Chapter 34 - They Buyer's Agent Flashcards
Buyer Brokerage Agreement
An employment contract between the buyer and a broker that grants the broker the exclusive right to represent the purchaser in the purchase or lease of property and that makes the buyer responsible for paying commission to the buyer broker
Client
A person being represented by a licensee - aka principal
Compensation
The valuable consideration given by one person or entity to another person or entity in exchange for the performance of some activity or service.
Contemporaneous Offer
Offers to purchase or lease on behalf of two or more clients represented by the same designated agent for the same real estate parcel or unit .
Customer
A consumer who is not being represented by the licensee but for whom the licensee is performing ministerial acts.
Designated Agent
A contractual relationship between a sponsoring broker and a client in which one or more licensees associated with or employed by the sponsoring broker are designated as an agent of the client.
Dual Agency
An agency relationship in which licensee is representing both buyer and seller or both landlord and tenant in the same transaction.
Informed Consent
Written evidence that a client is aware of and has given permission to an agent to perform a specific action or take on a specific role in the client agent relationship
Meeting of the Minds
Acceptance of the terms of an offer
Ministerial Acts
Acts that a licensee may perform for a consumer that are informative or clerical in nature and do not rise to the level of active representation on behalf of the consumer
Non-Agency
When a licensee is not performing the minimum services required under an exclusive brokerage agreement, and is, therefore, not acting as the consumer’s agent; this fact must be disclosed in writing to the consumer by the icensee
