Principles 1 Real Estate Champion School| Questions And Answers Verified 100% Correct.

Principles 1 Real Estate Champion School| Questions And Answers Verified 100% Correct. Agency - ANSWER -An agency relationship exists when one person (the agent) acts for, or on-behalf of another person (the principal is known as the client). The principal is one who hires the agent and gives authority to the agent. This relationship is a fiduciary (trust) relationship Universal Agency - ANSWER -Has full authority to conduct business on behalf of the client. (power of Attorney General Agency - ANSWER -Broker has agents that work for them. A general agent may bind the principal, meaning that the agent may sign certain contracts and agreements in the name of the principal. Agent can sign for the broker Special Agency - ANSWER -(Most Limited) known as the 'limited agency'. The special agent is NOT able to bind the principal because they are not allowed to sign or accept any terms or conditions on behalf of the principal. A broker who sells directly w/ a client (no agent under the broker). The listing agreement establishes a special agency relationship between the broker and seller Agent Duties - ANSWER -Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Reasonable care (OLD CAR) Trust - ANSWER -Not A DUTY Customer - ANSWER -When a potential buyer contacts an agent for information regarding a property Client - ANSWER -An agreement with broker and agency Intermediary Relationships - ANSWER -Broker reps both the buyer and seller Broker remains neutral and avoids negotiating. The broker must first get written consent of both parties Intermediary with appointments - ANSWER -The appointed associate will give advice and opinion (which means negotiate) to their respective parties. The broker must make the appointments in writing using the Intermediary Relationship Notice Intermediary without appointments - ANSWER -Agent will have the opportunity to sell their own listing Disclosure of Representation - ANSWER -At first contact with a party to a potential transaction a license holder must disclose to that party whom they represent (orally or in writing at 1st contact) IABS (Information about Brokerage Services) - ANSWER -Provides customers with information regarding agency relationships with licensees. All potential parties to a transaction must be provided with the IABS at the first substantive (any information given that is not easily accessed by public records) discussion. A substantive discussion doesn't always occur at the first face-to-face meeting. Form is signed prior to listing or showing of properties Federal Fair Housing Laws - ANSWER -Housing should be available to all on an equal basis, subject only to the purchaser's ability to pay (Age is not a protected category under this law) Steering (channeling) - ANSWER -Taking buyers or renters to or away from a particular area based on the race, religion, etc. of the buyer or renter (most common complaint under law) Blockbusting (panic peddling) - ANSWER -Any attempt to induce panic selling in a neighborhood for financial gain Reasonable Accommodation - ANSWER -Landlord must make reasonable accommodation and service if necessary If an individual feels they have been discriminated against they may file a complaint but it must be filed within 2 years of the alleged act. Violation is a CIVIL offense VAMA (Voluntary Affirmative Marketing Agreement) - ANSWER -Sign Place the equal housing sign in the office window Having and adhering to standard office procedures for working with customers Holding regular meetings on fair housing practices Federal Fair Housing Laws (civil right act) Penalties - ANSWER -Violation are up to 75,000 for 1st and up to 150,000 for 2nd. Americans with Disabilities Act (ADA) - ANSWER -Removal of all barriers, and install of ramps, cut curbs, repositioned shelves, flashing alarm lights, marked elevator buttons, wider doors, levered door handles, etc. Exempt from ADA - ANSWER -single-family homes, churches, private clubs, historic buildings Fidelity - ANSWER -Primary duty of real estate agent represent his or her client Redlining - ANSWER -Practice of refusing to provide financing in a particular area because of location. Only banks can be guilty of this under the law Integrity - ANSWER -Exercise integrity to avoid misrepresentation, in a way, by acts of commission or omission (don't withhold information) Competency - ANSWER -It is the obligation of real estate to be knowledgeable market, pledge continued education, exercise judgment and skill in the performance of his or her work. terminate a relationship - ANSWER -it must be done in writing, and the license must be returned to TREC immediately. A salesperson whose license has been returned may not do business until they have found a new sponsoring broker. If a sales person wants to end the relationship with their broker, it must also be done in writing. A new broker files a request with the commission to assume sponsorship of the salesperson, accompanied by the appropriate fee. YOU MUST HAVE A BROKER AT ALL TIMES.