front 1 Express agency | back 1 An agency relationship based on a formal agreement between the parties |
front 2 Implied agency | back 2 If the actions of the parties imply that they have mutually consented to an agency relationship, an implied agency relationship is formed |
front 3 Express agreement | back 3 An oral or written contract in which the parties state the contract’s terms and express their intentions in words |
front 4 Listing agreement | back 4 A contract between an owner (as principal) and a real estate professional (as representative of 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 5 Buyer representation agreement | back 5 A principal-agent relationship in which the real estate professional acts on behalf, usually as an agent, with fiduciary responsibilities to the buyer |
front 6 Implied agreement | back 6 A contract under which the agreement of the parties is demonstrated by their acts and conduct |
front 7 Buyer agent | back 7 A real estate professional who is under contract to locate property for a buyer and represent the buyer’s interests in a transaction |
front 8 Fiduciary relationship | back 8 A relationship of trust and confidence, as between trustee and beneficiary, attorney and client, or principal and agent |
front 9 Express agency | back 9 An agency relationship may be created by an oral or written agreement between parties |
front 10 Implied agency | back 10 An agency relationship may also result from the parties behavior |
front 11 The state may require the real estate license to make | back 11 A written disclosure of the possible agency relationship to a prospective client or customer |
front 12 And stipulate the relationship that will be in | back 12 Effect |
front 13 In a document signed by | back 13 Both the licensee and the client |
front 14 The principal and the agent may enter in to a contract ___ in which the parties formally express their intention to establish an agency and state its terms and conditions | back 14 Express agreement |
front 15 The agreement may be oral or written unless | back 15 Required by law to be written |
front 16 The employment agreement to broker and sales associate | back 16 Must be in writing |
front 17 An agency relationship between a real estate seller and broker is generally created by a written employment contract called a | back 17 Listing agreement |
front 18 Even though a written agreement is preferred, some states uses a ___ in some circumstances | back 18 Oral statement |
front 19 But the agreement needs to be ___ for court | back 19 Writing |
front 20 An express agency relationship between a buyer and broker is created by | back 20 A buyer representation agreement |
front 21 The buyers representation agreement ___ activities and responsibilities buyers expects from the broker | back 21 Stipulates |
front 22 An agency may be created by | back 22 Implied agreement |
front 23 Neither the real estate professional nor the represented party may have consciously planned to create an agency relationship ___ b their actions | back 23 Unintentionally, inadvertently, or accidentally |