Agency Flashcards
Agency
A person calls, the principal hiring someone to represent him or her and act in the principles, best interest, and everything is said or done
Principal Broker
Only the principal broker can be hired as an agent for a member of the public in a real estate transaction
Imputed knowledge
What knowledge you have critical important and material information your client has
Subagent
A real estate licensee, who agrees to work with the agent(principal broker) to achieve set forth objectives
Caveat emptor
Latin, for let the buyer beware indicates that parties, without an agent or responsible for protecting their own interests 
General agent
Assigned multiple tasks like a property manager
Universal agency
Does all things in and behalf of the principal example would be an executor of an estate, the guardian of a child, etc. 
Power of attorney 
Written authorization to represent or act on another’s behalf in private affairs, business or legal matters 
General power of attorney
Give the agent power to sign for the principal in all things, such as a trustee
Specific power of attorney (limited)
Limits the agent to signing only and specifically designated and limited instances, such as signing the closing documents for an absent seller 
Attorney in fact 
You are an agent, a licensee can only sign or initial on behalf of a client with duly executed power of attorney from the principal 
Fully disclosed
The customer knows there’s both an agent and a principal, and knows the identity of both
Partially disclosed
The customer knows there is an agent and who the agent is the customer also knows there is a principal, but doesn’t know the identity of the principal 
Undisclosed
 The agent indicates he, or she is the principal, even though he, or she is acting as an agent for someone else 
Partially disclosed
There is a fire different than the agent, but they are not as closing their name
Actual appointment
express, implied,ratification
Express appointment
Words or oral agreement 
Implied or ostensible agreement or agency by implication
This agency relationship is created by the actions of the agent, and the principle if customers are led to believe that the real estate licensee is their agent, the licensee will probably be considered by the courts to be their agent 
Ratification
The agency relationship is approved by the principal after the agency service was created by implication payment would be ratification 
Appointment by operation of law
Agency by statute, agency by estoppel
Agency by statute
Examples could be a sheriff designated to conduct a foreclosure, sale, or a court appointed administrator, and will that agency was created by law with her at the party, likes it or not
Agency by estoppel
The court stops the party to the relationship from denying that agency was previously created through implication 
Termination of agency,
Mutual consent, performance, abandonment, destruction of property, and bankruptcy
Abandonment
They are the agent at contrary, to the best interest of the principal, or doesn’t act at all 
Indemnify
The principle must make up for losses, sustained by the agent, while performing the instructions of the principal 
Perform
The principal must be honest in answering questions about the property assist. The agent in performing his or her duties or and keep promises. If the seller says they will pay for a repair or repair a roof at closing they must do that. 
