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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

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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

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

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  • law of agency study guide for exam 1

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  • Social Science Law
  • Social Science Law

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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

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