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24 Cards in this Set
- Front
- Back
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Agency
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the special relationship between a real estate licensee and the person he/she represents
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Angecy coupled with an interest
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an agency relationship in which the agent is given an estate or interest in the subject of the agency(the property)
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agent
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an idiviual who is authorized and consents to represent the interests of another person
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buyer's agents
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A residential real estate broker or salesperson who represents the prospective purchaser in a transaction. the buyer's agent owes the buyer-principal the common-law or statutory agency duties.
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client
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A main party to a transaction-the person for whom the agent works.
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customer
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The third party or nonrepresented consumer for whom some level of service is provided
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designated agent
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A licensee authorized by a broker to act as the agent for a specific principal in a particular transaction
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dual agency
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Representing both parties to a transaction. This is unethical unless both parties agree to it, and it is illegal in many states.
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express agency
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An An agency relationship based on a formal agreement between the parties.
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express agreement
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An oral or written contract in which the parties state the contract's terms and express their intentions in words.
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fiduciary relationship
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A relationship of trust and confidence, as between trustee and beneficiary, attorney and client, or principal and agent.
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fraud
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eception intended to cause a person to give up property or a lawful right.
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general agent
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One who is authorized by a principal to represent the principal in a specific range of matters.
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implied agency
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Based on the actions of the parties that imply that they have mutually consented to an agency relationship, an implied agency relationship is formed.
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implied agreement
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A contract under which the agreement of the parties is demonstrated by their acts and conduct.
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Latent defect
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A hidden structural defect that could not be discovered by ordinary inspection and that threatens the property's soundness or the safety of it's inhabitants. Some states impose on sellers and licensees a duty to inspect for and disclose latent defects.
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Law of agency
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The relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transactions
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listing agreement
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A contract between an owner (as principal) and a real estate broker (as agent) by which the broker is employed as agent to fin a buyer for the owner's real estate on the owner's terms, for which service the owner agrees to pay a commission.
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negligent misrepresentation
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Occurs when the broker should have known that a statement about a material fact was false. Ignorance is no excuse. Buyers rely on brokers statements and broker is liable for any damages that result.
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principal
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The person for whom the agent works.
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puffing
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Exaggerated or superlative comments or opinions.
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special agent
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One who is authorized by a principal to perform a single act or transaction; a real estate broker is usually a special agent authorized to find a ready, willing, and able buyer for a particular property
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subagent
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One who is employed by a person already acting as an agent. typically a reference to a salesperson licensed under a broker (agent) who is employed under the terms of a listing agreement.
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universal agent
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A person empowered to do anything the principal could do personally.
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