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16 Cards in this Set
- Front
- Back
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Independent contractor |
Salesperson who sets own hours, pays own estimated income taxes, etc. |
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Kickback |
Illegal sharing of commission with seller |
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Latent defect |
problem not discoverable by normal prudent inspection |
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Law of Agency |
Rules governing conduct of agents |
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Listing agreement |
Contract by which the owner retains a broker to find a buyer |
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Meeting of the minds |
Agreement between a buyer and seller on certain points
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Megan's law |
Legislation requiring that communities be alerted to the presence of sex offenders |
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Power of attorney |
Written authorization of agency |
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Pricipal |
The one employing an agent |
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Procuring cause |
The one who brings about a sale |
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Puffing |
Harmless exaggeration as salesmanship |
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Ready, willing, and able buyer |
One qualified and prepared to purchase |
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Salesperson |
Person. Licensed to assist a real estate broker |
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Special agent |
One authorized to act for another in a specific transaction |
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Subagent |
Agent of an agent |
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Transaction broker |
One who facilitates a transaction without functioning as an agent |
