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Champions School of Real Estate - Exam Prep questions and answers graded A+ 2024/2025
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Champions School of Real Estate - Exam Prep questions and answers graded A+ 2024/2025
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Champions School of Real Estate -Exam Prep
Buyer Representation Agreement - ANSAn employment settlement obligating a broking to
act as a fiduciary to a consumer
Implied Agency - ANSAgency because of commonplace, regular or normal conditions
Broker - ANSA well licensed birthday celebration who serves a primary in an corporation
dating- also called an agent
Client - ANSA birthday celebration represented by a broking in an organisation dating - also
known as a main
Duties of an Agent - ANSAn agent owes his consumer obedience, loyalty, disclosure,
confidentiality, accounting and reasonable care (antique car)
customer - ANSA 0.33 birthday celebration - one a broking is operating with, but who isn't
represented by that dealer
Exclusive Agency Listing - ANSA listing where one broker is the exclusive agent and could
earn a commission if the property is offered, unless the vendor sells it himself- the seller is
competing together with his broker
Ostensible Agency - ANSAgency as a result of the movements of an agent and the reaction
of other to those actions
Agency by using Ratification - ANSAgency is hooked up when an agent acts without
permission of the foremost and the most important accepts or ratifies those moves.
Blind Ad - ANSAn commercial that doesn't actually imply the certified repute of the party
placing the ad - real estate licensees are prohibited from putting blind advertisements.
Duties of Principal - ANSA major owes his agent reimbursement, compensation,
indemnification and performance
Procuring Cause of Sale - ANSThe attempt that consequences within the sale of assets - the
act of bringing a geared up, inclined and capable customer to a seller resulting the sale of
the seller's property
Exclusive proper to sell - ANSA listing where one dealer will earn a commission when the
property is bought, no matter who sells it
, Listing Agreement - ANSAn employment settlement obligating a broker to act as a fiduciary
to a supplier
Agency through Estoppel - ANSA main fails to hold due diligence over his agent and as a
end result the courtroom prevents the essential from denying the organisation relationship
Dual Agent - ANSA broking who has the written permission of both the consumer and the
vendor to symbolize both events in a single transaction
Management Agreement - ANSAn employment agreement obligating a broking to act as a
fiduciary to a property owner
Sherman Anti-Trust Act - ANSFederal regulation that preserves business competition by way
of prohibiting monopolies, monopolistic practices and restraint of alternate- in actual estate
the biggest effect is on commissions- always negotiable
Agency - ANSThe fiduciary courting among a broker and a essential or a broking and a
client
Universal Agency - ANSA most important gives an agent the power to transact topics of
every type for him
Designated Agent - ANSA license appointed by a broking in a twin organization situation to
work with both the consumer or the seller inside the transaction.
Commission - ANSA negotiated reimbursement in a broker's employment settlement.
Fiduciary - ANSA party acting for another in a position of trust - a broker, an agent
Public Responsibilities - ANSThe responsibilities a broking has to clients or 1/3 parties
inclusive of honesty, fairness and disclosure of cloth facts
General Agency - ANSA important gives an agent the energy to bind him in a selected
exchange or business
intermediary - ANSA broking in Texas who has the written permission of each the consumer
and the vendor to symbolize both parties in a unmarried transaction
Fiduciary Responsibilities - ANSThe duties a dealer has to clients in an agency relationship
includes putting the hobby of the client first, full disclosure of all records, fabric and other,
and giving advice and evaluations
Agency coupled with an interest - ANSAny transaction where the agent is likewise the seller,
or the agent is likewise the buyer, this twin position must continually be disclosed
Appointed Associate - ANSA licensee appointed by way of a broking in Texas in an
middleman state of affairs to paintings with either the purchaser or the seller within the
transaction
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