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Flashcards in Agency - Need To Know Deck (11)
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1

Define:
Fiduciary

The word which describes the responsibility of an agent toward the principal, involving trust, loyalty, confidence, care and diligence.

2

When working for an owner, the broker takes on the role of a ______

Fiduciary

3

What are real estate licensees required to do when selling their own property?

Disclose to the buyers and sellers that they have a real estate license.

4

If a real estate sales agent owns and wants to sell a parcel of land, but neither lists nor advertised it, what must the sales agent do?

Disclose owner/agent

5

The sellers agent tells the buyer to offer less than the listed price. What relationship has the agent created?

Agency by implication or undisclosed dual agency.

6

Define:
Limited agent

A.K.A. Dual Agent;
When the agent is representing both principals in a transaction with their informed consent.

7

What must the agent disclose to the principal?

All material information about the customer and the transaction.

8

What must the agent disclose to the customer?

All material information about the property and the client's ability to perform in the transaction.

9

What duties does an agent owe a client?
A.K.A. Fiduciary Duties

1. Loyalty
2. Obedience
3. Confidentiality
4. Full disclosure
5. Accounting and safe holding of the property
6. Reasonable care and diligence

10

What duties does an agent owe a customer?

To treat them honestly, ethically and competently

11

A limited agent becomes neutral in what regard?

1. Loyalty
2. Confidentiality
3. Full disclosure