Agency Flashcards
This deck covers the principles of agency relationships, including duties, responsibilities, and disclosure requirements between real estate agents and their clients.
Which real estate term is this?
Authority acknowledged as conferred to a party, such as from a principal to an agent.
Actual Authority
Which real estate term is this?
Someone who acts on behalf of another (the principal) to perform a task or range of tasks.
Agent
Which real estate term is this?
Has limitations on actions taken on behalf of the principal, often limited by time or area.
General Agent
Which real estate term is this?
A legal relationship where one party acts on behalf of another, in transactions or major life decisions.
Agency
Which real estate term is this?
Exists when a third party reasonably believes a party was granted authority to act as an agent.
Apparent Authority/Ostensible Authority
Which real estate term is this?
The relationship between the buying client and the real estate licensee, relatively new in transactions.
Buyer Agency
Which real estate term is this?
A single brokerage firm handling both sides of a property transaction, with designated agents.
Designated Agency
Contrast with Conditional Approval.
Which real estate term is this?
Representation of multiple parties in a real estate transaction, prohibited in some states.
Dual Agency
Which real estate term is this?
A person representing both buying and selling parties in a real estate deal.
Dual Agent
Which real estate term is this?
Services provided by a broker representing selling clients only.
Exclusive Seller Agency
Which real estate term is this?
Authority clearly granted to an agent, often detailed in a contract.
Express Authority
Which real estate term is this?
Agency relationship where someone acts as an agent without compensation but can be held liable.
Gratuitous Agency
Which real estate term is this?
Authority not specifically granted but assumed necessary to carry out duties related to express authority.
Implied Authority
Which real estate term is this?
An agency relationship created by the actions or appearance of the parties, where a third party is led to believe an agency exists, even if it hasn’t been formally established.
Ostensible Agency
Which real estate term is this?
The authority an agent seems to have based on the principal’s actions, even if it wasn’t officially given.
Ostensible Authority
(aka, Apparent Authority)
Which real estate term is this?
The represented party in an agency relationship granting authority to an agent.
Principal
Which real estate term is this?
Agency relationship specific to the client selling their property.
Seller Agency
Which real estate term is this?
Broker representing the buyer through a written agreement.
Single Agency - Buyer’s Agent
Which real estate term is this?
Broker listing property for sale through a written agreement.
Single Agency - Seller’s Agent
Which real estate term is this?
Agent representing the principal for one specific act or transaction.
Special Agent
Which real estate term is this?
Licensee representing a principal by an agent of that principal, not directly with the client.
Subagent
Which real estate term is this?
Agent authorized to act for the principal in nearly all circumstances with few limitations.
Universal Agent
Which real estate term is this?
Occurs when a third party reasonably believes an agent acted on behalf of a principal without agreement.
Agency by Estoppel
Which real estate term is this?
Where a party acts on behalf of another to prevent harm, although no actual agency agreement exists.
Agency by Necessity
