Chapter 4: Authorized Relationships: Duties & Disclosures (FITB) Flashcards Preview

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Flashcards in Chapter 4: Authorized Relationships: Duties & Disclosures (FITB) Deck (15)
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1
Q

An agent that is empowered to perform a single act on behalf of his or her principal has a ____ agency.

A

special

2
Q

An agent whose continuing authority is limited to a single trade or business has a ____ agency.

A

general

3
Q

A sales associate is a ____ of the broker’s principal.

A

subagent

4
Q

A licensee can create an agency relationship ____ or ____.

A

accidentally or inadvertantly

5
Q

Before showing a property, allowing a buyer to sign an offer to buy, or a seller to sign a listing agreement, a licensee must provide the party with a written brokerage relationship form when acting in the capacity of a ____ relationship.

A

single agency, no brokerage

6
Q

A member of the public may select from one of three options when working with a broker which are ____ ____, ____ ____ and ____ ____ ____.

A

transaction broker, single agency, no brokerage relationship

7
Q

In a nonresidential transaction, a broker may assign one or more sales associates to represent a buyer and one or more sales associates to represent a seller in the same transaction as single agents if both parties have assets of ____ or more.

A

$1 million

8
Q

The Consent to Transition to Transaction Broker notice is required to be ____ or ____ for transition to occur.

A

initialed or signed

9
Q

If the principal refuses to sign or initial the Consent to Transition to Transaction Broker notice form, the broker is required to act as a ____ ____.

A

single agent

10
Q

Brokers are required to retain copies of all disclosure documents for transactions that have resulted in a contract being entered into for a period of at least ____ years.

A

5

11
Q

The only brokerage relationship that includes fiduciary duties is the ____ ____.

A

single agency

12
Q

A licensee assigned by a broker to act as a single agency of a buyer or seller in a nonresidential transaction is titled a ____ ____ ____.

A

designated sales associate

13
Q

Brokers in a nonresidential sale are not required to use ____ ____.

A

written disclosures

14
Q

Licensees using words or actions that mislead a member of the public can result in the creation of an ____ ____.

A

implied agency

15
Q

Agency relationships are legally based on ____ and ____.

A

trust and confidence

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