1
This is the tax document regarding earnings for an independent contractor
1099
When an advertisement makes no mention of the brokerage offering a home for sale
Blind Ad.
All real estate agents are like James Bond because we are
Special agents
These are things in an offer to purchase to protect a buyer/seller. One example is for an inspection, another common one is to obtain financing
contingencies
This type of listing agreement means that any broker can be paid for bringing a ready willing and able buyer to the seller.
Open listing
Be careful of over selling the attributes a home. You may be guilty of
Puffing
The AD1 is the mandatory form in MA regarding
Agency disclosure
Obedience
A person can be held liable for the actions of others. This is called.
Vicarious liability
A person vested with great trust
Fiduciary
L in OLD CAR
Loyalty
D in Old CAR
Disclosure
C in OLD CAR
Confidentiality
A in OLD CAR
Accounting
OLD CAR stands for what
Obedience, Loyalty, Disclosure, Confidentiality, Accounting and Reasonable Care
An exclusive listing means that:
I'm the only broker who can get a commission, but a seller can still find your own buyer.
If I misrepresent a property I could be held liable for up to
3 years
If I put a deposit check into my bank account even for a minute I am guilty of
Commingling
This is the best and strongest listing agreement for an agent to have.
Exclusive right to sell
If there were 2 feet of water in a basement from a frat party gone awry and I tell you the basement never flooded I am guilty of
Misrepresentation: There was water in a basement. But just because it didn't come from a natural cause I say no.
An agent helping a buyer purchase a home from the client of another agent at the same firm is an example of this type of agency
Designated agent
An agent who represents both the buyer and the seller
Dual Agent
An agent with broad authority like power of attorney to take care of all tasks for their client.
Universal agent
The authority to perform a service that is given in writing or verbally
Express authority
The authority to perform a task which is not expressly given
implied authority