Broker - ANSWER- licensed by the state
- intermediary who brings together buyers and sellers
- assists in negotiation of agreements
- receives commission
- executes orders
- was a salesperson at some point
salesperson - ANSWER- acts under the direction of a licensed broker
- licensed by...
- intermediary who brings together buyers and sellers
- assists in negotiation of agreements
- receives commission
- executes orders
- was a salesperson at some point
salesperson - ANSWER- acts under the direction of a licensed broker
- licensed by the state
- not a broker
Yes - ANSWERCan you be a RE agent and NOT a realtor?
No - ANSWERCan you be a Realtor and NOT be a RE agent?
Legal Aspects of Broker-Client relationship - ANSWER- Principal
- Agent
- Fiduciary Relationship
- Agency
- Subagent
What is a fiduciary relationship - ANSWERWhen one person acts in the best interest of his/her client.
What are the 3 types of RE agent realationships - ANSWER- seller/broker
- buyer/broker
- broker/salesperson
Subagent - ANSWERsales person is a _________ of principal or landowner
,Listing Broker - ANSWER?
dual agent - ANSWER- represents both buyer and seller
- full disclosure
- transaction broker (limited role in representation)
Professional Insurance - ANSWER?
types of listing agreements for sellers agent - ANSWER1) open
2) exclusive-brokerage
3) exclusive-right-to-sell
4) net
5) limited services
Open Listing - ANSWER- broker is only entitled to a commission if they successfully close
- created through commission agreement
- open relationship
commission agreement - ANSWER- written
- identifies; parties, location, compensation
Exclusive-Brokerage listing - ANSWER- different broker cannot be authorized to find a buyer
- original broker will receive commission except if owner sells property on their own
Exclusive-Right-To-Sell listing - ANSWER- preferred by most brokers
- broker receives commission no matter who sells it
- broker gets best guarantee of receiving a commission
net listing - ANSWER- rarely used, illegal in many states
- owner guaranteed certain amount for house and broker gets difference btwn that number and
what house actually sells for.
, limited-services listing - ANSWER- broker only lists property on multiple listing service (MLS)
- provides minimal support to seller
buyers representation agreement - ANSWER- written btwn buyer and broker
- must have; essential elements of contract, type of property desired, duties of buyer and seller,
commission/fee
types of buyer representation agreements - ANSWER- exclusive-right-to-represent
- open arrangement
Selling Broker - ANSWERfinds the buyer of a property for seller
tenant representative - ANSWERbroker finds places to lease
fiduciary duty of broker - ANSWER- position of trust and confidence
- protects clients best interest at all times
broker Breach - ANSWER- negligence, fraud, misrepresentation or failure to follow instructions
broker Fraud - ANSWER- broker had intention to mislead
- broker made false statement material to a transaction
- broker was justifiably relied on by a client
- results in injury to client
broker Misrepresentation - ANSWER- fraud without intention to mislead
seller's agent duties to seller - ANSWERfind buyer while performing honestly diligently and in good
faith
sellers agent duties to buyers - ANSWER- full disclosure
- proper handling of earnest money
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller papersbyjol. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R240,25. You're not tied to anything after your purchase.
