Real Estate

Front 1

agent

Back 1

hired on another's behalf
has to give cooperation, compensation, and indemnification (payment)

Front 2

principal/client

Back 2

person hiring agent to represent them. (seller/buyer/landlord)

Front 3

customer

Back 3

party whom the agent brings to the principal as a seller or buyer, tenant, of the property

Front 4

general agent

Back 4

hired to handle all affairs of the principal concerning a certain matter or proprety

Front 5

special agent

Back 5

narrow authorization to act on behalf of the principal

Front 6

fidciary

Back 6

position of trust

Front 7

fiduciary duties

Back 7

Obedience-legal and reasobale
Loyalty
Disclosure of information-know material info, tell offers
Confidentiality
Accountability
Reasonable care, skill, and diligence

Front 8

false misrepresentation

Back 8

lie

Front 9

positive misrepresentatio

Back 9

conceal/omitt

Front 10

self-dealing

Back 10

Broker has undisclosed interest in a party

Front 11

unintentional misrepresentation

Back 11

seller broker makes false statement to buyer about proprety and thebroker does not know whether T/F

Front 12

vicarious liability

Back 12

someone (broker) responsable/liable for others' actions

Front 13

_______and seller or buyer negotiate fee

Back 13

Broker

Front 14

price fixing

Back 14

an act in restraint of trade that violates the Sherman Antitrust Act

Front 15

net listing

Back 15

seller specifies a net amount of money to be received, in which, the remainder goes to broker

Front 16

flat fee

Back 16

broker takes the listing based on a specified payment by the seller at the time of the listing

Front 17

Double commission from dual agency

Back 17

When agent sells a property they listed , the associate received both portions

Front 18

referral fees

Back 18

paid to broker only with informed consent of the party being reffered.

Front 19

express agency

Back 19

agency relationship created by an oral or written agreement between the principal and agent

Front 20

implied agency

Back 20

words or actions of the principal and agent indicating that they have an agreeement

Front 21

agency by rectification

Back 21

confirms an implied contract in writing

Front 22

ostensible agncy

Back 22

principal allows a 3rd party to believe that an agency relnship exists.

Front 23

estoppel agency

Back 23

when a principal does not stop an individual from representing his interests

Front 24

subagency

Back 24

seller and broker agree that other agents will also work for the seller.principal can be vicariously liable.

Front 25

dual agency

Back 25

firm represent both buyer and seller in same transaction. Seller should know when it arises

Front 26

undisclosed dual agency

Back 26

subagent or seller agent is working with buyer customer and agrees to negotiate for that buyer customer rather than the seller, client

Front 27

disclosure and informed consent of dual agency

Back 27

timely disclosure of nature and consequence of dual agency

Front 28

undivided loyalty

Back 28

given up with dual agency

Front 29

termination of agency

Back 29

listing expires, death, licesne revocation, record comission

Front 30

buyer brokerage

Back 30

locating a house for purchase, negotiate a better price, gain fiduciary confidentiality and trust. Do market analysis. Advise of offer and financing. buyer pays directly or if co-brokering from seller broker

Front 31

exclusive right to sell agreement

Back 31

strongest contract btw client/agent. listed with only one broker

Front 32

exclusive agency

Back 32

property is listed with only one broker, but owner reserves right to sell on own w/o paying commision

Front 33

open listing agreement

Back 33

seler allows property to be shown by one or more brokers.

Front 34

exclusive right to rent agreement

Back 34

Only one broker.Rental fee is paid to the listing agent even if the owner or another party rents the property*. Not mcuh in NY

Front 35

refusal to sign disclosure form

Back 35

determine reason, reinforce that it is inteded to protect consumer, not a contract. Document contact on declaration and give to broker.

Front 36

stigmatized disclosure-Article 443

Back 36

occupants with AIDS/illnesses not airborn and properties that were sights of death

Front 37

fact sheet

Back 37

fixture and improvements staying in property. Notice of electical service, utility surchages, and ag districts

Front 38

restraint of trade
(The sherman and Clayton Antitrust Acts/Federal Trade commission Act)

Back 38

monopoly, contracts negatively impacting the ability of a company to do business. Restricts competition and is against public interest.

Front 39

Rule of reason/ Per se illegality

Back 39

If reasonable, restraint of trade allowed.

Front 40

restraint of trades are______,________,_______,__________.

Back 40

price-fixing, group boycott, market allocation agreement, tie-in arrangements

Front 41

price-fixing

Back 41

occurs when competition in a group or an industry conspire to charge the same price for same services

Front 42

group boycotts

Back 42

person or group is persuaded or coerced into not doing business with another person or group

Front 43

group boycotts

Back 43

a persona or group is persuaded or coerced to not do business with others

Front 44

market allocation agreement

Back 44

agreement btw competitors to divide up areas and not compete

Front 45

tie-in arrangements

Back 45

bundling. Addinng condition to sale that buyer will buy another product or service or not do so with another business.