Brokerage Relationships (11 items, 15%) Flashcards Preview

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Flashcards in Brokerage Relationships (11 items, 15%) Deck (19)
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1

A listing agreement must be in writing to form an ______ relationship.

agency

2

A transaction-broker listing could be ______, but it is unwise.

oral

3

The listing contract must identify:
- the _______
-State the sale's ______ and _________.
-Contain the ________ of all involved _____.
-Have an ________ _____.

-the property
-terms and conditions
-signatures; parties
-expiration date

4

In an ______ listing, the seller can have several _________ marketing the property and only pay a commission to...

open
brokers
the broker who finds the buyer.

5

*RULE E-13*
Sometimes called a "____-______" rule.

Makes it illegal to attempt to ________ parties involved in an agency agreement by soliciting _________ or _______ of another broker.

"sign-crossing"

alienate
listings or buyers

6

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 _________.

successful
accounting and confidentiality.

7

If no _____ is stated in a buyer agency agreement, the agreement expires __ _____ after the date of engagement.

date
1 year

8

The holdover period, if not stated in the contract, is ___ days.

60

9

*ADVERSE MATERIAL FACTS*
For a buyer/tenant, this would include:
-________ in title
- ________ condition
-__________ hazards.

For a seller/landlord, this would include, but not be limited to:
-knowledge of negative ________ _______ of the buyer.

-defects
-physical
-environmental

financial conditions

10

*BLIND AD*
An illegal ad that does not identify the _________ ____, leading readers to believe that the advertised property is for sale by a ________ ________.

brokerage firm
private party.

11

*COMMINGLING*
Mixing _______ belonging to others with _______ or _______ funds.

Illegal commingling includes:
-Failing to maintain such money in identified _______ ________.

money
personal or business

escrow accounts.

12

Funds from property management must be put into escrow within __ days.

5

13

A broker managing any type of property must use whose escrow account?

Employing broker

14

*GENERAL AGENCY*
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.

power

agreement.

property

15

*INTERPLEADER ACTION*
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.

civil

court authorization,

funds

16

*MATERIAL DEFECTS*
________ 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.

Negative
decision

defects
misrepresentation

17

*NEGATIVE CONSENT*
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 _________.

default
property disclosure
terminate; deadline.

18

*STIGMATIZED PROPERTY*
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
adverse material

AIDS.

19

*VICARIOUS LIABILITY*
A principal's ______ for the acts of an ______ when the agent is acting within the scope of the agent's employment.
Vicarious liability has been _________ in Colorado, unless the principal directed or ratified actions of the agent that were ________ or __________.

liability
agent

eliminated
fraudulent or dishonest.