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18 Cards in this Set
- Front
- Back
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Universal Agent |
Authorized to perform any act the principal could perform |
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General agent |
Has authority to bind the principal in on-going conduct of a particular business |
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Special/limited agent |
Appointed for a particular purpose or to act on a particular occasion |
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Actual agency |
Agency relationship agreed to in writing or verbally |
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Ostensible agency |
Third party relies on principals expressed or implied representation by an agent without a formal agreement |
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Implied agency |
When words and actions of a broker/salesperson cause someone to feel they are acting on that person's behalf despite their intention |
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Revocation |
Principal terminates the agency agreement |
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Renunciation |
The agent terminated the agency agreement |
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Latent defects |
Hidden and not readily apparent and must be disclosed by agent and seller |
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Patent defects |
Visible and can be easily discovered |
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Caveat emptor |
Places no burden of disclosure upon seller or agent for patent defects |
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Open listing |
Owner promises commission to any broker who can produce a ready willing and able buyer at named price |
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Exclusive agency listing |
Only one broker authorized to receive commission but no obligation if seller is able to sell the property themselves |
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Exclusive right to sell listing |
Commission is assured to a single broker if the property sells |
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Procuring cause |
Shows an uninterrupted chain of events that results in a sale to prove commission was earned |
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Listing agent |
Lists property for a seller |
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Sellers agent |
Helps buyer find property |
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The Brokerage Relationship in Real Estate Transactions Act (BRRETTA) |
Governs relationships between licensees and their clients/customers |
