Agency Law Flashcards
Agent
One who represents another called a principal and has authority to act for the principal in dealing with third parties
Customer
The third party whom the seller sells or agrees to sell
Dual Agency
The representation of opposing principles (buyer and seller) by an agent at the same time
Estoppel Agency
An agency that cannot be denied when a broker allows a seller or buyer to create the illusion that the broker is his or her agent
Exclusive Retainer Agreement
A listing used to locate properties on behalf of the buyer; buyer brokerage agreement
General Agent
One who represents the principal in a specific range of matters, such as real estate
Expressed Agency
Agency relationship created through an agreement between principal and the agent
Implied Agency
When the buyer assumes by an agent’s actions that the agent is working for the buyer
Imputed Notice
Information regarding particular facts or circumstances that the law permits to affect the legal rights of a person who has no firsthand knowledge of them, but should have learned of them because his or her agent or representative had direct knowledge of that information and a duty to report it to him or her
In-House Sale
A brokerage transaction in which one sales associate obtains the listing and also finds the buyer, or a second associate with the same brokerage procures the buyer
Multiple Listing Service (MLS)
The organization of member brokers who agree to share listing information and commissions
Power of Attorney
An instrument authorizing a person to act as the agent of the person granting it
Principal
Someone who engages the service of an agent (client)
Ratified Agency
Created when a seller or buyer accepts the benefits of an agent’s prior and unauthorized actions after the fact
Single Agency
The practice of representing either the buyer or seller, but never both
