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32 Cards in this Set
- Front
- Back
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Agency |
One who delegates to another the right to act on their behalf |
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Agent |
The individual authorized to represent another person |
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Client |
The client becomes the principal and you become the agent |
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Customer |
The third party in the transaction |
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Fiduciary (COLDAC) |
Care Obedience Loyalty Disclosure Accounting Confidentiality |
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Principal |
The individual who hires a broker to represent them in a real estate transaction |
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Non agent |
An intermediary who assists one or both parties but doesn't 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 the actions of both parties and not by formal agreement |
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Agency by estoppel (Ostensible agency) |
When an Agent acts as an agent and the person believes an agency exists |
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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 |
The broker allowing one agent to act on behalf of one principal |
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Sub agency |
An agent of an agent |
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Single agency |
Represents one principal in a transaction |
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Dual agency |
1 broker representing two principles in the same transaction buyer and seller |
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Fraud |
Misrepresentation with the intent to harm someone |
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Innocent misrepresentation |
An error or misunderstanding that was not caused 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 that are regarded as having psychologically impacted defects |
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Procuring cause |
The unbroken chain of events that led to the completion of the transaction |
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Commingling |
Mixing trust funds with the brokers operating account |
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Employing broker |
Licensed by the state to have a real estate company |
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Designated broker |
And natural person that's responsible to the entity for all supervision |
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Associate broker |
1 licensed as a broker but not designated to any authority |
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Salesperson |
One who is licensed and must work for a broker in order to practice real estate |
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Sherman Antitrust |
A federal law to promote free competition |
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Statutory law |
Enacted by legislation and other governing authorities |
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Common law |
Created by rules and court decisions |
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Independent contractor |
Under the direction of the broker but no federal withholding taken from income |
