front 1 Agecny | back 1 The relationship between a principal and an agent when in the agent is authorized to represent the principal in certain trasactions |
front 2 Agent | back 2 One who acts or has the power to act for another. A fiduciary relationship is created under the law of agency when a property owner, as the principal, executes a listing agreement or management contract authorizing a licensed real estate broker to be his or her agent. A prospective property buyer may authorize a overview real estate broker to act as the buyer’s agent to find a suitable property |
front 3 Buyer representation agreement | back 3 A principal-agent relationship in which the real estate professional acts on behalf of the buyer, usually as an agent, with fiduciary responsibilities to the buyer |
front 4 Buyer’s agent | back 4 A real estate professional who is under contract to locate property for a buyer and represent the buyer’s interests in a transaction |
front 5 Client | back 5 The principal in an agency relationship or other form of representation |
front 6 Customer | back 6 The third party or non-represented consumer for whom some level of service is provided |
front 7 Designated agency | back 7 A process that accommodates an in-house sale in which two different agents are involved. The broker designates one agent to represent the seller and one agent to represent the buyer |
front 8 Designated agent | back 8 A real estate professional authorized by a broke to act as the agent for a specific principal in a particular transaction; also may be called assigned agent or appointed agent |
front 9 Dual agency | back 9 Representing both parties to a transaction. This is unethical unless both parties agree to it, and it is illegal in some states |
front 10 Express agency | back 10 An agency relationship based on a formal agreement between parties |
front 11 Express agreement | back 11 An oral or written contract in which the parties state the contract’s terms and express their intentions in words |
front 12 Fiduciary | back 12 One in whom trust and confidence is placed; a reference to a real estate professional employed under the terms of a listing contract or buyer representation agreement |
front 13 Fiduciary relationship | back 13 A relationship of trust and confidence, as between trustee and beneficiary, attorney and client, or principal and agent |
front 14 Fraud | back 14 Deception intended to cause a person to give up property or a lawful right |
front 15 General agent | back 15 One who is authorized by a principal to represent the principal in a specific range of matters |
front 16 Implied agency | back 16 If the actions of the parties imply that they have mutually consented to an agency relationship, an implied agency relationship is formed |
front 17 Implied agreement | back 17 A contract under which the agreement of the parties is demonstrated by their acts and conduct |
front 18 Latent defect | back 18 A hidden structural defect that could not be discovered by ordinary inspection and that threatens a property’s soundness of the safety of its inhabitants, some states impose on property sellers and eat estate professionals a duty to inspect for and disclose latent defects |
front 19 Law of agency | back 19 no data |
front 20 Listing agreement | back 20 A contract between an owner (as principal) and a real estate professional (as representative of the owner) by which the real estate professional is employed to find a buyer for the owner’s real estate on the owner’s terms. For which service the owner agrees to pay a commission or other form of compensation |
front 21 Negligent misrepresentation | back 21 Occurs when the real estate professional should have known that a statement about a material fact was false |
front 22 Non-agent | back 22 An intermediary between a buyer and a seller, or a landlord and a tenant, who assists one or both parties with a transaction without representing either. Also known as a facilitator, transaction broker, transaction coordinator, and contract broker |
front 23 Principal | back 23 1. A sum loaned or employed as a fraud of an investment, as distinguished from its income of profits 2. The original amount (as in a loan) of the total due and payable at a certain date 3. A main party to a transaction — the person for whom an agent works |
front 24 Puffing | back 24 Exaggerated or superlative comments or opinions |
front 25 Single agency | back 25 Agency relationship in which the agent represents only one party to a transmission |
front 26 Single agent | back 26 One who is authorized by a principal to perform a single act or transaction; a real estate professional is usually a special agent authorized to find a ready, willing, and able buyer for a particular property, when representing a seller, or a special agent authorized to find a suitable property; when representing a buyer |
front 27 Transaction broker | back 27 Helps both the buyer and the seller with paperwork and formalities in transferring ownership of real property, but who is not an agent of either party |
front 28 Universal agent | back 28 A person empowered to do anything the principal could do personally |