Agency Creation, Disclosure, Termination

Question 1

someone who acts on someone else’s behalf, at that person’s request

Answer 1

Agent

Question 2

Once you agree to be someone’s agent and vice versa

Answer 2

Client

Question 3

a person who’s in a position of trust and owes loyalty to another.

Answer 3

fiduciary

Question 4

a client—someone who’s represented by a real estate professional. The term may also refer to a party to a transaction (e.g., the buyer or seller, whether or not they’re represented by an agent).

Answer 4

principal

Question 5

____ are people who are usually just browsing–they may come to an open house and look around quickly, then leave. Or they may visit your office and just take a couple of brochures. Real estate agents have no contact, or very limited contact

Answer 5

Consumers

Question 6

a licensee who has a unique relationship with a consumer, generally acting as a “middle man” in a transaction.

Answer 6

non-agent—also known as a facilitator or transaction broker

Question 7

you and your client agree to and understand the relationship. may be written or unwritten.

Answer 7

express agency

Question 8

You and your client may enter into an agency agreement (aka, listing contract or buyer representation agreement)

Answer 8

employment agreement

Question 9

when you act on behalf of a consumer in such a way that the consumer believes you are their agent

Answer 9

implied agency

Question 10

An acceptance after the fact, sometimes in contrast to a prior agreement. may occur through contractual paperwork or the parties’ actions

Answer 10

Ratification

Question 11

a legal doctrine that says that a person is stopped from asserting rights or facts that aren’t consistent with a previous statement, position, or behavior.

Answer 11

estoppel