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33 Cards in this Set
- Front
- Back
- 3rd side (hint)
Agency |
One who delegates to another the right to act on their behalf |
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Agent |
The individual authorized to represent another |
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Client |
The client becomes the principal & you become the agent |
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Customer |
Third-party in the transaction |
COLD AC |
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Fiduciary |
Care Obedience Loyalty Disclosure Accounting Confidentiality |
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Principal |
Individual who hires a broker to represent them in a real estate transaction |
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Non-agent |
An intermediary assist one or both parties but do not represent them |
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Express agency |
An agency relationship created in writing or verbally |
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Implied agency |
An agency created by actions of both parties & not by formal agreement |
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Agency by estoppel (Ostensible) |
A non-agent acts as an agent & the person believe an agency exist |
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Universal agent |
Power of attorney |
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General agent |
Agent authorized to act in a wide range of business activities |
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Special agency |
Represents principal in one business activity |
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Designated agency |
Broker allowing one agent to act on behalf of one principal |
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Subagency |
An agent of an agent |
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Single agency |
Represent one principal in a transaction |
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Dual agency |
One broker representing two principles in the same transaction |
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Fraud |
Misrepresentation with the intent to harm someone |
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Innocent misrepresentation |
Error or misunderstanding that was not intentionally |
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Puffing |
A legal exaggeration |
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Latent defect |
Hidden structural defects not seen by the naked eye |
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Stigmatized properties |
Properties regarded as having psychologically impacted defects |
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Procuring cause |
Unbroken chain of events that led to the completion of the transaction |
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Commingling |
Mixing trust funds with broker's operating account |
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Employing broker |
Licensed by the state to have a real estate company |
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Designated broker |
Natural person responsible to the entity for all supervision |
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Associated broker |
One licensed as a broker but not designated to any authority |
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Salesperson |
One who is licensed & must work for a broker in order to practice real estate |
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Sherman Antitrust |
Federal law to promote free competition |
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Statutory law |
Enacted by legislation & other governing authorities |
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Common law |
Created by rules & court decision |
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Independent contractor |
Under direction of a broker but no federal withholding taken from income |
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Penalties for Anti-trust Laws |
Fined 1 million max, 10 years in prison & corporations can be fined 100 million |
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