Card Set Information

2010-04-17 23:18:50

Show Answers:

  1. Where is the concept of agency found?
    In the Civil Code
  2. What are the agent's duties to the principal?
    • C-are
    • O-bedience
    • A-ccounting
    • L-oyalty
    • D-isclosure
  3. How is an agency relationship established?
    Usually by express agreement
  4. An express agreement can be written or oral, but to enforce the collection of a commission it must be.....
  5. Is consideration an essential element in the creation of an agency relationship?
    It is not
  6. Is actual authority is that authority a principal intentionally confers upon an agent.
  7. What is a listing sometimes called?
    An employment contract
  8. What are the promises in a bliateral contract between the seller and broker?
    • compensation from seller
    • and diligence from the broker
  9. If an owner sells their own house in an exclusive agency listing what compensation does the listing broker get?
  10. In an exclusive right to sell listing is procuring cause such that it would determine whether a commission is paid?
    No... commission will be paid regardless of the procuring cause.
  11. Who gets the commission in an exclusive right to sell listing?
    The broker always gets paid regardless of who sell the property
  12. What 3 results could misrepresenting a property to a buyer incur?
    • disciplined by the DRE
    • civil lawsuit
    • prosecuted criminally
  13. What does constructive fraud involve?
  14. What two types of fraud can misrepresentation involve?
    Actual Fraud and Constructive Fraud
  15. What is puffing?
    A statement exaggerating the benefits of a property that a buyer takes it literally and believes it to be factual
  16. What 3 places can a broker place a received deposit on behalf of another?
    • Into the hands of the owner of the funds
    • into escrow
    • into a trust fund
  17. What is it called when an agent places a client's money in his personal bank account?
  18. What do all listing agreements give to the broker in order to accept an earnest money deposit?
    express authority
  19. Can a seller be held responsible for false information given by their agent.
    Oh yeah
  20. What is an attorney in fact?
    It is a person who is appointed to act on behalf of another under a power of attorney
  21. What is failure to disclose a dual agency violate?
    Agency disclosure law
  22. What 3 things must agents do in regards to agency relationships when representing clients?
    • Disclose
    • Elect
    • Confirm what the agency relationships are in a transaction
  23. What are the 7 ways may agency be terminated?

    • Agreement of the parties
    • Incapacity
    • Revocation
    • Expiration
    • Death
    • Accomplishment of purpose
    • Extinction
  24. What 3 ways may agency be created?
    • Agreement
    • Ratification
    • Estoppel