Authorized Relationships, Duties and Disclosure Flashcards
Customer.
A buyer or seller of real property not be represented by a real estate licensee. Once the customer enters into an agency agreement they become a client.
Agent
One who acts for and with authority from another called the principal.
Caveat Emptor
“Let the buyer beware”.
Consent to Transition
The provision within Florida Law that allows real estate licensees acting as single agents to change from a single agent relationship to a transaction brokerage relationship.
Designated sales associate
Two licensees acting as single agents representing the buyer and the seller in non-residential transactions under the direction of one broker; both buyer and seller must verify that they have assets of more than $1 million.
Dual Agent
An agency relationship in which the agent acts for both of the principals in a transaction. This is prohibited in Florida.
Fiduciary
A person in a position of trust and confidence, as between principal and broker under the rules of agency.
General Agent
An agent authorized to perform acts related to one property of the principal, such as a property manager.
Limited Representation
Representation in a real estate transaction without fiduciary obligation.
Non representation
A legal brokerage relationship in which brokers do not represent either buyers or sellers in a transaction. All brokers under Florida law are presumed to be transaction brokers by default.
Principal
The employer of an agent, such as a buyer or seller.
Residential sale
The sale of one to four units of improved residential property, or property that is currently unimproved but destined to be one to four residential units, or the sale of 10 acres or less of agricultural property.
Single agent
An agent who works only for the buyer or the seller.
Special agent
An agent with limited authority to act on behalf of the principal, such as created by a listing contract.
Subagency
A licensee who assists the agent when they are acting for a Principal. When a broker is the agent, all sales associates supervised by that broker become sub-agents.
