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NV Real Estate Pre License > Agency & Federal Law > Flashcards

Agency & Federal Law Flashcards

Vocabulary

1
Q

Agent

A

Anyone who represents the interests off another

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2
Q

Salesperson/Broker salesperson

A

A person who has a valid real estate license. A real estate licensee can generally be a salesperson or broker, active or inactive, or an individual, corporation or partnership.

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3
Q

Licensee

A

Salesperson or broker-salesperson representing their employing broker’s client

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4
Q

Subagent

A

Someone authorized by the principal to work for or assist the primary agent

Not practiced in NV

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5
Q

Subagent broker

A

Broker from another firm who represents the listing broker’s client

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6
Q

Subagent salesperson or broker-salesperson

A

Relationship to their broker’s client

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7
Q

Broker

A

Someone acting as an intermediary between parties in a transaction

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8
Q

Listing agent

A

Someone contracted by a property owner to find buyers or tenants

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9
Q

Buyer’s agent

A

Licensed agent who represents the buyer of real property

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10
Q

Single agent

A

Represents either the buy or the the seller NEVER both

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11
Q

Dual agent

A

Agent represents both buyer and seller

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12
Q

Special agent/Limited agent

A

Agent that performs one act or series of acts for one specific purpose on behalf of the principal

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13
Q

General agent

A

Authorized to perform a wide variety of acts for the principal that are continuous in nature

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14
Q

Universal agent

A

Authorized to do all types of transactions on behalf of the client

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15
Q

Third party/customer

A

Someone who talks about buying, selling, or exchanging real estate with any agent

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16
Q

Client/principal

A

Someone who signs an agency contract or the Duties Owed form with any licensed agent

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17
Q

Care/”Reasonable care”

A

Agent must be knowledgeable and educated in the field of real estate and be able to provide beneficial services to the client using expertise

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18
Q

Confidentiality

A

Agent has duties to protect client’s interest and keep certain info confidential

Agent must disclose all material facts regarding property or the transaction to all parties

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19
Q

Obedience

A

Agent must act in “good faith”

Agent’s actions must reflect good and honest intention in “obeying” instructions of the principal within the limits of the law

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20
Q

Accounting

A

Agent must keep accurate records of all funds exchanged from or to the principal ad disclose to the principal any compensation received from the transaction

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21
Q

Loyalty

A

Agent has duties to serve the clients interest and put the client’s interest above that of the agent’s

22
Q

Diligence

A

Agent should conduct all responsibilities and tasks in a timely and professional manner

Agent should “exercise reasonable skill and care” in handling the business matters with the client

23
Q

Disclosure

A

Agent must disclose any relevant information and provide any material fact to the client whether the information is favorable or unfavorable

24
Q

Agency

A

Relationship developed between the principal and the broker

25
Q

Expressed agency

A

Created when broker and client enter into a contract with formal agreement

26
Q

Agency by ratification

A

Created when agent acts without authority, and the principal confirms the agent’s actions after the fact

27
Q

Agency coupled with an interest

A

Formed when agent has an interest in the property

28
Q

Implied agency

A

May be formed even though the parties did not enter into a formal agreement

Most common between agents and buyers

29
Q

How is implied agency formed?

A

Ostensible
Estoppel
Necessity

30
Q

Ostensible agency

A

Formed when the actions of the agent lead someone to belie the agent is the representing agent

31
Q

Estoppel

A

Once a third party believes the broker is an authorized agent, and the owner of the property does not take any action to deny it, the broker and the owner form an implied agency

32
Q

Agency by necessity

A

Forms when an unforeseen event demands an immediate action in order to prevent destruction of property

33
Q

Listing contract

A

Personal contract of employment between the seller and the broker

34
Q

4 types of listing contracts

A

Exclusive right to sell
Exclusive agency
Open listing
Net listing

35
Q

Exclusive right to sell

A

Appoints only one broker to represent the seller

If the owner finds the buyer, the broker still gets commission

36
Q

Exclusive agency

A

Agreement to contract only one broker, BUT if the owner sells the property without the broker, the broker does not receive any commission

37
Q

Open listing

A

Non exclusive listing

When more than one broker is employed to sell a property and commission is paid to the broker with procuring cause

38
Q

Net listing

A

Flexible amount of commission

39
Q

Sherman Antitrust Act

A

Brokerage firms and local real estate boards cannot set fixed commission rates

Commission rates are always negotiable between broker and client

40
Q

Procuring cause

A

The reason the property sold

41
Q

Protection clause

A

Clause in listing agreements that says the broker is entitled to commission if the property sells to someone who only looked at it during the listing period but buys it after the listing expires

42
Q

Puffing

A

Way of marketing by exaggerating facts

43
Q

Parole Evidence Rule

A

Says that only a written contract is valid and anything else made orally is not valid

44
Q

REALTORS

A

members of the National Association of REALTORS (NAR)

45
Q

Multiple Listing Service (MLS)

A

Listing service provided by the board of REALTORS.

46
Q

Option

A

An agreement for the seller to give the buyer the right to buy the property within a certain period of time

47
Q

Installment contract/land contract/contract for deed

A

An agreement in which the vendor takes mostly payments from the vendee for a period of time and at the end of the term legal title is given to the vendee

48
Q

Offer

A

A gesture to show the willingness to enter into a contract ad fulfill certain promises

49
Q

Earnest money

A

Cash deposit made by the buyer when making an offer

50
Q

Meeting of the minds (M&M)

A

Agreement between parties to enter into a contract, acknowledging and accepting the terms of the contract

NV Real Estate Pre License (1 decks)

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