what is undisclosed dual agency quizlet

Was the Claimant Being Discriminated Against or Harassed at Work? a. 29. d. All of the abov, The brokers license is required to show d. Corporation, Which of the following is NOT a type of voluntary transfer? c. 43,560 c. graduated lease Was the Claimant Discharged for a Rule Violation? 5 days b. d. this is illegal, A person who engages the professional advice and services of a licensee as his agent is known as the d. arpents, How many sections are in a township? a. scarcity, modification, fixity of investment, situs c. a person was murdered on the property Were There Urgent and Compelling Personal Reasons Causing the Claimant to Leave Work? d. the broker can require the agent to work set ho. In the state of Louisiana, dual agency is established when a real estate licensee works for both parties in a real estate transaction. When Does DUA Treat a Discharge As a Quit? Must be a high school graduate, or equivalent. Despite the many potential concerns that come with dual agency, its worth noting that the real estate industry does regulate this kind of transaction. The borrower, or trustor, gives title to the trustee in and receives a loan, or other consideration, from the lender, or beneficiary. 13. description? a. The land was still there. What is undisclosed dual agency, and what happens in this situation? d.All, FHA permits no pre-payment penalties or lock-in clauses on its insured loans. c. 1972 amendment c. $37,337 d. Mixed Unit Developments (M, A business which is held by one person and is not incorporated is a b. acknowledgment d. 10 days, When the association of the qualifying broker for a corporation, limited liability company, or partnership is terminated, his license must be returned to the Commission within And if youre looking to negotiate on the sale price or repair costs, waiting for a response can be agonizing. d. Five years, Can a corpor. a. Louisiana b. abstract of title d. unenforceable. 1964 amendment a. license 20 feet from the water d. Savings and Loans. b. vesting clause Under which type of foreclosure is the lender required to refund to the borrower any profit realized on the sale of the foreclosed property? Dual Agency In Real Estate: Everything You Should Know b. joint tenancy d. none of the above, How old a property property looks, that is, the age based on what condition the property is in is called: a. What is the market value of the property? d. All of the above. c. To show property and lease space d. easement in general, An easement granted for a utility, pipeline, railroad, or water line would most likely be a, an a. b. sponsoring broker There are more examples of such statutory and regulatory codification, but a further c. ordinary process c. indivision If the owner of the servient estate buys the land which is the dominant estate, what happens to the easement? Intermediary relationships - what you need to know | TREC b. a. a. Related Articles: New York Salesperson Flash Cards Back to Glossary Index c. Adverse Possession If the first monthly interest payment is $393.75 and the interest rate is 7%, what was the appraised value? c. possession, interest, taxes, and income Panic selling for financial gain by insinuating that a minority group is moving into the area is known as d. $250, A claim or burden on a property which limits, restricts or otherwise affects one's interest or use of that property is called a, an Facilitating negotiations, in particular, is a huge undertaking for dual agents who want to do right by the buyer and the seller. a. movables d. conditional title, The selling price of a property would be listed how on the closing statement? D. the broker is the woman's agent; the man is the broker's customer. Single agency a.The veteran may not buy another house using a VA loan until the 1st loan is paid off a. certified by the RE Com.b. Using the. c. Component. b. unilateral contract. c. Reproduction Cost Undisclosed dual agency is a dual agency relationship that is not disclosed and agreed to in writing. c. conditional acceptance. Enrolling in a course lets you earn progress by passing quizzes and exams. ",
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"text": "It is a violation of M.G.L. Which type of deed provides the LEAST protection for the grantee? a. dedicating a statue to the community A house built over a ditch covered with decaying timber, or a house with ceilings that are improperly attached to the support beams are examples of, The seller's agent has certain duties to the client principal. c. positive situs 6 a. acceleration clause c. 10 C. the broker has created a potential undisclosed dual agency problem and should disclose the relationships to both parties before showing the seller's home to the buyer. a. co-operatives 19. b. Lien An investor wishes to receive a 10% rate of return on his investment. No, never. Dual Agency Flashcards | Quizlet The appraised value is $124,000. c. collateral 6 $500 a. disbursement of escrow funds Keep in mind thats per agent, so both the buyer agent and listing agent could receive that fee. a. co-operative a. executory contract. brok. c. nuncupative will a. obedience Chapter 23 - Law of Agency Learning Objectives At the completion of this chapter, students will be able to do the following: 1) Explain the difference between a principal and customer. c. straight lease a. broker's name A few days later, the broker met a prospective buyer who was interested in buying a home in the $480,000 to $510,000 price range. Did the Claimant Try Requesting a Leave of Absence First? $50,000 d. fee simple, A type of freehold estate which exists until the death of a certain specified person is called a b. Littoral. a. dominant estate d. breach. 21. In Louisiana if no money accompanies the contract, or if it is not stated what type of deposit it is, then it is considered to be Was the application of the rule reasonable? It is particularly good for lots in a subdivision a. a. d. cancellation act, The clause in a mortgage which pledges the collateral property to the mortgage is called the $20,000 If the woman applies for a federally related mortgage loan, how will her mortgage lender apply flood insurance rules? a. b. quitclaim d. none of the abo, The agent whose actions are the primary reason for a sale taking place is said to be the: The Louisiana Real Estate Commission has prepared a consent form that James must use. c. buyer broker b.statutory redempt. c. fixtures. b. What Is a Dual Agent? - The Balance 80% a. freehold a. He is required to have one license for his main office only $30,000 A listing which is illegal in some states, and allows the broker to keep all proceeds of the sale in excess of a net amount is called b. escalation clause a. freehold estate. b. economics. d. associate and sponsoring brokers. c. multilateral contract. The company name, Guaranteed Rate, should not suggest to a consumer that Guaranteed Rate provides an interest rate guaranteed prior to an interest lock. d. Does not have to be reported, A property owner may exchange one property for another and have the capital gain tax deferred. b. subrogation c. registered with the National Registry b. non-freehold estate, The most complete form of ownership which lasts forever and may be passed on to one's heirs is called: d.No, they would be issued a bus. c. that he is a licensed agent 7. 5 d. credit to seller, nothing to buyer, The buyers loan amount and deposit would both be listed on the settlement statement as: c. exclusive agency listing An initial license application must What did you tell the employer was the reason for your leaving your job? d. unlimited, In a Trust Deed, the borrower is known as the Most state agency disclosure laws confirm the common law rule that payment of the fee does not determine agency. c. $500 d. city government, The theory that there is one particular use for each property that will bring the highest value, is called d.all, What is the penalty for a first offense fair housing violation? d. actual age, If a property has a value of $80,000 with a land value of $30,000 and is being depreciated over a period of 50 years, how much would the property depreciate each year? a. qualifying broker b. when the seller accepts the offer. a. c. MUD a. a. December 31 a. qualifying broker a. only licensees d. not enough information, A lot is acre. a. special agency The substitution of one party to the contract for another party, or the replacement of a new obligation for an old one is called c. address of licensee Errors regarding the facts of a contract are called c. He may have a smaller cash output to obtain the loan. Use these flashcards to help memorize information. b. no. c. Can retake the exam the next day. a.strict foreclosure a. north-south b. location. c. demand, utility, supply, title, a. demand, utility, scarcity, and transferability, The principle of value that is the basis for the Income Approach to value is d. none of the above. Do you have any proof of what you did? $10,000 Louisiana Real Estate Broker Exam: Study Guide & Practice, Psychological Research & Experimental Design, All Teacher Certification Test Prep Courses, Air, Mineral & Water Rights in Real Estate, Real Estate Land Use Controls & Regulations, Basic Real Estate Financing Terms & Concepts, Louisiana Real Estate Statutory Requirements, Louisiana Law of Agency: Terms & Definitions, Dual Agency in Louisiana: Duties & Disclosures, High School Business for Teachers: Help & Review, Economics 101: Principles of Microeconomics, Principles of Marketing: Certificate Program, Principles of Management: Certificate Program, Introduction to Management: Help and Review, Quantitative Analysis for Teachers: Professional Development, Marketing for Teachers: Professional Development, Management for Teachers: Professional Development, Human Resource Management for Teachers: Professional Development, What are CRM Systems? Do you need to worry that your agent will use info against you for instance, letting the seller know what your max budget looks like. 27. Conversely, they are also not allowed to recommend counter offers they believe the buyer will consider. d. There is no agency relationship, The landlord is the _____________ , and the tenant is the _____________ . Choose one answer. d. highest and best use, The principle which states that the value of an inferior property is increased by being near a better property, and the value of the better property is decreased by being near an inferior property, is b. narrative c. 5 business days c. appraisal 72 hours d. 12, Every applicant for a license shall submit a sworn statement attesting that he has knowledge of and understands the provisions of a. b. lot, block and tract b. improvements c. Property taxes, mechanic's liens, all other liens by date recorded, An agreement that changes the priority of liens is a, an d. All of the above. b. ground lease $100,000 d. broker, When should an agent present the agency disclosure pamphlet to a party to a real estate transaction? An agreement granting the short term use of a property and which is revocable at any time is called a, an Dual Agency is illegal in some states. 18 - Agency Relationships and Disclosures Flashcards | Quizlet c. movables and immovables b. b. restrictive encumbrances a. land d. 40, Who may engage in the sale of real estate without being a licensed real estate agent? a. joint tenancy a. collateral d. title clause, The clause which provides for removal of the mortgage when the debt is paid is the b. disclosure a. b. acceleration clause b. clause $11,000 d. the decedant's siblings, The person who holds the right of abusus is called the b. void. d. address of listed pro, All printed advertisements for the sale or lease of residential RE MUST indicate a. assemblage With designated agency, two real estate professionals working for the same broker or a single agency represent both parties in a transaction. d. $50,000. Ch 5: Unit 2 - Agency Relationships and Disclosures Quiz $67,500 b.city, state and country in which the sponsoring broker d. index lease, A lease in which the lessee rents only the land is called a b. b. c.ill. How were incidents like this handled in the past? b. executed contract. a. 17 terms. All other trademarks and copyrights are the property of their respective owners. Consent may be obtained in a listing agreement, buyer agency agreement, or on a stand-alone consent form. b. d. easement, Which are characteristics of the Metes and Bounds method of describing land? c. competition Now, you dont necessarily need to use that person if you decide to make an offer. $44,680 a. name and telephone number of broker b. Once both parties have agreed to the dual agency, the Louisiana Law of Agency has laid out specific additional requirements James must meet while working as a dual agent. a. salespersons d. proprietary lease, A type of lease that is used by a business to raise capital and involves selling the property and then leasing it from the new owner is called a b. number of payments Under these circumstances, the agent should. c. Agreement to Convey A comparable is found that has 2,300 sq.ft. Real estate commission is usually between 5% and 6% of the home's purchase price. 35. What was the content? c. Confidential information about the buyer b. not authorized to sell real estate. d. mortgagee, The action which cancels the note when the full debt is paid and defeats any interest the mortgagee has had in the collateral property is called c. transferability This is c. associate broker True b. attorneys selling property as part of their professional duties for a client. c. chain of title When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again. b. downzoning a. b. friendly foreclosure The principal, in this case, authorizes the agent to act and is liable to the third party unless a side agreement is made between the third party and the agent. How much is the cost of the points? c. collateral removal a. d. $1,350, Discount points for a 30 year loan at 8 % are 2 . c. 20 a. 32. We have practice exams and study guides for every state. The GRM for the area is 12. True 6 months b. guarantee amount a.deficiency judgment a. constructive fraud. 14. a. b. express agency, Which of the following is NOT a fiduciary duty? c. exact building cost b. $480 In any dual agency, the consent given must be given by both parties in writing. c. voidable contract. a. variances When a tenant is forced to vacate the premises by the landlord for non-payment of rent, or some other breach of the contract it is called Keep in mind that this relationship must be disclosed to be on the up and up. c. Owners' Rights, A type of ownership which extends for an indefinite length of time and includes some or all of the rights contained in the Bundle of Rights is called a d. acquisitive prescription, A will which is prepared by an attorney, witnessed and signed is known as a Below, we will provide an overview of those guidelines. c. promissory note General Partnership d. any checking account, All monies collected as rental payments from or on behalf of clients shall be deposited in $22.24 b. Littoral waters. a. d. setback, A description that reads "Lot 5, Block B, Wildwood Heights" would be which type of description? C. Man: "Lighting fixtures are normally considered to be real property. d. exclusive right to sell listing A person who dies leaving a will is said to have died testate. a. mortgage He is required to have a branch office license for each place of business True d. demand, If a property is in a good location we say it has Assuming that no statute has replaced the traditional common law, which of the following correctly identifies the parties in this relationship? d. This is not legal, The Louisiana Real Estate Commission consists of how many members? a. gross lease Listing agents or, more likely, one of their cohorts will always be present during an open house. d. From the center of the earth and above the earth to infin. a. Dual Agency in Louisiana. d. caveat emptor form, Which CAN NOT be disclosed by the licensee when acting as a dual agent? c. a child under 18 who is living with a person who is seeking legal custody. d. deposit, A buyer purchases a property for $120,000. c. Percolating. b. d. puffing, When an agent should have known that a statement about a material fact was false, this is called: d. 12, The members of the Commission are $75,000 Which of the following is an example of an economic characteristic of land? Equitable title What is the value of the building using the gross rent multiplier formula? a. two d. mortgage foreclosure, In some stat, if the lender is unable to recover his full interest in the foreclosed property, he may seek a ? What is undisclosed dual agency and what happens in this situation? True c. $44,250, A home is purchased for $125,000. a. legatee a. public grant c. reimburse any person who has suffered monetary damages because of acts committed by a licensee in a real estate transaction. a. commercial property. For the most part, buyers will spend most of that waiting for real estate agents, attorneys and mortgage specialists to send updates or reach out for required documents and information. b. sale and leaseback What type of homeowners' insurance policy would cover this damage? c. general and specific a. d. mistake of law. c. subordination clause d. Either, d. Either a. gross lease c. percentage lease b. A broker is showing a house to a prospective buyer. d. all of the above, True of False? James is a real estate licensee in Louisiana. d. municipal address, How many square feet are there in an acre? c. not licensed. Did the Claimant Need to Leave Work or Was the Claimant Fired Due to Domestic Violence? d. appointed agent, An agency relationship in which the licensee is representing both the seller and the buyer in the same transaction is What is the maximum amount of payments that can be made for claims based upon judgments against any one licensee? d. dedicating the streets in a subdivision to the city, d. dedicating the streets in a subdivision to the city, Ownership of land along the seashore is b. upon mutual written consent of all parties How Does a Suspension Affect Eligibility? b. conventional mortgage insurance a. straight term loan a. gross lease Were There Urgent and Compelling Personal Reasons Causing the Claimant to Leave Work? Was the Claimant Being Discriminated Against or Harassed at Work? A person dying without a will is said to have died a. individ. a. client b. reverter clause and remainderman 3 days c. general agency a. A large tree on a man's property died and slowly rotted. b. Emblements a. homeowner b. range lines and township lines b. valid and unenforceable. b. setting an appointment to view a property Was the conduct so outrageous that no warnings were necessary? d. granting clause, A clause which may be included giving the lender the right to increase the rate of interest during the length of the mortgage is a, a. granting clause d. $600, An office building has a monthly income of $10,000. c. a single person c. Baton Rouge a. equitable right of redemption Was there any extenuating circumstance that was the cause of the behavior? a. the "Bundle of Rights" 26. c. dedicating a piece of land for government use c. probate d. at the time that the contract is sign, Which of the following is considered a material fact or defect requiring disclosure to potential buyers? Did the Claimant Leave Work Due to a Felony or Misdeameanor Conviction? b. c. description of property being conveyed Improvement. c. real property a. package mortgage d. public mortgage insurance, The function of the FHA loan program is to Otherwise, click the red Don't know box. a. tenancy in common c. Appointed by the director of the Commission. These are very tricky scenarios to navigate as a real estate agent, and it may not always be clear what the best course of action is. c. $30,000 The prority of liens in regards to who is paid 1st in a foreclosure is?? If you've accidentally put the card in the wrong box, just click on the card to take it out of the box. 20. b. three Eric McConnell is a former property manager and licensed real estate agent who has trained numerous employees on the fundamentals of real estate. b. executory process, The two general categories of loans are d. -$, Which method of determining value is generally the best one and the most used? Did the Claimant Need to Leave Work or Was the Claimant Fired Due to Domestic Violence? a. net listing b. the northeast But what happens if the buyer and seller have the same agent? d. $55,000, What is the penalty if there have been 2 or more fair housing violations within the past 7 years? a. confidentiality c. the most restrictive one b. economic life b. blockbusting. b. b. c. straight loan REE Ch. 5 Q's Flashcards | Quizlet c. agency coupled with an interest c. sponsoring brokers c. by certified mail Installment Land Contract Did the Claimant Engage in Deliberate Misconduct? $17,337 As these questions are often very confusing and the responses could determine initial UI eligibility, advocates should assist claimants in providing the most accurate and clear responses. Joint tenancy b. condemnation a. fraud d. certificate of title, A continuous linking of owners stretching back to the first owner or the original land grant is called a, an First and foremost, James must treat both clients fairly,honestly and show neither party any favoritism. d. customer, When a broker appoints one agent from his company to represent a client, that agent is known as the c. tenancy at will c. defeasance clause d. bond for deed, When a husband dies leaving a wife and children, what right does the wife have in the husband's portion of the community property? Representing two principals to a transaction without the knowledge and consent of both is Choose one answer. b. percentage lease a. when he can't find comparables For instance, seller agents are under no obligation to disclose if there are other competing offers on the table. But there are so many glaring concerns with a real estate agent supporting dueling parties that many people would probably be better served contracting a dedicated agent. While FHA loans are insured, VA loans are c. The regulatory jurisdictions in which the broker holds a RE brokerage license b. incurable b. FHA loans can NOT be sold on the secondary market. A man's homeowners' insurance policy contains a coinsurance provision;the house is insured for replacement cost. d. percentage lease. b. easement in gross Was the Separation Coerced or Required By the Employer? d. community property, If a person dies without a will, the disbursement of his property would be determined by

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