Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
13 Cards in this Set
- Front
- Back
A representative; one who is authorized to act on behalf of another.
|
Agent
|
|
One with whom the broker or sales associate hopes to be successful in accomplishing the purpose of employment.
|
Customer
|
|
Two real estate licensees designated to represent the buyer and the seller as single agents in a nonresidential transaction. The buyer and seller must have assets of $1 million or more and sign disclosures stating their assets meet the required thresholds.
|
Designated Sales Associates
|
|
A broker who represents both the buyer and seller of a transaction in a fiduciary capacity.
|
Dual agent
|
|
A person in a position of trust and confidence with respect of another person.
|
Fiduciary
|
|
The intent to misrepresent a material fact or to deceive to gain an unfair advantage or to harm another person.
|
Fraud
|
|
A representative authorized by the principle to perform only acts related to a business or to employment of a particular nature.
|
General Agent
|
|
A false or misleading statement of a material fact; concealment of a material fact.
|
Misrepresentation
|
|
The party employing the services of a real estate broker
|
Principal
|
|
A broker who represents, as a fiduciary, either the buyer or seller but not both in the same transaction.
|
Single Agent
|
|
One authorized by a principal to perform a particular act or transaction, without contemplation of continuity of service as with a general agent.
|
Special Agent
|
|
A broker who provides limited representation to a buyer, seller, or both in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent.
|
Transaction Broker
|
|
A representative authorized by the principal to perform all acts that the principal can personally perform and that may be lawfully delegated to another.
|
Universal Agent
|