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