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Wisconsin Real Estate Sales > Ch. 1 > Flashcards

Ch. 1 Flashcards

0
Q

The business of bringing buyers and sellers together in the marketplace.

A

Brokerage

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1
Q

A relationship in which one person acts for or represents another.

A

Agency

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2
Q

A person who is authorized by another to act on their behalf.

A

Agent

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3
Q

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.

A

Broker

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4
Q

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.

A

Business Sale

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5
Q

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.

A

Buyer’s Broker

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6
Q

The person who employs an agent to perform a service on their behalf.

A

Client

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7
Q

The actual person, within the buyer broker firm that procured the buyer.

A

Buyer’s Agent

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8
Q

A broker who works in conjunction with another broker in procuring a buyer for the seller’s property.

A

Cooperating Broker

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9
Q

A person who receives services given on behalf and for the benefit of a client.

A

Customer

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10
Q

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.

A

Dual Compensation

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11
Q

A way to defer capital gains tax by exchanging like property for like property.

A

Exchange

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12
Q

One placed in a position of trust and confidence, normally responsible for the money and/or property of another.

A

Fiduciary

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13
Q

The body of laws that determines the rights and duties owed by an agent to a principal.

A

Laws of Agency

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14
Q

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.

A

Licensee

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16
Q

An individual employed by the listing broker who actually secured the business for the listing firm.

A

Listing Agent

16
Q

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.

A

Material Adverse Fact

17
Q

The firm that the seller has employed under a listing contract.

A

Listing Broker

19
Q

Any fact that is relevant to a person making a decision. Agents must disclose all facts to their clients.

A

Material Fact

19
Q

Showings of real estate open for public viewing without an individual appointment.

A

Open House

20
Q

An agent representing two principals in one transaction. That requires both parties to agree to the transaction in writing.

A

Multiple Representation Relationship

21
Q

An agreement to keep open for a set period of time an offer to sell or lease real property.

A

Option to Purchase

22
Q

The purchaser under an option contract.

A

Optionee

23
Q

The seller under an option contract.

A

Optionor

24
Q

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.

A

Pattern of Sales

25
Q

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.

A

Principal

26
Q

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.

A

Salesperson

27
Q

The practice of representing either the buyer or the seller but never both in the same transaction.

A

Single Agency

28
Q

A broker who is engaged by another broker to provide brokerage services in a transaction, but who is not the other broker’s employee.

A

Subagent

29
Q

Selling one product only if the buyer agrees to purchase another product as well.

A

Tie-In Agreement

30
Q

The name appearing on the broker’s license under which the broker advertises or does business.

A

Trade Name

31
Q

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.

A

Unlicensed Personal Assistant

Wisconsin Real Estate Sales (2 decks)

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