Humber Real Estate - Course 2, Module 1, Explaining Services Available to a Seller or Buyer |117 q&a GRADED A+

Humber Real Estate - Course 2, Module 1, Explaining Services Available to a Seller or Buyer |117 q&a GRADED A+ The relationship between two parties in which one party (the agent) accepts responsibility for representing the other party (the principal) in dealing with a third party. - Under Ontario law, how is an 'agency relationship' defined? Client & Customer - While common law uses the terms 'Principal' and 'Third Party', what terms does REBBA use instead? The Common Law of Agency - The underlying relationship of the brokerage, salesperson, seller and buyer is based on what? Someone who is not directly connected with a legal transaction but may be affected by it, OR supporting one of the people involved, i.e. lawyer, home inspector, etc. - In relation to a contract, how is a third party defined? Representation - Under REBBA, what is the equivalent for the legislative term for "agency"? The brokerage - In a real estate transaction, who is the 'Agent'? A seller or buyer - In a real estate transaction, who is usually the 'Principal'? Representation - Agency is also known as ... Representation Agreement - A Listing (Seller Agency) Agreement / Buyer Agency Agreement is also known as ... Agreement (Conveyance of Interest in Real Estate) - Agreement of Purchase and Sale is also know as ... Multiple Representation - Dual Agency is also known as ... Convey Offer - Present Offer is also known as ... Acquisition / Divestiture by Registrant - Purchase / Sale by Registrant The seller and buyer - Who are the 'Parties' to a real estate transaction? Employee / Employer relationship with authorization to trade on behalf of their respective brokerages. - What type of relationship does a salesperson have with their brokerage from a legal perspective? Yes. Everyone must protect the client's best interests. - Once an agency relationship is established between a brokerage and a client, does the agreement apply to all brokers & salespersons employed by the brokerage? The agent who is authorized to trade in real estate on behalf of others. - Define 'Brokerage' according to REBBA Client - Principal is also known as ... Someone who authorizes an agent to act on their behalf in an agency relationship, and provides information and lawful instructions to the agent regarding the transaction. - What is a 'Principal'? The seller - When a brokerage represents a seller when listing a property, who is the 'Principal'? The buyer - When a brokerage represents a buyer when showing properties for sale, who is the 'Principal'? Customer - What is the comparable term to 'Third Party' under REBBA? Third Party - A brokerage representing only a seller would consider a buyer as a _________ or a customer? A relationship of trust with one or more parties. - What does 'Fiduciary' refer to in relation to a Representation Agreement? Fiduciary - An agent (brokerage) as a __________ has the legal obligation to act in the principal's (seller's or buyer's) best interests. - Full disclosure (of all facts known) - Obedience (obey the lawful instructions of the principal) - Confidentiality (all info that is confidential will not be disclosed) - Competence (provide all services competently) - Accounting (responsible handling of all documents and funds related to the transaction) - In a 'Fiduciary' relatio