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18 Cards in this Set
- Front
- Back
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Agent |
One who represents another called principal |
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Client |
Another name fot the principal |
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Customer |
The third party to the transaction |
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Dual agent |
The representation of opposing principals by an agent at the same time |
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Latent defect |
A hidden or concealed defect that cannot be discovered by ordinary observation or inspection |
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Froud |
Deceitful practice or material misstatements known to be false and done with intent todeceive |
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Material Fact |
A fact that will be likely to affect a person decision in determining whether to enter into a particular transaction |
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General Agent |
One who represents the principal in a specific range of matters on an ongoing basis |
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Universal Agent |
Someone who is in powered to perform any act that canbe lawfull authorized to an agent |
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Special Agent |
Authorized to represent the principal in one specific transaction |
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Principal |
Customer / client |
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Misrepresentation |
False statement made innocently or inadvertent concealment of a material fact |
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Due Diligence |
Rasonable care that a person should take to investigate a property |
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Power Of Attorney |
A document that authorizes a universal agency relationship |
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Material Defect |
A fact that a reasonable person would find relevant in a buying or selling dessicion |
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Puffing |
Agent making an exaggerated statement of opinion, without intended to deceive |
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Caveat Emptor |
Let the buyer beware |
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Attorney in Fact |
The person who is authorized by a Power of Attorney |
