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14 Cards in this Set
- Front
- Back
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Waht is ostensible agency?
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created when a licensee acts like an agent and others respond to those actions
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What is an agency by radification?
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when agent acts without permission then clievt learns of it and accepts it
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What is agency by estoppel
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principal fails to control agent and court prevents principal from denying agent
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3 types of agency
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universal
general special/limited |
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What is universal agency
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principle gives ok to represent in all aspects, rare in real estate
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What is general agency?
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principle gives permission to represent in particular trade or businesss, can bind client
ex: property manager |
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What is Special/limited agency?
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prioncipal only gives permission to represent in one act, cant bind client
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A principal's duties?
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CRIP
Compensation Reimbursement Indemnification Performance |
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An agenst duties?
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OLD CAR
Obedience Loyalty Disclosure Confidentiality Accounting Reasonable care |
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Is trust a duty of broker?
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no
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What is the easiest duty of an dual agent/intermediary?
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accounting
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What is the difference in exclusive agency and exclusive right to sell?
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exclusive agency=compete with seller
exclusive right to sell=broker gets sale |
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What federal law has impact on agency?
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Sherman Anti-Trust Act
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What is Sherman-Anti-Trust Act?
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prohibits monopolies, makes commission negotiable, violate by price fixing, prohibits boycotting of discount brokers
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