Chapter 6A

Front 1

Agent

Back 1

person licensed to represent another (the principal) in a real estate transaction; a person authorized to represent the principal in dealings with third parties (clients or customers).

Front 2

Customer

Back 2

party in a transaction with whom an agent does not have a fiduciary duty or relationship, but with whom an agent must still be fair and honest.

Front 3

Dual Agent

Back 3

licensee who enters into any of the dual agency relationships set forth in Ohio License Law; when a licensee represents both the buyer and seller in the same transaction, and all management-level licensees at a brokerage. A management-level licensee is not a dual agent if there is more than one management-level licensee in the brokerage and that licensee either personally represents the buyer or seller or that licensee is the buyer or seller.

Front 4

Fiduciary

Back 4

Someone in a position of trust and confidence held by law to high standards of good faith and loyalty.

Front 5

Fraud

Back 5

intentional or negligent misrepresentation or concealment of a material fact; making statements that a person knows, or should realize, are false or misleading.

Front 6

Management-Level Licensee

Back 6

licensee who is employed by or affiliated with a real estate broker and who has supervisory responsibility over other licensees employed by or affiliated with that real estate broker.

Front 7

Negligence

Back 7

Conduct that falls below the standard of care a reasonable person would exercise under the circumstances; an unintentional breach of a legal duty resulting from carelessness, recklessness, or incompetence. Negligence that causes harm is a tort.

Front 8

Principal

Back 8

person who grants another person (an agent) authority to represent him in dealing with third parties. Also referred to as the client.

Front 9

Split Agent

Back 9

licensee assigned by a broker to represent a buyer or seller in a transaction, usually in an in-company dual agency situation.

Front 10

Subagent

Back 10

agent of an agent; a person an agent has delegated authority to so that the subagent can assist in carrying out the principal’s orders.

Front 11

Agency

Back 11

relationship of trust created when one person (a principal) gives another person (an agent) the right to represent the principal in dealings with third parties

Front 12

Universal agent

Back 12

An agent authorized to do everything that can be lawfully delegated to a representative (e.g., a court-appointed guardian).

Front 13

General agent

Back 13

An agent authorized to handle all of the principal’s affairs in one area or in specified areas (e.g., a property manager).

Front 14

Special agent

Back 14

An agent with limited authority to do a specific thing or conduct a specific transaction (e.g., a real estate licensee)

Front 15

Actual authority

Back 15

power or permission given intentionally to an agent by the principal. 2 types: expressly or by implication.

Front 16

Express authority

Back 16

power or permission for a specific act or outcome communicated by the principal to the agent.

Front 17

Implied authority

Back 17

power or permission to do everything reasonably necessary to carry out the principal’s express orders.

Front 18

listing agreement

Back 18

is a written agency contract between a seller and a real estate broker stipulating that the broker will be paid a commission for finding a ready, willing, and able buyer for a seller’s property.

Front 19

management-level licensee

Back 19

licensee who is employed by or affiliated with a real estate broker and who has supervisory responsibility over other licensees employed by or affiliated with that real estate broker.