a broker who obtains an executed listing agreement is an “attorney in fact.”
by Dr. Maxwell DuBuque IV
Published 3 years ago
Updated 2 years ago
4 min read
A broker who obtains an executed listing agreement is an “attorney in fact.” TrueA power of attorney is a written instrument giving authority to an agent [e.g., a listing agreement]. The agent acting under such a grant of authority is generally called an “attorney in fact” [e.g., the broker].
What is it called when a broker wants to end a listing but the client does not?
What is it called when a broker wants to end a listing but the client does not? Broker renunciation.
What is the relationship between broker and seller?
Broker-Client Agency Relationships. Seller agency occurs when the real estate broker is representing the seller in selling his or her property. This type of brokerage relationship is created when the seller and the broker enter into a written contract known as a listing agreement.
Which statement is true regarding a broker's commission in a real estate transaction?
Which statement is true regarding a broker's commission in a real estate transaction? The commission must be stated in the listing agreement and is set by the broker.
What does the real estate law require that every broker has in regards to his or her salespeople?
The real estate law requires that every broker must have a written agreement with each of his or her salespeople.
What is a broker relationship?
Brokerage Relationship
A relationship created by a written brokerage agreement. between a client and a broker where the client. authorizes the broker to provide real estate brokerage. services in a residential real estate transaction.
What is a broker consumer relationship?
Brokerage relationship means the contractual relationship between a client and a real estate licensee who has been engaged by such client for the purpose of procuring a seller, buyer, option, tenant, or landlord ready, able, and willing to sell, buy, option, exchange or rent real estate on behalf of a client.
What type of listing is given to one broker and promises commission to the listing broker provided the owner does not find the buyer?
What type of listing is given to one broker and commission is promised to the listing broker provided the owner does not find the buyer? Exclusive -agency listing: further more, the seller reserve the right to sell the property without paying a commission , unless the buyer was introduce to seller by the broker.
What best describes a brokerage agreement?
Which of the following best describes a brokerage agreement? A written compensatory agreement between broker and seller. The Commission's disciplinary authority includes. requiring periodic accounting reports related to trust violations. You just studied 293 terms!
Which of the following is true concerning a broker's responsibility related to purchase offers from a buyer?
Which of the following is true concerning a broker's responsibility related to purchase offers from a buyer? The broker may not seek other properties for a buyer already party to a pending contract. The broker must present all offers except when the buyer is already party to a contract for purchase.
What is the section in the residential listing agreement that can entitle a broker to a commission even after the termination of the listing?
A safety clause entitles a listing broker to the commission if the seller sells the property during a specified period after the listing terminates to someone the broker had contact with while the listing was in effect.
Which of the following protects the broker's commission?
A safety protection clause in a listing agreement entitles the real estate broker or agent to a commission after the listing expires or is canceled. This applies when the final buyer was brought to the deal by the broker.
When you authorize a broker to act for you after he or she has already done so it is known as?
The owner/seller. When you authorize a broker to have acted for you after he or she has already done so, it's known as: a. Estoppel.
Who is an attorney in fact?
An attorney-in-fact is any person you select including a spouse, child, relative, friend, or lawyer who meet the following qualifications:
What does it mean to be appointed as an attorney?
The appointment of attorney in fact gives that person the authority to act and make decisions on your behalf.4 min read
What are the situations where a power of attorney can be used by an attorney-in-fact?
Other situations where a power of attorney can be used by the attorney-in-fact include: Maintaining family expenses such as medical expenses and school tuition. Hiring professionals. Managing tax requirements including filing and paying personal and corporate taxes. Selling, exchanging and purchasing goods.
What can an attorney in fact do during a divorce?
In the situation where you are out of town during a divorce, the attorney-in-fact can act in your place including signing documents. You also have the power to limit what can be done including removing the ability to file lawsuits. In real estate, an attorney-in-fact can handle all matters including: Sales. Rentals.
Can an attorney in fact file a lawsuit?
If you require long-term hospital care, your cable, internet, or phone services may need to be suspended or closed. With legal matters, the attorney-in-fact is allowed to file lawsuits, file any court documents, and communicate with your lawyer on legal matters related to you. In the situation where you are out of town during a divorce, ...
Does an appointed attorney in fact have blanket control?
The appointed attorney-in-fact does not have blanket control to assume power and authority over your matters. They only deal with the specific components detailed in the Power of Attorney. These components will vary on a case by case basis and may include matters related to: Personal business. Legal situations.
Can an attorney in fact be an employee?
They cannot be an employee, operator, or owner of the nursing or extended-care facility where you reside. The person selected as an attorney-in-fact is not required to have specific qualifications or background.