Chapter 12 & 13 Flashcards
These rules for agents are written under the authority of as complied
Administrative rules
If you become aware of a material defect that would affect a property, you cannot hide it
Latent defect
The failure to disclose material defects due to ignorance, which should have been obvious
Negligent misrepresentation
The exaggeration of a properties benefits
Puffing
A section of the contract that stipulates the sellers must disclose any defects that are not obvious and materially affect the value of property
Seller acknowledgment
The seller, not the sellers agent fills out this form to convey the sellers knowledge of the condition of the property
Seller property condition disclosure
A property that buyers or tenants shun for a reason, unrelated to the properties, physical condition or features
Stigmatized property
An administrative rule, spelling out the six fiduciary duties of an agent
Affirmative duties required of all licensed individuals
Federal laws prohibit disclosure of anyone who died in the property of HIV/AIDS
AIDS disclosure
Disclosures that have been documented in writing
Documented disclosure
A category of insurance that covers mistakes made by agents
Errors & omissions
Written laws passed by legislature
Statutes
The fiduciary relationship in which the agent is held in a position of special trust and confidence by the principal
Agency
Gives parties involved the ability to retract out of the contract under certain circumstances that must be negotiated between buyer and seller
Contingency
Defines the various relationships of buyers and sellers in a transaction
Disclosure of agency
An agent who can perform any in all acts that are associated with the ongoing business that the principal has appointed
General agency
An agency that has been formed based on the client and the agent
Implied agency
A situation in which an agent represents both a buyer and a seller
Limited agency
In Utah, the only person who has the authority to enter into an agency relationship with a member of the public is a
Principal broker
An agency relationship in which the agent is appointed to do a specific task
Specific agency
