MO 48-Hour Salesperson Course Exam Prep: Agency and Contracts
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Course
MO 48-Hour Salesperson Course Exm Prep: Agency an
Institution
MO 48-Hour Salesperson Course Exm Prep: Agency An
MO 48-Hour Salesperson Course Exam Prep: Agency and
Contracts - Fiduciary ️ A person in whom another's trust and confidence is placed. - Client/principal vs. customer ️ - Client/principal: Person who has agent representation. - Customer: Person related to the transaction who is not represen...
MO 48-Hour Salesperson Course Exam Prep: Agency and
Contracts
- Fiduciary ✔️ A person in whom another's trust and confidence is placed.
- Client/principal vs. customer ✔️
- Client/principal: Person who has agent representation.
- Customer: Person related to the transaction who is not represented by the agent.
- Transaction broker ✔️ A licensee acting as a facilitator but not in a representative capacity in a
transaction.
- General agent ✔️ A person who is authorized to act for another (the principal or client) in a range of
matters.
- Special agent ✔️ An agent whose scope of authority is limited to a specific area.
- Limited agent ✔️ One who acts within a very limited scope.
- Universal agent ✔️ A person with unlimited power to act for another, such as a conservator, or one
who holds a broad scope power of attorney.
- Dual agency ✔️ Representing both sides in a real estate transaction. A broker acting as a dual agent
may designate one agent to represent the seller, and another agent to represent the buyer as
designated agents.
- Fiduciary duties (6) ✔️
1. Obedience
2. Loyalty
3. Disclosure
, 4. Confidentiality
5. Accountability
6. Reasonable skill and care
- Agency ✔️ A relationship in which an agent is authorized by a principal to act on the principal's behalf
in certain areas.
- Express vs. Implied agency ✔️
- Express: Created by the express written or oral communication between the parties.
- Implied: Created from the actions of the parties.
- Stigmatized property ✔️ A property that buyers may shy away from for reasons other than physical
defects, such as a property being the site of a murder.
- Shared duties (owed to client and customer) (4) ✔️
1. Disclosure of material facts
2. Reasonable skill and care
3. Honesty and fair dealing
4. Prompt presentation of offers and counter-offers
- Client duties owed to licensee (4) ✔️
1. Compensation
2. Information
3. Indemnification
4. Availability
- Procuring cause ✔️ The initiator in a chain of events that leads to a real estate sale.
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