section 7 unit 1: A Brief History of Agency Flashcards

section 7 unit 1: A Brief History of Agency Flashcards

Seller's agenta. real estate agentb. not a real estate agenta. real estate agent An agent who is engaged by a buyer to represent the buyer's interests.buyer's agent Relationship between the real estate professional and the person being represented agency Putting clients' interests ahead of all others describes which fiduciary duty?a. confidentialityb. disclosurec.loyaltyd. reasonable skill and care

• loyalty

Someone who's a party to a transaction OR the person for whom the agent actsa. customerb. principalc. consumerd.client

• principal

Which of the following is an example of a universal agent?a. buyer's agentb. conservatorc. escrow officerd.listing agent

• conservator

Someone who acts on behalf of someone elsea.non-agentb. agentc. fiduciary

• agent

Properly handle all money or property entrusted to you.accounting Phil is a property manager, which means he serves as a ______ agent to his landlord/client.a. designatedb.generalc. speciald. universal

• general

Alison, an agent with XYZ Agency, is assisting Ryan, the listing agent from RST Brokerage, with marketing a property on 7th Street.a. tenant's agentb. dual agentc.property managerd. transactional brokere. broker's agent

• broker's agent

accountinga. fiduciary dutyb. not a fiduciary dutya. fiduciary duty Someone who represents neither party in the transactiona.non-agentb. agentc. fiduciary

• non-agent

Dual agenta. real estate agentb. not a real estate agenta. real estate agent Double agenta. real estate agentb. not a real estate agentb. not a real estate agent property managera. real estate agentb. not a real estate agent

• real estate agent

An agent who assists a landlord in finding a tenant.landlord's agent Confidentialitya. fiduciary dutyb. not a fiduciary dutya. fiduciary duty An escrow officer is a limited agent.a. trueb. falsea. true An agent who acts within the scope of the property management agreement on behalf of the landlord.property manager

Buyer's agent: Represents only the buyer in the

transaction.a. special agentb. general agent

• special agent

When working with a client on a real estate sale, a real estate licensee is usually acting as which type of agent?a.designatedb. generalc. speciald. universal

• special

Alison was thrilled to meet with Brent. In a matter of days, she executed (signed) an agency agreement with Brent, searched for properties on the multiple listing service, and had several showings scheduled.Who's who in this scenario? Match the terms to the appropriate party, but let's see if you can do so without the help of your resource.(Don't worry, you can take a peek at it if you'd like to review the resource again.)Agent-Client-Fiduciary-Principal- Agent- AlisonClient- BrentFiduciary- AlisonPrincipal- Brent Follow client instructions (just the lawful ones, though).obedience Terry represents seller Farrah, and Michael represents Troy, the buyer. Who is (or are) the principal(s) in this transaction?a. ferrahb. Ferrah and Troyc. Terry and Michaeld. Troy

• Ferrah and Troy

Provide clients with quality, knowledgeable, and prudent service.reasonable skill and care A universal agent is a facilitator.a. trueb. falseb. false

Dual agent: Represents both the buyer and seller in the

same transaction.a. special agentb. general agent

• special agent

A real estate licensee works with customers but doesn't represent them.a. trueb. false

• true

reasonable profita. fiduciary profitb. not a fiduciary profitb. not a fiduciary profit This type of agent represents only one party single agent

Property manager: Acts within the scope of the property

management agreement on behalf of the landlord.a.special agentb. general agent

• general agent

When a licensee has broad responsibility to handle all details of a specific transaction, what type of real estate agency relationship usually exists?a. designatedb.generalc. speciald. universal

• general

In most cases, what type of agent is a real estate licensee when working with a client on a real estate sale?a.doubleb. dualc. generald. limited or special

• limited or special

You need to be able to explain to your client what it means for you to be their agent and fiduciary. Out of the choices, which one best describes the fiduciary duties an agent owes a client?a. "As your agent, I'll obey any lawful instructions you provide me. I'm loyal to you and I put your interests ahead of any others. Anything you share with me will remain confidential, and I'll quickly disclose to you any material information about the transaction. You can personally hold me accountable for any money or property exchanged throughout our relationship, and know that I'm providing you the services you expect of me."b. "As your agent, I'll go to bat for you. You're my priority. I'll do anything you ask and do whatever it takes to sell this

house. Let's get this done!"c. "As your agent, I'll identify potential homes based on the information you provide. I'll take you to showings and negotiate on your behalf. I'll use anything you tell me as a bargaining chip with the sellers."

• "As your agent, I'll obey any lawful instructions you

provide me. I'm loyal to you and I put your interests ahead of any others. Anything you share with me will remain confidential, and I'll quickly disclose to you any material information about the transaction. You can personally hold me accountable for any money or property exchanged throughout our relationship, and know that I'm providing you the services you expect of me." Keep information shared by the client private. confidentiality Put clients' interests ahead of all others. loyalty Secret agenta. real estate agentb. not a real estate agentb. not a real estate agent Has limited authority to act on a client's behalfa. general agentb. special agent

• special agent

A transactional broker is a limited agent to the seller.a.trueb. false

• false

Loyaltya. fiduciary dutyb. not a fiduciary duty a. fiduciary duty One who acts on behalf of another in a business transaction.agent

Single agent: Represents one client.a. special agentb.

general agent

• special agent

As the owner of an apartment complex near the college, Bill needs someone to act in his interests. He hired Carter as his agent.a. tenant's agentb. dual agentc. property managerd. transactional brokere. broker's agent

• property manager

Justin is representing the seller in a transaction. Which of the following tasks is he permitted to perform for the unrepresented buyer as a non-agent?a. Explain to a buyer the purpose of the seller's property disclosure.b. Help the buyer get pre-approved for a mortgage loan.c. Help the buyer interpret the title policy exceptions.d. Help the buyer structure an offer to the seller.

• Explain to a buyer the purpose of the seller's property

disclosure.Single agenta. real estate agentb. not a real estate agenta. real estate agent You're representing Crystal in the purchase of a house.Crystal has a trust fund and can more than afford the house on which she's made an offer. Which of the following statements is true?a. Your duty of confidentiality to your client dictates that you not disclose your client's financial situation to the seller.b. Your duty of disclosure to customers and third parties requires that you disclose Crystal's financial status to the seller.c. Your duty of honesty and fairness to customers dictates that you must share with the seller Crystal's ability to pay more for the property than she offered.d. Your duty of working in your client's best interests means you should be showing her properties that are in a higher price range since she can afford it.

• Your duty of confidentiality to your client dictates that you

not disclose your client's financial situation to the seller.sub-agenta. real estate agentb. not a real estate agenta. real estate agent Divulge all facts pertinent to the transaction. disclosure Someone who's in a position of trust and loyaltya.non-agentb. agentc. fiduciary

• fiduciary

Someone who's working with a real estate licensee, but who isn't represented by hima. customerb. principalc.consumerd. client

• customer

We've learned about the role of a non-agent. What four duties does a non-agent owe the parties in the transaction?a. obedienceb. loyaltyc. disclosured.confidentialitye. accountingd. reasonable skin and care

• disclosured. confidentialitye. accountingf. reasonable

skill and care