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Real Estate Agency and Brokerage

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Real Estate Agency and Brokerage

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25 Questions

1. Conversion

The illegal act of a broker missing or misappropriating trust funds.Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.A separate account for funds entrusted to a broker in a transaction and regulated by state licensing laws.

2. Transaction brokers

A separate account for funds entrusted to a broker in a transaction and regulated by state licensing laws.The illegal act of a broker missing or misappropriating trust funds.Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.

3. Stigmatized property

A separate account for funds entrusted to a broker in a transaction and regulated by state licensing laws.Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.The illegal act of a broker missing or misappropriating trust funds.A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.

4. Trust (escrow) accounts

5. Procuring cause

Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.The illegal act of a broker missing or misappropriating trust funds.A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.The effort that brings about the desired result. Under an open listing - the broker who is the procuring cause of the sale receives the commission.

6. General agent

The illegal act of a broker missing or misappropriating trust funds.One who is authorized by a principal to represent the principal in a specific range of matters.Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.

7. Agent

A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.The illegal act of a broker missing or misappropriating trust funds.Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.One who acts or has the power to act for another. A fiduciary relationship is created under the law of agency when a property owner - as the principal - executes a listing agreement or management contract authoring a real estate broker to be the agent.

8. Commission

A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.Payment to a broker for services rendered - such as in the sale or purchase of real property; usually a percentage of the selling price of the property.Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.The illegal act of a broker missing or misappropriating trust funds.

9. Ready - willing - and able buying

A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.One who is prepared to buy property on the seller's terms and is ready to take positive steps to consummate the transaction.The illegal act of a broker missing or misappropriating trust funds.Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.

10. Dual agency

The illegal act of a broker missing or misappropriating trust funds.Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.Representing both parties to a transaction. This is unethical - unless both parties agree to it - and it is illegal in many states.A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.

11. Salesperson

The illegal act of a broker missing or misappropriating trust funds.A person who performs real estate activities while employed by or associated with a licensed real estate broker.A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.

12. Commingling

The illegal act of a broker missing or misappropriating trust funds.Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.The illegal act by a real estate broker of placing client or customer funds with personal funds. By law - brokers are required to maintain a separate trust account for other parties' funds held temporarily by the broker.

13. Independent contractors

A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.Someone retained to perform a certain act but who is subject to the control and direction of another only as to the end result and not as to the way in which the act is performed. Pays all expenses - SS - incomes taxes - and receives no employee benefits. Ex. Real Estate salespeople.Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.The illegal act of a broker missing or misappropriating trust funds.

14. Brokerage

Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.The illegal act of a broker missing or misappropriating trust funds.The bringing together of parties interested in making a real estate transaction.A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.

15. Errors and omissions (E&O) insurance

A policy that covers - with limitations - unintentional (not fraudulent) contractual errors and protect a broker in the event of litigation.Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.The illegal act of a broker missing or misappropriating trust funds.A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.

16. Fiduciary relationship

A relationship of trust and confidence - as between trustee and beneficiary - attorney and client - or principal and agent.Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.The illegal act of a broker missing or misappropriating trust funds.

17. real estate license laws

State law enacted to protect the public from fraud - dishonesty - and incompetence in the purchase and sale of real estate.The illegal act of a broker missing or misappropriating trust funds.Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.

18. Patent defect

Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.Defect easily seen or understood.The illegal act of a broker missing or misappropriating trust funds.

19. Buyer-broker

The illegal act of a broker missing or misappropriating trust funds.A broker who has entered into a buyer agency agreement with a buyer.Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.

20. Special agent

A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.The illegal act of a broker missing or misappropriating trust funds.Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.One who is authorized by a principal to performa single act or transaction; a real estate broker is usually a special agent authorized to find a ready - willing - and able buyer for a particular property.

21. Statutory duties

The illegal act of a broker missing or misappropriating trust funds.A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.Duties to clients and customers specified in state law of agency.Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.

22. Ostensible agency

The illegal act of a broker missing or misappropriating trust funds.A form of implied agency relationship created by the actions of the parties involved rather than by written agreement or document.A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.

23. Single agency

Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.The illegal act of a broker missing or misappropriating trust funds.A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.A broker who represents only one party - never both - in a transaction.

24. Price-fixing

Occurs when brokers conspire to set prices for the services they perform (sales commissions - management rates) - rather than letting those prices be established through competition in the open market.A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.The illegal act of a broker missing or misappropriating trust funds.Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.

25. Subagency

A broker whose practice is limited to neutrally facilitating a real estate transaction between a buyer and a seller - but represents neither party's interest.Created when a broker - with the knowledge and consent of the principal - appoints other brokers to represent the same principal.Properties that are said to be psychologically impacted by some event - such as a murder - suicide - rape - ghosts - contamination; most state - but not all - do not require discovery or disclosure by real estate licensees.The illegal act of a broker missing or misappropriating trust funds.

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25 Questions

❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | OSHA Basics Quiz | What Should We Know? Privacy | Terms |

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All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.

About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | OSHA Basics Quiz | What Should We Know?
Privacy | Terms |

Without work one finishes nothing. - Ralph Waldo Emerson
© 2026 Fatskills.com