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