Flashcards in Brokerage Relationships (11 items, 15%) Deck (19)
A listing agreement must be in writing to form an ______ relationship.
A transaction-broker listing could be ______, but it is unwise.
The listing contract must identify:
- the _______
-State the sale's ______ and _________.
-Contain the ________ of all involved _____.
-Have an ________ _____.
-terms and conditions
In an ______ listing, the seller can have several _________ marketing the property and only pay a commission to...
the broker who finds the buyer.
Sometimes called a "____-______" rule.
Makes it illegal to attempt to ________ parties involved in an agency agreement by soliciting _________ or _______ of another broker.
listings or buyers
Even after a listing agreement or a buyer agreement expires or terminates because of a _________ sale, the broker still owes the principal...
all related duties of __________ and _________.
accounting and confidentiality.
If no _____ is stated in a buyer agency agreement, the agreement expires __ _____ after the date of engagement.
The holdover period, if not stated in the contract, is ___ days.
*ADVERSE MATERIAL FACTS*
For a buyer/tenant, this would include:
-________ in title
- ________ condition
For a seller/landlord, this would include, but not be limited to:
-knowledge of negative ________ _______ of the buyer.
An illegal ad that does not identify the _________ ____, leading readers to believe that the advertised property is for sale by a ________ ________.
Mixing _______ belonging to others with _______ or _______ funds.
Illegal commingling includes:
-Failing to maintain such money in identified _______ ________.
personal or business
Funds from property management must be put into escrow within __ days.
A broker managing any type of property must use whose escrow account?
Created when an agent is given broad ranging ______ to represent a principal in a particular business or activity.
The general agent may bind the principal to any contract within the scope of the ________ agreement.
A _________ manager is usually a general agent.
When a _____ action is filed to determine the disposition of earnest money, a broker may seek a _____ __________, called an interpleader action, to _______ the funds with the court.
________ facts relating to a property of such significance they would affect a person's ________ to enter into the contract.
Failure to disclose ________ about a specific property could result in a charge of ____________ against the seller and the broker.
When there is a ________ in the contract, such as failure to deliver the seller's ______ ________ by the specified contract date, the receiving party (buyer), if they take no action, waives the right to __________ the agreement if notice isn't given by the _________.
Disclosing information that might ______ the _____ of the property but is not an _________ ________ fact.
An example of a stigmatizing statement would be, "The previous owner died of ________."
hinder the sale