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31 Cards in this Set
- Front
- Back
Agency Agreement
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A written Agreement between a broker and a client that creates a fiduciary relationship between the broker and a principal. |
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Broker
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Any Person licensed as a real estate broker |
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Brokerage Agreement
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specific written agreement between a brokerage firm and a consumer that establishes a brokerage relationship |
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Brokerage Services |
Any serve, except for rental or property management services, provided by a broker of licensee to another person and includes all activities for which a real estate license is required. |
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Consumer
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A person who obtains information, advice, or services concerning real estate from a real estate licensee. |
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Client |
A person who has an agency agreement with a broker for brokerage service, whether they are the buyer or seller |
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Customer
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A person who is provided brokerage services by a broker or licensee but who is not a client of the broker |
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Dual Agency
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a. When 2 or more licensees licensed under the same broker each represent a different party to the transaction b. when one licensee represents both the buyer and seller in a real estate transaction. |
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Informed Consent
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A consumer's agreement to allow something to happen which is based upon full disclosure of facts needed to choose appropriate brokerage services. |
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Licensee |
Any broker, salesperson or company |
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Limited Consensual Dual Agent
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A licensee who, with the written informed consent of all parties to contemplated real estate transaction, is engaged as an agent for both the buyer and seller |
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Material Fact
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A fact that is significant to a reasonable party that affects the party's decision to enter into a real estate contract
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Qualifying Broker
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Real Estate Transaction |
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Single Agent |
A licensee who is engaged by and represents only one party |
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Sub Agent |
A licensee who is empowered to act for another broker in performing real estate brokerage tasks for a principal, and who owes the same duties to the principal as the agent of the principal. |
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Transaction Broker |
A Licensee who assists one or more parties in a contemplated real estate transaction without being an agent or fiduciary or advocated for the interest of the party to a transaction. |
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Criminal Records Search
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$25 |
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Change of company name, licensee's name, company address
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$25 |
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Change of status from inactive to active (not active to inactive |
$25 |
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Recovery Fund Fee (original active license)
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$30 |
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Education & Research
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$30 |
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Salesperson and company license fee per year |
$85 |
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Broker's license fee per year
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$95 |
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Penalty for non-renewal after Aug 31 of licensing period
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$150
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Temporary License fee for one year |
$150 |
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Initial Broker's license fee
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$150 |
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Party appealing decision shall appeal bond |
200.00 |
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Disciplinary action fees: |
not less than $100 or more than $2500 |
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Travel for witness in hearing
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$6 per day, .20 mile |
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