Champions School Of Real Estate - Exam Prep Questions And Answers 100% Guaranteed Success.
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Champions School of Real Estate
Institution
Champions School Of Real Estate
Champions School Of Real Estate - Exam Prep Questions And Answers 100% Guaranteed Success.
Buyer Representation Agreement - correct answer. An employment contract obligating a broker to act as a fiduciary to a buyer
Implied Agency - correct answer. Agency as a result of cust...
Champions School Of Real Estate - Exam
Prep Questions And Answers 100%
Guaranteed Success.
Buyer Representation Agreement - correct answer. An employment contract
obligating a broker to act as a fiduciary to a buyer
Implied Agency - correct answer. Agency as a result of customary, usual or typical
conditions
Broker - correct answer. A properly licensed party who serves a principal in an agency
relationship- also called an agent
Client - correct answer. A party represented by a broker in an agency relationship -
also called a principal
Duties of an Agent - correct answer. An agent owes his client obedience, loyalty,
disclosure, confidentiality, accounting and reasonable care (old car)
customer - correct answer. A third party - one a broker is working with, but who is not
represented by that broker
Exclusive Agency Listing - correct answer. A listing where one broker is the exclusive
agent and will earn a commission if the property is sold, unless the seller sells it himself-
the seller is competing with his broker
Ostensible Agency - correct answer. Agency as a result of the actions of an agent and
the response of other to those actions
, Agency by Ratification - correct answer. Agency is established when an agent acts
without permission of the principal and the principal accepts or ratifies those actions.
Blind Ad - correct answer. An advertisement that does not clearly indicate the licensed
status of the party placing the ad - real estate licensees are prohibited from placing blind
ads.
Duties of Principal - correct answer. A principal owes his agent compensation,
reimbursement, indemnification and performance
Procuring Cause of Sale - correct answer. The effort that results in the sale of
property - the act of bringing a ready, willing and able buyer to a seller resulting the sale
of the seller's property
Exclusive right to sell - correct answer. A listing where one broker will earn a
commission when the property is sold, no matter who sells it
Listing Agreement - correct answer. An employment contract obligating a broker to act
as a fiduciary to a seller
Agency by Estoppel - correct answer. A principal fails to maintain due diligence over
his agent and as a result the court prevents the principal from denying the agency
relationship
Dual Agent - correct answer. A broker who has the written permission of both the
buyer and the seller to represent both parties in a single transaction
Management Agreement - correct answer. An employment contract obligating a
broker to act as a fiduciary to a property owner
Sherman Anti-Trust Act - correct answer. Federal law that preserves business
competition by prohibiting monopolies, monopolistic practices and restraint of trade- in
real estate the biggest impact is on commissions- always negotiable
Agency - correct answer. The fiduciary relationship between a broker and a principal
or a broker and a client
Universal Agency - correct answer. A principal gives an agent the power to transact
matters of all types for him
Designated Agent - correct answer. A license appointed by a broker in a dual agency
situation to work with either the buyer or the seller in the transaction.
Commission - correct answer. A negotiated compensation in a broker's employment
contract.
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