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Law Of Agency Champion School Questions And Answers With Verified Solutions 100% Correct!!!
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Law Of Agency Champion School Questions And Answers With Verified Solutions 100% Correct!!!
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Law Of Agency Champion SchoolQuestions And Answers With Verified
Solutions 100% Correct!!!
Duties of agent - ANSWER✔✔ OLDCAR
Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Resasonable care
Types of Agents
Special vs General - ANSWER✔✔ = "limited agency", must follow the instruction
of the principal, not allowed to sign or accept any term on behalf of the prinicipal
(client)
= can represent the principal, (client)common examples are a property manager
and the broker agent relationship / a license holder will act for the broker or
principal
IRS Independent Contractor Status rules for a general agent - ANSWER✔✔
Commissions must compensate the sales agents..
• There may be a policies and procedures manual .
• The sales agent shall pay his own business expenses. •
The sales agent cannot be made to attend sales meetings.
• The sales agent cannot be made to attend training seminars.
• The sales agent cannot be made to work set hrs
Termination of agency relationships - ANSWER✔✔ • When the purpose of the
agency is completed
• The expiration of the period stated in the listing contract
At any time by mutual agreement.
, • Death or incapacity of either party.
• Condemnation or destruction of the property.
• Bankruptcy of either party.
• Operation of law.
• Revocation of the broker's license.
• Abandonment by the agent.
• Revocation of the agreement at any time by the principal.
• Termination of the agreement at any time by the broker
Sherman Anti-Trust Act and commission rates - ANSWER✔✔ Commission rates
must always be a matter of negotiation between the broker and the client
Details in a valid listing - ANSWER✔✔ Paragraph 1. Parties: Identifies the parties.
Paragraph 2. Property:
Paragraph 2.A. Land:
Paragraph 2.B. Improvements:
Paragraph 2.C. Accessories:
Paragraph 2.D. Exclusions:
Paragraph 2.E. Owners' Association:
Paragraph 3. Listing Price:
Paragraph 4. Term:
Paragraph 5.A. Broker's Fee:
Paragraph 5.B. Earned:
Paragraph 5.C. Payable:
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