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19 Cards in this Set
- Front
- Back
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The legal relationship resulting from an agreement that the agent is authorized by a principle to perform certain acts on behalf of the principal in dealing with a third party. (10-261)
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Agency
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A person who is authorized to act on behalf of another person, called the "principal." (10-261)
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Agent
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A broker who represents a buyer in a real estate transaction. (10-263)
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Buyer's Agent
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The principal to a real estate transaction who employs the agent. (10-265)
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Client
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A statement on New Jersey Real Estate Relationships as prescribed in NAC 11:5-1.43(h). (10-278)
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Consumer Information Statement
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An agent that legally represents both the buyer and the seller in the same transaction. (10-264)
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Disclosed Dual Agent
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Representing two clients in the same transaction. (10-264)
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Dual Agency
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An agent who represents both buyer and seller in the same transaction. (10-264)
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Dual Agent
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Designed to protect professionals from innocent negligent acts. (10-269)
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Errors and Omissions Insurance
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A person in a position of great trust and confidence, as the relationship between principal and agent. (10-262)
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Fiduciary
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One who is retained to perform a certain act subject to the control and direction of another as to the end result, but not as to how the act is performed. The critical feature is that an independent contractor, unlike an employee, is not subject to the control of the person who retained him or her. (10-267)
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Independent Contractor
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A written instrument authorizing a person to act as the agent on behalf of another to the extent indicated in the instrument. (10-266)
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Power of Attorney
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The employer of an agent or broker. Also, a sum of money owed as a debt upon which interest is calculated (10-261)
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Principal
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The cause of a series of events, which leads to the consummation of a sale. (10-266)
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Procuring Cause
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Statements a reasonable person would recognize as being non-factual or exaggerated. (10-263)
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Puffing
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A person who is prepared, financially able and willing to enter into a binding contract. (10-265)
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Ready, Willing and Able
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An agent who works only for the seller and has legal obligations, called fiduciary duties, to the seller. (10-263)
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Seller's Agent
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A person who is authorized to perform only certain specified functions on behalf of his or her principal. (10-261)
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Special Agent
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An illegal agency relationship arising when a real estate broker represents two principals in a transaction without their informed consent. (10-265)
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Undisclosed Dual Agent
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