Ch. 1 Flashcards
The business of bringing buyers and sellers together in the marketplace.
Brokerage
A relationship in which one person acts for or represents another.
Agency
A person who is authorized by another to act on their behalf.
Agent
One who for another person,and for commission, money or other thing of value, negotiates or offers or attempts to negotiate a sale, exchange, purchase, or rental of or the granting or acceptance of an option to sell, exchange, purchase or rent and interest or estate in real estate; who shows real estate or a business or it’s inventory; or promotes the sale, exchange, purchase, option, rental or leasing of a real estate, a time share or a business or it’s goodwill, inventory or fixtures.
Broker
The sale or lease of the business and the good will of an existing business, enterprise or opportunity, including a sale of the majority of assets or stocks of the business.
Business Sale
The firm that has entered into a buyer agency agreement with the buyer indicating that the broker will be representing the interests of the buyer.
Buyer’s Broker
The person who employs an agent to perform a service on their behalf.
Client
The actual person, within the buyer broker firm that procured the buyer.
Buyer’s Agent
A broker who works in conjunction with another broker in procuring a buyer for the seller’s property.
Cooperating Broker
A person who receives services given on behalf and for the benefit of a client.
Customer
Receiving compensation related to the real estate transaction from someone other than the licensee’s client without prior written consent from all parties to the transaction.
Dual Compensation
A way to defer capital gains tax by exchanging like property for like property.
Exchange
One placed in a position of trust and confidence, normally responsible for the money and/or property of another.
Fiduciary
The body of laws that determines the rights and duties owed by an agent to a principal.
Laws of Agency
A term used by the Department of Regulation and Licensing (DRL) to refer to any person licensed or registered under state law to practice real estate.
Licensee
An individual employed by the listing broker who actually secured the business for the listing firm.
Listing Agent
An adverse fact that a party indicates is of such significance, or that is generally recognized by a competent licensee as being of such significance to a reasonable party, that it affects the party’s decision to enter into a contract or the terms of a contract.
Material Adverse Fact
The firm that the seller has employed under a listing contract.
Listing Broker
Any fact that is relevant to a person making a decision. Agents must disclose all facts to their clients.
Material Fact
Showings of real estate open for public viewing without an individual appointment.
Open House
An agent representing two principals in one transaction. That requires both parties to agree to the transaction in writing.
Multiple Representation Relationship
An agreement to keep open for a set period of time an offer to sell or lease real property.
Option to Purchase
The purchaser under an option contract.
Optionee
The seller under an option contract.
Optionor
Presumptive evidence that a broker’s license is required because one has participated in five sales in one year or ten sales in five years.
Pattern of Sales
Has permitted or directed another to act for his/her benefit and subject to his/her direction and control. 2. The amount of money which is borrowed, not including the payment of interest.
Principal
Any person other than a broker who is employed by a broker to perform any act authorized by chapter 452 to be performed by a broker.
Salesperson
The practice of representing either the buyer or the seller but never both in the same transaction.
Single Agency
A broker who is engaged by another broker to provide brokerage services in a transaction, but who is not the other broker’s employee.
Subagent
Selling one product only if the buyer agrees to purchase another product as well.
Tie-In Agreement
The name appearing on the broker’s license under which the broker advertises or does business.
Trade Name
Person who is not licensed under chapter 452 or licensed but not employed for the purpose of providing services for which a license is required.
Unlicensed Personal Assistant
