Real Estate-Unit 2 Flashcards

Real Estate-Unit 2 Flashcards

Client:Principal in a real estate transaction, represented by the

agent

is a dual agent: special or general agent? special

Property managerreal estate agent Seller's agentreal estate agent

Dual Agent:Works for both buyer and seller (or tenant and landlord)

Fiduciary:Person placed in position of trust and owes loyalty to

another Secret agentnot a real estate agent Sub-agentreal estate agent Double agentnot a real estate agent A universal agent issomeone with broad authority to act in all matters.

Buyer's Agent:Works for buyer exclusively

singel agentreal estate agent

Cooperating Agent:Brings other party to the transaction

A universal agent is a facilitator. T/F? False Broker/Salesperson =Special agent Transactional broker arenon-agents; they merely act as facilitators to a party (basically assisting with paperwork) but they don't represent anyone. Some states allow this, but New York does not have facilitators/ transactional brokers.

is a Single agent: special or general agent? special

Agent:Acts on behalf of another at that person's request

Designated Agent:Two agents from one firm representing opposing sides of a

transaction (broker is dual agent) Buyer's agent is areal estate agent Broker's agent is areal estate agent Landlord's agentreal estate agent Remember when referring to a real estate firm "Brokerage" = "Agency"

Example of Cooperating agent:Lydia signs a listing

agreement with Angelo to see his house. As one of her marketing activities, she puts the listing on the MLS. Dave, a licensee from another firm, contacts Lydia about showing Angelo's house to his buyer client, Phil. In this case, Dave is a cooperating agent.Suppose Lydia receives a few more phone calls from other licensees representing buyers, and their clients want to see Angelo's house, too. Those buyer's agents are also cooperating agents. Then Lydia receives a call from Eric, a licensee at another firm, who's assisting a buyer customer, Donna. Both Lydia's firm and Eric's firm accept and practice sub-agency. Eric, as a sub-agent for Lydia's firm, is a cooperating agent. Under sub-agency, both Lydia and Eric represent Angelo, the seller. Neither Lydia nor Eric represents the buyer, Donna.Who Do You Represent?THE CLIENT!

is a property manager: special or general agent? general

is a Broker's agent: special or general agent? Special

"O.L.D C.A.R" stands for?ObedienceLoyaltyDisclosureConfidentiality*Accountability** Reasonable Skill and Care A transactional broker is a limited agent to the seller. T/F?False

Subagent:Works under listing agent and serves seller (seller has

vicarious liability) Customer=Someone you work WITH (owed honesty, fairness, disclosure of material facts) There are three other types of agency tLimited agent, Universal agent, and Transactional broker Acooperating agentis anagent from another firm who assists another firm's agent (generally, the listing agent) in a real property sale. A cooperating agent from another firm may be a buyer's agent or a sub-agent. It's common practice for the listing firm to split its commission with the cooperating firm that brings the buyer to the table.what's the difference between a dual agent and a dual agent with designated sales agent?A dual agent situation is when one agent represents both the buyer and the seller in a transaction. Dual agent with designated sales agent occurs when different agents represent the buyers and sellers, but they both work for the same broker.What Fiduciary Duty Cannot Be Provided in a Dual Agency or Designated Agency Situation?

UNDIVIDED LOYALTY!

is a Sellers's agent: special or general agent? special

Broker's Agent:Serves listing broker, not seller

Client=Someone you work FOR (owed all agency duties) a limited agent, which issomeone who acts in a very limited capacity.Property Manager=General agent (usually)

Principal:Represented party to a transaction

Seller's Agent:Works for seller exclusively

Tenant's agentreal estate agent

Agency:The fiduciary relationship between a principal and an agent

is a Buyer's agent: special or general agent? special

An escrow officer is a limited agent. T/F? True Dual agentreal estate agent