Law Of Agency Study Guide For Exam 1 Latest Update Graded A

Law Of Agency Study Guide For Exam 1 Latest Update Graded A What are the duties of an agent Fiduciary Duties (OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care Types of Agents - Universal Agency; power to act for the principal in all transactions. - General Agency; represents principal in a particular type of transaction (property manager or broker and real estate agent - Special Agency; most limited, agent performs limited duties for the principal. IRS Independent Contractor Status rules : - Commission must compensate sales agents. - Sales agent shall pay own business expenses - Sales agent cannot be made to attend sales meetings. - Sales agent cannot be made to attend sales seminars. - Sales agent cannot be made to work set hours. - Sales agent should not be offered participation in broker's insurance or retirement program. How is agency terminated - When the purpose of the agency is completed; property is sold - Expiration of the period stated in the listing contract. - Anytime by mutual agreement - Death or incapacity of either party - Condemnation or destruction of the property - Bankruptcy - Operation of law - Revocation of broker's license - Abandonment by the agent - Revocation of the agreement at any time by principal - Termination of agreement at any time by broker. Sherman Anti-Trust Act and commission rates Commission rates must be a matter of negotiation between broker and client. A "standard" or "goin rate" could be evidence of violation Details in a valid listing -Paragraph 1. Parties - Paragraph 2. Property -Paragraph 3. Listing Price - Paragraph 4. Term - Paragraph 5. Broker's Compensation - Paragraph 6. Listing Services - Paragraph 7. Access to The Property - Paragraph 8. Cooperation with other Brokers - Paragraph 9. Intermediary - Paragraph 10. Confidential Information - Paragraph 11. Broker's Authority - Paragraph 12. Seller's Representations - Paragraph 13. Seller's Additional Promises - 14. Limitation of Liability - 15. Special Provisions - 16. Default - 17. Mediation - 18. Attorney's Fees - 19. Addenda and other Documents - 20. Agreement of Parties - 21. Additional Notices - What are the duties of the Principal - COMPENSATION; agents should be paid on the complet