Question: What Are The Three Keys To Good Ethical Practices?

What are the 5 types of agency?

The five types of agents include: general agent, special agent, subagent, agency coupled with an interest, and servant (or employee)..

What are the duties of agent to principal?

act on behalf of and be subject to the control of the principal; act within the scope of authority or power delegated by the principal; discharge his/her duties with appropriate care and diligence; and. avoid conflict of interest between his/her personal interests and the interests of the principal.

Which of the following classes are not protected by federal law?

Race, color, religion, sex, handicap, familial status, national origin. Although some interest groups have tried to lobby to include sexual orientation and marital status, these aren’t protected classes under the federal law, but are sometimes protected by certain local state fair housing laws.

What is the standard term for a management agreement?

Length of Contract: A standard contract is often one (1) year.

What is not a licensees responsibility when complying with fair housing laws?

What is NOT a licensee’s responsibility when complying with fair housing laws? Complete and record all HUD-96 marketing report forms. The seller cannot withhold property from a “protected class” individual, and the real estate professional must definitely not be involved should this happen.

What are persons called who pose as customers to check on fair housing compliance?

What does the Supreme Court say regarding fair housing testers? … What are persons called who pose as customers to check on fair housing compliance? Testers. Only $2.99/month. If a buyer asks for the “Jewish” area, what do you do?

How long must trust account records be kept?

All trust account records must be kept for three (3) years.

How has fair housing law impacted the brokerage community?

The Fair Housing Act prohibits ? discrimination based on race, color, religion, sex, national origin, handicap, and familial status. … Second, no discriminatory advertising may be used. And third, a real estate broker, or anyone else in the business of selling or renting homes, can’t be employed in the transaction.

What is the best strategy to use when dealing with a tester?

What is the best strategy to use when dealing with a tester? Treat the tester as any other buyer. Hand-off the tester to your broker.

Which type of agent normally Cannot contract on behalf of the principal?

In most cases, the special agent may not bind the principal to a contract. In most instances, real estate brokerage is based on a special agency.

Is agent liable for acts of principal?

An agent is not generally liable for contracts made; the principal is liable. But the agent will be liable if he is undisclosed or partially disclosed, if the agent lacks authority or exceeds it, or, of course, if the agent entered into the contract in a personal capacity.

What is a major concern regarding virtual home tours?

What is a major concern regarding virtual home tours? Thieves may use the information to their advantage. What is another term give to a property flyer? What is the best suggestion to give a seller if an interested party shows up at their front door unannounced?

How do you deal with a bad property management company?

While each state regulates property managers in different ways, here are some of the best ways to deal with a bad property manager: Contact the owner of the property management company directly if your property is being handled by an account management team member.

What are the three keys to good ethical practices quizlet?

What are the three keys to good ethical practices? High ethical standards in real estate are very important, and good ethical practices center upon trustworthiness, honesty and competence.

How long does an HUD investigation take?

100 daysThe Investigation. HUD or the FCHR is supposed to complete its investigation within 100 days of the date the complaint was filed; however, the time can be (and usually is) extended as needed.

How long does a lender have to inform an applicant that he or she was rejected for a home loan?

60 daysIf Your Loan Application Is Denied If your application is rejected, the lender must tell you in writing. specific reasons why your application was rejected. The lender must give you the specific reason for the rejection or tell you that you have the right to learn the reason if you ask within 60 days.

Which document is the most important at closing?

The most important originals are the purchase agreement, deed, and deed of trust or mortgage. In the event originals are destroyed, you might be able to get certified copies of these documents from the lender or closing company, but you don’t want to rely on others’ recordkeeping systems unless you have to.

What is special about a universal agent?

Many times, universal agents will have a “power of attorney” to act on their principal’s behalf. Universal agents can, in a sense, act like they are the principal. They can even sign legal documents and purchase or sell property for them. Universal agents are powerful but rare.

What are property managers liable for?

Most ‘standard’ property management contracts make a PM liable for several areas of potential suit, including: Tenant Injuries from Failure to Repair any damage that the PM was properly informed of, but also for any damage the PM should rightfully have noticed on a standard property inspection.

What does the management agreement create?

The management agreement creates a general agency relationship between an owner and the property manager. Unlike real estate brokers’ commissions, property management fees may be standardized by local associations. Rental rates are influenced primarily by supply and demand.

What happens when you file a complaint with HUD?

What Happens After the Investigation of a Fair Housing Act Complaint? When your complaint’s investigation is complete, HUD will issue a determination as to whether or not reasonable cause exists to believe discrimination occurred. … If no one does so, the case is heard by a HUD Administrative Law Judge (ALJ).