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38 Cards in this Set
- Front
- Back
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agent
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pne authorized to act for another
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antitrust laws
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regulations prohibiting price-fixing
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attorney-in-fact
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person authorized to act under a power of attorney
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buyer's broker
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agent who takes a buyer as the principle
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client
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principle who enages an agent
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commission
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brokers usual compensation
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consumer information statement
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written explanation of a business relationship
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customer
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third party in a transaction, not the principle
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disclosure
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revealing to another any pertinent information
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disclosed dual agent
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one who works for both the seller and the buyer
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fiduciary
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one who owes sepcial duties to another
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fiduciary relationship
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trust and confidence between parties
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general agent
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one empowered for a wide range of actions
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independent contractor
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salesperson who sets own hours, pays own estimated income taxes
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kickback
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illegal sharinh of commission with buyer or seller
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latent defect
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problem not discoverable by normal prudent inspection
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law of agency
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rules governing conduct of agents
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listing agreement
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contract by which the owner retains a broker to find a buyer
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meeting of the minds
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agreement between buyer and seller on major points
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power of attorney
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written authorization of agency
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principle
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the one employing an agent, the client
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procuring cause
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the one who brings about the sale
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puffing
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harmless exaggeration as salesmanship
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ready, will and able buyer
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one qualified and prepared to purchase
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special agent
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one authorized to act for another in a special transaction
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subagent
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agent of an agent
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transaction broker
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one who facilitates a transaction without functioning as an agent
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code of ethics
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standards of conduct adopted by REALTORS
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conflicts of interest
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problem when serving best interests of both the client and oneself
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errors and omissions insurance
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real estate equivalent of malpractice coverage
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fraudulent misrepresentation
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unintentional decpetion committed in ignorance
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graduate, REALTORS institute
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designation awarded for advanced study
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loss of bargain
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difference in price between a sale and an earlier offer that was mishandled
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national association of REALTORS
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private nationwide organization of brokers and salespersons
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negligent misrepresenation
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fraud committed by someone who should have known better
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NJ association of REALTORS
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statewide group of real estate licensees who choose to join
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REALTOR
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member of a private national organization
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standard of care
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competence normally expected
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