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17 Cards in this Set
- Front
- Back
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Agency Relationship |
It is created by a written agreement between a licensee and a buyer and/or seller relating to performing brokerage services. |
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Agent |
A licensee who enters into an agency relationship with a buyer or seller. |
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Business Oppertunity |
Is real estate business, real estate business opportunity, or goodwill of an existing business or a combination. |
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Buyer |
An actual or prospective purchaser or prospective tenant in a transaction.
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Buyers Agent |
A licensee who enters into an agency relationship with just the buyer. |
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Seller |
An actual or prospective seller in a transaction or a landlord for a lease or rental. |
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Sellers Agent |
A licensee who enters into an agency relationship with only the seller. |
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Brokerage |
Preforms real estate activities for the public. Must comply with federal, state, and local laws that govern real estate activity. They own the listings, has full control over its licensee and staff and responsible for their actions. |
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Dual Agent |
A licensee who enters into an agency relationship with both the buyer and seller in the same transaction. |
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Licensee |
A real estate broker, associate broker, or real estate salesperson. |
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Material Fact |
Information that substantially affects the value of property or a party's ability to perform. |
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Material Fact |
Information that substantially affects the value of property or a party's ability to perform. |
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Principal |
Another name for a buyer or seller who enters into an agency agreement with a licensee. |
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Material Fact |
Information that substantially affects the value of property or a party's ability to perform. |
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Principal |
Another name for a buyer or seller who enters into an agency agreement with a licensee. |
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Subagent |
A licensee engaged in behalf of a principal by the principals Agent where the principal has authorized subagents. |
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Intermediary |
A broker who is employees to negotiate a transaction between the parties to a transaction and for that purpose may act as an agent of the parties. |
