Test Drive/Lesson One
• Agency Relationship Between Broker and Principal
• Duties of the Principal and Agent
• Dual Agency
Important Terms
• agency
• agent
• beneficiary
• commingling
• default
• divided agency
• dual agent
• encumbrance
• escrow
• fiduciary
• lessee
• lessor
• material facts
• principal
• trust account
• trustee
Lesson Two
• Agency Disclosure Law
• Agency Relationships in Residential Real Property Transactions
• Disclosure
Important Terms
• acknowledgment
• close of escrow
• common interest
• disclaimer
• ground leases
• hold-harmless clause
• option
• red flags
• statute of limitations
• subagent
• vendor
Lesson Three
• Other Agency Relationships
• Forms of Agency Agreements
Important Terms
• attorney-in-fact
• bulk transfers
• business opportunity
• commercial brokers
• consideration
• exclusive listing
• exclusive right to sell listing
• executed
• fixtures
• goodwill
• heirs
• incapacity
• industrial brokers
• legatee
• note
• option
• power of attorney
• recording
• renunciation
• single agency
• successors
• unequivocal