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Michigan Real Estate Ch. 5 - Brokerage & Agency questions well answered $12.99   Add to cart

Exam (elaborations)

Michigan Real Estate Ch. 5 - Brokerage & Agency questions well answered

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  • Course
  • PSI Real Estate Practice Michigan
  • Institution
  • PSI Real Estate Practice Michigan

Michigan Real Estate Ch. 5 - Brokerage & Agency questions well answered

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  • August 11, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • PSI Real Estate Practice Michigan
  • PSI Real Estate Practice Michigan
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Sakayobako30
Michigan Real Estate Ch. 5 - Brokerage
& Agency

Accidental agency - correct answer ✔✔the buyer is led to believe by the agent's actions and
representations that the buyer is being represented by that broker



Agency disclosure - correct answer ✔✔licensee is required to discuss all agency relationships allowed
under MI law and provide the consumer with a document indicating the agency relationship he/she will
have with the licensee and brokerage



Agent - correct answer ✔✔the person hired on another's behalf

aka broker



Brokerage - correct answer ✔✔the business of bringing buyers and sellers together and assisting in
negotiations for the terms of sale of real estate



Buyer Agency Agreement - correct answer ✔✔the document setting forth the terms and conditions of
the brokerage relationship with the purchaser



caveat emptor - correct answer ✔✔- let the buyer beware

- consumers are to be responsible for inspecting and accepting all goods and services they produce



Client - correct answer ✔✔principal

seller



Confidentiality - correct answer ✔✔agents have a strict duty to keep all information about their clients
confidential in MI



Customer - correct answer ✔✔buyer

, third party



Designated agency - correct answer ✔✔the client (buyer or seller) has an agency relationship with only
those people named in the listing contract or buyer agency contract

- allows clear relationships with clients

- limits the number of agents in a firm who have an agency relationship with the buyer or seller



Disclosure of information - correct answer ✔✔agents must promptly and totally communicate any
information/important matters related to the transaction to the principal



Dual agency - correct answer ✔✔when a real estate firm attempts to represent both the buyer and seller
in the same transaction

- may be intended or unintended

- must be disclosed to both buyer and seller and both must agree to it in writing



Duty of disclosure - correct answer ✔✔duty of the principal to reveal all information that affects the
agency agreement



Estoppel - correct answer ✔✔if an individual claims incorrectly that a person is his/her agent and a third
party relies on the incorrect representation



Express agency - correct answer ✔✔an agency created by the words or actions of the principal and
agent indicating that they have an agreement

- ie the written listing agreement between the seller of real estate and the broker



Fiduciary - correct answer ✔✔one who holds a position of trust



General agent - correct answer ✔✔- someone authorized to handle all affairs of the principal concerning
a certain matter or property

- usually has tome limited power to enter contracts

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