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41 Cards in this Set

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  • Back
Agency
A legal relationship in which the principal authorizes an agent to act as the principal's representative when dealing with third parties.
Fiduciary Relationship
The relationship between agent and principal where the agent is in a position of trust or confidence with the principal and owes the principal certain ___________ duties.
Special Agent
An agent employed to perform a specific task.
Actual Authority
The level of authority given to an agent by the principal in a written agreement.
Special Power of Attorney
A written document authorizing the agent to do certain specific acts on behalf of the principal.
General Power of Attorney
A written document allowing the agent to transact all the business of the principal. The agent is then known as an attorney in fact.
Single Agency
When a broker represents only the buyer or seller in a transaction.
Dual Agency
When one broker represents both principals in the transaction.
Listing Agent
A broker who obtains a listing from a seller to act as an agent for compensation.
A Listing
A contract between an owner of real property and an agent who is authorized to obtain a buyer.
Subagent
A broker delegated by the listing agent(if authorized by the seller) who represents the seller in finding a buyer for the listed property.
Buyer's Agent
A broker employed by the buyer to locate a certain kind of real property.
Dual Agent
A broker acting as agent for both the seller and the buyer in the same transaction.
Selling Agent
The broker who finds a buyer and obtains an offer for the real property. Usually a cooperating broker.
Cooperating Broker
A selling agent who assists another broker by finding a buyer.
Sales Associate(associate licensee)
A Licensed real estate salesperson or broker whose license is held by an employing licensed broker.
Agency Relationship Disclosure Act
A law requiring that an agent supply a written document called Disclosure Regarding Real Estate Agency Relationships, explaining the nature of the agency. Must be made PRIOR to taking a listing or writing an offer.
Steps In The Disclosure Process
DEC
Disclose
Elect
Confirm
Express Agreement
Written agreement
Listing Agreement
A written contract by which a principal, or seller, employs a broker to sell real estate.
Ratification
Acceptance of an act already performed.
Estoppel
A legal bar that prevents a person from asserting facts or rights that are not consistent with what was implied by the person's previous behavior.
An Agency Coupled With An Interest
An agency in which the agent gets an interest in the property.
Exclusive Authorization and Right To Sell Listing
An exclusive contract where the seller must pay the listing broker a commission if the property is sold within the time limit by the listing broker, any other broker, or even the owner.
Exclusive Agency Listing
An exclusive contract where the seller must pay the listing broker a commission if any broker sells the property.
Open Listing
A listing agreement that gives any number of brokers the right to sell a property.
Procuring Cause
Refers to a broker who produces a buyer ready, willing, and able to purchase the property for the price and on the terms specified by the seller, regardless of whether the sale is completed.
Net Listing
A listing agreement in which the commission is not definite.
Option Listing
A type of listing giving the broker the right to purchase the property that is listed.
Duties an Agent Owes to a Principal
COALD
Care
Obedience
Accounting
Loyalty
Disclosure
Definite Termination Date
Every exclusive listing must specify
Commingling
The illegal practice of depositing a client's funds in a broker's personal or general business account.
Conversion
When a broker uses the client's money.
Material Fact
Any fact that would seem likely to affect the judgment of the principal in giving consent to the agent to enter into the particular transaction on the specified terms.
Misrepresentation
Making a false statement or concealing a material fact.
Innocent Misrepresentations
Statements not known to be untrue at the time they are made, and usually carry no criminal liability for an agent.
Negligent Misrepresentations
Untrue statements made without facts to back them up in circumstances where care should have been taken.
Fraudulent Misrepresentations
Untrue statements made by an agent who knows that he or she is not telling the truth. The agent may be liable for committing fraud.
Puffing
A statement of opinion that is not factual about a piece of property.
Tort
A violation of a legal right or a civil wrong, such as negligence, libel, or nuisance.
Safety Clause
Protects the listing broker's commission, if the owner personally sells the property to someone who has shown the property or made an offer during the term of the listing.