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10 Cards in this Set

  • Front
  • Back
Agent
the indiv. who is authorized and consents to represent the interests of another person
Principle
the indiv. who hires the agent and delegates to him the responsibility of representing ones interests.
express agency
the parties formally express their intention to establish an agency and state its terms and conditions
implied agency
occurs when the actions of the parties indicate that they have muthally consented to an agency.
fiduciary duties
owed to the principle by the agent by common-law of agency are: care, obedience, accounting, loyalty (including confidentiality) and disclosure
puffing
Exaggeration of a property's benefits.
This practice is legal as long as the statements cannot be considered fraudulent.
latent defect
a hidden structural defect that would not be discovered by ordinary inspection.
fraud
the intentional misrepresentation of a material fact in such a way as to harm or take advantage of another person.
misrepresentation
occurs when the broker SHOULD HAVE known that a statement about a material fact was false.
stigmatized property
property that society has branded undesirable because of events that occured there or because of a sex offender who currently lives in an area