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7 Cards in this Set

  • Front
  • Back

Single Agency

Agent represents only one party in a transaction

Buyer's broker

Represents a buyer as an agent to find property that meets the buyer's specifications

Buyer representation agreement

Dual agency

agent represents two principals in the same transaction

informed consent

both principals must both be informed of dual agency when allowed by state law

undisclosed dual agency

may occur inadvertently; can result in rescission of the sales contract, forfeiture of a commission, a lawsuit for damages, and possibly license suspension or revocation

designated agent (designated representative)

sales associate authorized by the broker to represent one party to a transaction, while a different sales associate in the same firm represnets the other party to the transaction