Real Estate Exam

Card Set Information

Real Estate Exam
2011-03-14 18:14:47

Real Estate Exam
Show Answers:

  1. Special Agents
    An agent who is hired by someone to represent that person in ONE transaction.

    "A real estate agent who represents someone in the sale or purchase of a house is considered one"
  2. General Agents
    • An agent who represents someone in a range or group of activities.
    • "A property manager, who collects rents, pay bills, reparis..etc"
  3. Universal Agents
    • An agent who acts on a client's behalf in all matters and situations.
    • "Someone who has a power of attorney to act on someone's behalf in all real estate matters is an example
  4. Dual Agency
    • Is a situation where both sides in a transcation, typically a buyer and a seller, are represented by the same real estate agent.
    • "It's ILLEGAL"
  5. Express Agency
    • Is where the agency relationship is created through an agreement in which the agent and the principal state their intentions to enter into an agency relationship.
    • Parties state or express their intentions in words, either Orally or in Writing.
  6. Implied Agency
    Establishes an agency relationship through the actions of the two parties. Although nothing if formal has been said or written down, the agent and the princiapl act as if they have an agency relationship.