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18 Cards in this Set
- Front
- Back
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Agent |
A person authorized to act on behalf of another |
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Customer |
non represented party who entitled to fairness and honesty |
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Non agent |
Assisting both parties with the paperwork and not representing either parties |
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Listing Agreement |
Agency relationship between the broker and the seller which authorizes the broker to find a buyer or tenant |
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Buyer representation agreement |
Agency relationship between broker and buyer |
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Implied Agreement |
when the parties act as though they have mutually consented to an agency, even if they have not entered into a formal agency agreement |
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Fiduciary relationship |
A trust relationship between broker and principal. Care, obedience, Loyalty, Discourse, Accounting, confidentiality (COLD_AC) |
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Universal Agent |
A person empowered to do anything the principle could do personally |
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General Agent |
may represent the principal in a broad range of matters related to a particular business or activity |
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Special Agent (limited Agent) |
Represents The principal only for a specified transaction |
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Dual Agency |
The agent represents two principals in the same transaction. |
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Implied Agency |
If the actions of the parties imply that they have mutually Consented to an agency relationship. |
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Termination Of Agency |
completion, Death of either party, Destruction at. of property, Expiration of terms, mutual Agreements, Breach by one of the parties, By operation of Law (bankruptcy) |
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Puffing |
Exaggeration of property's benefits |
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Fraud |
Intential misrepresentation of a material fact |
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Negligent Misrepresentation |
when the real estate professional should have known that a statement about a material fact was false |
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Latent Defect |
A hidden structural defect that would not be discovered by ordinary inspection |
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stigmatized properties |
properties found to be undesirable because of events that occured on the property: murder, suicide, illegal drug activity, etc. |
