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38 Cards in this Set

  • Front
  • Back
agent
pne authorized to act for another
antitrust laws
regulations prohibiting price-fixing
attorney-in-fact
person authorized to act under a power of attorney
buyer's broker
agent who takes a buyer as the principle
client
principle who enages an agent
commission
brokers usual compensation
consumer information statement
written explanation of a business relationship
customer
third party in a transaction, not the principle
disclosure
revealing to another any pertinent information
disclosed dual agent
one who works for both the seller and the buyer
fiduciary
one who owes sepcial duties to another
fiduciary relationship
trust and confidence between parties
general agent
one empowered for a wide range of actions
independent contractor
salesperson who sets own hours, pays own estimated income taxes
kickback
illegal sharinh of commission with buyer or seller
latent defect
problem not discoverable by normal prudent inspection
law of agency
rules governing conduct of agents
listing agreement
contract by which the owner retains a broker to find a buyer
meeting of the minds
agreement between buyer and seller on major points
power of attorney
written authorization of agency
principle
the one employing an agent, the client
procuring cause
the one who brings about the sale
puffing
harmless exaggeration as salesmanship
ready, will and able buyer
one qualified and prepared to purchase
special agent
one authorized to act for another in a special transaction
subagent
agent of an agent
transaction broker
one who facilitates a transaction without functioning as an agent
code of ethics
standards of conduct adopted by REALTORS
conflicts of interest
problem when serving best interests of both the client and oneself
errors and omissions insurance
real estate equivalent of malpractice coverage
fraudulent misrepresentation
unintentional decpetion committed in ignorance
graduate, REALTORS institute
designation awarded for advanced study
loss of bargain
difference in price between a sale and an earlier offer that was mishandled
national association of REALTORS
private nationwide organization of brokers and salespersons
negligent misrepresenation
fraud committed by someone who should have known better
NJ association of REALTORS
statewide group of real estate licensees who choose to join
REALTOR
member of a private national organization
standard of care
competence normally expected