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45 Cards in this Set

  • Front
  • Back
agent
hired on another's behalf
has to give cooperation, compensation, and indemnification (payment)
principal/client
person hiring agent to represent them. (seller/buyer/landlord)
customer
party whom the agent brings to the principal as a seller or buyer, tenant, of the property
general agent
hired to handle all affairs of the principal concerning a certain matter or proprety
special agent
narrow authorization to act on behalf of the principal
fidciary
position of trust
fiduciary duties
Obedience-legal and reasobale
Loyalty
Disclosure of information-know material info, tell offers
Confidentiality
Accountability
Reasonable care, skill, and diligence
false misrepresentation
lie
positive misrepresentatio
conceal/omitt
self-dealing
Broker has undisclosed interest in a party
unintentional misrepresentation
seller broker makes false statement to buyer about proprety and thebroker does not know whether T/F
vicarious liability
someone (broker) responsable/liable for others' actions
_______and seller or buyer negotiate fee
Broker
price fixing
an act in restraint of trade that violates the Sherman Antitrust Act
net listing
seller specifies a net amount of money to be received, in which, the remainder goes to broker
flat fee
broker takes the listing based on a specified payment by the seller at the time of the listing
Double commission from dual agency
When agent sells a property they listed , the associate received both portions
referral fees
paid to broker only with informed consent of the party being reffered.
express agency
agency relationship created by an oral or written agreement between the principal and agent
implied agency
words or actions of the principal and agent indicating that they have an agreeement
agency by rectification
confirms an implied contract in writing
ostensible agncy
principal allows a 3rd party to believe that an agency relnship exists.
estoppel agency
when a principal does not stop an individual from representing his interests
subagency
seller and broker agree that other agents will also work for the seller.principal can be vicariously liable.
dual agency
firm represent both buyer and seller in same transaction. Seller should know when it arises
undisclosed dual agency
subagent or seller agent is working with buyer customer and agrees to negotiate for that buyer customer rather than the seller, client
disclosure and informed consent of dual agency
timely disclosure of nature and consequence of dual agency
undivided loyalty
given up with dual agency
termination of agency
listing expires, death, licesne revocation, record comission
buyer brokerage
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
exclusive right to sell agreement
strongest contract btw client/agent. listed with only one broker
exclusive agency
property is listed with only one broker, but owner reserves right to sell on own w/o paying commision
open listing agreement
seler allows property to be shown by one or more brokers.
exclusive right to rent agreement
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
refusal to sign disclosure form
determine reason, reinforce that it is inteded to protect consumer, not a contract. Document contact on declaration and give to broker.
stigmatized disclosure-Article 443
occupants with AIDS/illnesses not airborn and properties that were sights of death
fact sheet
fixture and improvements staying in property. Notice of electical service, utility surchages, and ag districts
restraint of trade
(The sherman and Clayton Antitrust Acts/Federal Trade commission Act)
monopoly, contracts negatively impacting the ability of a company to do business. Restricts competition and is against public interest.
Rule of reason/ Per se illegality
If reasonable, restraint of trade allowed.
restraint of trades are______,________,_______,__________.
price-fixing, group boycott, market allocation agreement, tie-in arrangements
price-fixing
occurs when competition in a group or an industry conspire to charge the same price for same services
group boycotts
person or group is persuaded or coerced into not doing business with another person or group
group boycotts
a persona or group is persuaded or coerced to not do business with others
market allocation agreement
agreement btw competitors to divide up areas and not compete
tie-in arrangements
bundling. Addinng condition to sale that buyer will buy another product or service or not do so with another business.