Agency/Brokerage

Question 1

properly licensed party serves a principal in an agency relationship

also called an agent

Answer 1

Broker

Question 2

fiduciary relationship between a broker and a principal or a broker and a client

Answer 2

Agency

Question 3

party acting for another in a position of trust

a broker, an agent

Answer 3

Fiduciary

Question 4

relationship based on trust

relationship governed by the law of agency between broker and principal

Answer 4

Fiduciary Relationship

Question 5

party represented by a broker in an agency relationship

also called a client

Answer 5

principal

Question 6

party represented by a broker in an agency relationship

also called a principal

Answer 6

client

Question 7

A third party

One a broker is working with, but who is not represented by that broker

Answer 7

customer

Question 8

Employment contract obligating a broker to act as a fiduciary to a buyer

Answer 8

Buyer Rep Agreement

Question 9

Employment contract obligating a broker to act as a fiduciary to a seller

Answer 9

Listing Agreement

Question 10

Employment contract obligating a broker to act as a fiduciary to a property owner

Answer 10

management agreement