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11 Cards in this Set
- Front
- Back
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Dual agency/PRBS |
The broker is acting as an agent for both the seller and the buyer in a particular transaction. |
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Puffing |
An exaggerated statement about a property which is not factual. |
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Latent Defect |
A hidden defect which is not noticeable by ordinary inspection. |
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Tort |
An act which is negligently or wrongfully performed and which causes a breach of a lawfully imposed duty. |
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Fiduciary relationship |
A position of trust and confidence, one which is between the agent and the principal. |
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Agency |
A principal authorizes an agent to act as his representative when dealing with a third party. |
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Name four ways in which an agency relationship may be formed |
Express agreement Ratification Estoppel Implication |
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Express Agreement |
Created when a principal appoints someone to act as his agent, which is accepted by the agent. |
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Ratification |
The acceptance of an act which has already been performed. |
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Estoppel |
The principal leads the third party to believe that some other person is the principal's agent. |
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Implication |
When someone behaves towards another in a way that suggests (or implies) that he is acting as the agent of the other person. |
