are permissible if
    •       - not made carelessly
    •       - there is no intention to deceive
  15. Puffing
    • - exaggeration of a property's benefits
    • - considered an ethical even if it is legal
  16. Exaggeration of a property's benefits
    Puffing
  17. Fraud
    - intentional misrepresentation of a material fact in such a way to harm or take advantage of another person
  18. Intentional misrepresentation of a material fact in such a way to harm or take advantage of another person
    Fraud
  19. Negligent Misrepresentation
    • .
    •       - 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
  20. What occurs when the real estate professional should have known that a statement about a material fact was false?
    Negligent Misrepresentation
  21. Environmental Hazard Disclosures (5)
    • 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
  22. Property Conditions Disclosures
    • - 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
  23. Latent Defect
    - is a hidden structure defect that would not be discovered by ordinary inspection
  24. Hidden structure defect that would not be discovered by ordinary inspection
    Latent Defect
  25. Nondisclosure Statement
    - 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
  26. Some states allow the seller to provide a statement to the buyer that places the burden of discovering any adverse property conditions on the buyer
    Statement?
    Nondisclosure Statement
  27. Stigmatized properties
    - properties that society has found undesirable because of events that occurred there or because of proximity of the property to a known nuisance (неприятность)
  28. Properties that society has found undesirable because of events that occurred there or because of proximity of the property to a known nuisance
    Stigmatized properties
  29. Megan's Law
    - Federal legislation to maintain residential information on every person who kidnaps children, commit sexual crimes against children, or commit sexually violent crimes
  30. 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
  31. What king of agent is Property Manager?
    General Agent
  32. What king of agent is Broker/Sales Person?
    Special Agent
  33. Rules established by tradition
    Common Law
  34. Rules established by court decisions
    Common Law
  35. Agency coupled with an interest cannot be (2)
    • 1) cannot be revoked by the principal acting along
    • 2) cannot be terminated upon the principle's death
Author
flashsmilenet
ID
343882
Card Set
AZK RE L-02 C-10 Agency 2 - 51-100
Description
AZK RE L-02 C-10 Agency 2 - 51-100
Updated