100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Law of Agency study guide for Exam 1 Questions and Correct Answers (elaborations) with 100% Accurate , Verified , Latest fully Updated , 2024/2025 ,Already Passed , Graded A+, Complete solutions guarantee distinctions Rationales $7.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. Social Science Law
  4.  
  5. Social Science Law

Exam (elaborations)

Law of Agency study guide for Exam 1 Questions and Correct Answers (elaborations) with 100% Accurate , Verified , Latest fully Updated , 2024/2025 ,Already Passed , Graded A+, Complete solutions guarantee distinctions Rationales

 2 views  0 purchase
  • Course
  • Social Science Law
  • Institution
  • Social Science Law

Law of Agency study guide for Exam 1 Questions and Correct Answers (elaborations) with 100% Accurate , Verified , Latest fully Updated , 2024/2025 ,Already Passed , Graded A+, Complete solutions guarantee distinctions Rationales

Preview 2 out of 12  pages

Document information

  • August 3, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • law of agency study guide for exam 1

Written for

  • Social Science Law
  • Social Science Law

Seller

avatar-seller
AnswersCOM

Reviews received

Content preview

Law of Agency study guide for Exam 1
Fiduciary Duties (OLD CAR)

- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accounting
- Reasonable care - ✔✔What are the duties of an agent

- Universal Agency; power to act for the principal in all transactions.

- General Agency; represents principal in a particular type of transaction (property
manager or broker and real estate agent

- Special Agency; most limited, agent performs limited duties for the principal. -
✔✔Types of Agents
%

- Commission must compensate sales agents.
- Sales agent shall pay own business expenses
- Sales agent cannot be made to attend sales meetings.
- Sales agent cannot be made to attend sales seminars.
- Sales agent cannot be made to work set hours.
- Sales agent should not be offered participation in broker's insurance or retirement
program. - ✔✔IRS Independent Contractor Status rules :

- When the purpose of the agency is completed; property is sold
- Expiration of the period stated in the listing contract.
- Anytime by mutual agreement
- Death or incapacity of either party
- Condemnation or destruction of the property
- Bankruptcy
- Operation of law
- Revocation of broker's license

, - Abandonment by the agent
- Revocation of the agreement at any time by principal
- Termination of agreement at any time by broker. - ✔✔How is agency terminated

Commission rates must be a matter of negotiation between broker and client. A
"standard" or "goin rate" could be evidence of violation - ✔✔Sherman Anti-Trust Act
and commission rates

-Paragraph 1. Parties
- Paragraph 2. Property
-Paragraph 3. Listing Price
- Paragraph 4. Term
- Paragraph 5. Broker's Compensation
- Paragraph 6. Listing Services
- Paragraph 7. Access to The Property
- Paragraph 8. Cooperation with other Brokers
- Paragraph 9. Intermediary
- Paragraph 10. Confidential Information
%

- Paragraph 11. Broker's Authority
- Paragraph 12. Seller's Representations
- Paragraph 13. Seller's Additional Promises
- 14. Limitation of Liability
- 15. Special Provisions
- 16. Default
- 17. Mediation
- 18. Attorney's Fees
- 19. Addenda and other Documents
- 20. Agreement of Parties
- 21. Additional Notices
- - ✔✔Details in a valid listing

- COMPENSATION; agents should be paid on the completion of the agency

- REIMBURSEMENT; agent should be reimbursed by principal for expenses incurred
on behalf of principal

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller AnswersCOM. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

73243 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$7.99
  • (0)
  Add to cart