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24 Cards in this Set
- Front
- Back
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agency
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relationship between an agent and principle
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agency coupled with an interest
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agency relationship where broker has interest in property
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agent
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one who acts or has the power to act for another
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antitrust law
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protects free-enterprise system. makes price fixing illegal
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COALD
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acronym for fiduciary duties
Care Obedience Accounting Loyalty Disclosure |
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commission
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payment to a broker for services rendered
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cooperating broker
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other broker in a transaction
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dual agency
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representing both parties in the transaction. Must be disclosed and consented
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employee
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works directly under employer. with holds taxes
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estoppel
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. person legally prevented from denying that agency relationship exists
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express agreement
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an agreement that is in words
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fiduciary
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a person placed in position of trust for something financial
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fraud
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intentional misrepresentation to harm someone
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general agent
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authorized to represent the principal in a number of transactions. ex: subdivisions
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implied agreement
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inferred by your actions
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independent contractor
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provides a service, not under direct control. pays own taxes
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listing agreement
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contract between property owner and broker to sell property in a set period of time
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multiple listing
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listing shared with other brokers to find other buyers
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principal
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main party to the transaction
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procuring cause of sale
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action that starts a chain of events that causes a real estate sale
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puffing
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exaggerating statements. not true
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ratification
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creating agency relationship where principle confirms actions of agent who acted without authority
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special agen
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authorized to act for one transaction
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sub-agent
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agent of an agent
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