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33 Cards in this Set

  • Front
  • Back
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Agency

One who delegates to another the right to act on their behalf

Agent

The individual authorized to represent another

Client

The client becomes the principal & you become the agent

Customer

Third-party in the transaction

COLD AC

Fiduciary

Care


Obedience


Loyalty


Disclosure


Accounting


Confidentiality

Principal

Individual who hires a broker to represent them in a real estate transaction

Non-agent

An intermediary assist one or both parties but do not represent them

Express agency

An agency relationship created in writing or verbally

Implied agency

An agency created by actions of both parties & not by formal agreement

Agency by estoppel


(Ostensible)

A non-agent acts as an agent & the person believe an agency exist

Universal agent

Power of attorney

General agent

Agent authorized to act in a wide range of business activities

Special agency

Represents principal in one business activity

Designated agency

Broker allowing one agent to act on behalf of one principal

Subagency

An agent of an agent

Single agency

Represent one principal in a transaction

Dual agency

One broker representing two principles in the same transaction

Fraud

Misrepresentation with the intent to harm someone

Innocent misrepresentation

Error or misunderstanding that was not intentionally

Puffing

A legal exaggeration

Latent defect

Hidden structural defects not seen by the naked eye

Stigmatized properties

Properties regarded as having psychologically impacted defects

Procuring cause

Unbroken chain of events that led to the completion of the transaction

Commingling

Mixing trust funds with broker's operating account

Employing broker

Licensed by the state to have a real estate company

Designated broker

Natural person responsible to the entity for all supervision

Associated broker

One licensed as a broker but not designated to any authority

Salesperson

One who is licensed & must work for a broker in order to practice real estate

Sherman Antitrust

Federal law to promote free competition

Statutory law

Enacted by legislation & other governing authorities

Common law

Created by rules & court decision

Independent contractor

Under direction of a broker but no federal withholding taken from income

Penalties for Anti-trust Laws

Fined 1 million max, 10 years in prison & corporations can be fined 100 million