Ch 2 Agency: Authority To represent others Flashcards
1
Q
Agent
A
One who is authorized to represent another, such as a broker and client or sales agent and their broker.
2
Q
Principal
A
A person, an individual or an entity, acting as a buyer or seller, presented by a broker in their agents.
3
Q
Agency in real estate related transactions includes the relationships between:
A
Brokers and members of the public (clients or third parties);
License sales agents and their brokers;
Binders and their brokers are principles.
4
Q
What are the three parties referred to an agency law?
A
A principal, and agent and third person.
5
Q
MLS
A
Multiple Listing Service
6
Q
Broker to broker arrangement
A
A legal Principle for the authorization given to the third broker by the seller’s broker and the buyers agent to also act as an agent on behalf of the client
