Fl Real Estate Ch 4 Key Terms

Front 1

A representative; one who is authorized to act on behalf of another.

Back 1

Agent

Front 2

One with whom the broker or sales associate hopes to be successful in accomplishing the purpose of employment.

Back 2

Customer

Front 3

Two real estate licensees designated to represent the buyer and the seller as single agents in a nonresidential transaction. The buyer and seller must have assets of $1 million or more and sign disclosures stating their assets meet the required thresholds.

Back 3

Designated Sales Associates

Front 4

A broker who represents both the buyer and seller of a transaction in a fiduciary capacity.

Back 4

Dual agent

Front 5

A person in a position of trust and confidence with respect of another person.

Back 5

Fiduciary

Front 6

The intent to misrepresent a material fact or to deceive to gain an unfair advantage or to harm another person.

Back 6

Fraud

Front 7

A representative authorized by the principle to perform only acts related to a business or to employment of a particular nature.

Back 7

General Agent

Front 8

A false or misleading statement of a material fact; concealment of a material fact.

Back 8

Misrepresentation

Front 9

The party employing the services of a real estate broker

Back 9

Principal

Front 10

A broker who represents, as a fiduciary, either the buyer or seller but not both in the same transaction.

Back 10

Single Agent

Front 11

One authorized by a principal to perform a particular act or transaction, without contemplation of continuity of service as with a general agent.

Back 11

Special Agent

Front 12

A broker who provides limited representation to a buyer, seller, or both in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent.

Back 12

Transaction Broker

Front 13

A representative authorized by the principal to perform all acts that the principal can personally perform and that may be lawfully delegated to another.

Back 13

Universal Agent