Chapter 4 keywords Flashcards
What is an agent?
An agent is interested to work on behalf of their employer, called a principal, and to represent the principal’s best interests
What is a caveat emptor?
A caveat emptor And buyer beware are synonyms with an arms length relationship, which is the opposite of a fiduciary relationship licenses may never deal with anyone at arms length since the law requires licensed person, treat everyone with fairness and honesty 
Consent to transition to transaction broker
Avoid an illegal dual agency a broker cannot represent both the buyer and seller as a single agent in the same transaction to assist both parties and a real estate transaction the legacy must change from a single agent relationship to a transaction brokerage relationship with the written consent of the principal
What is a customer?
It is a member of the public who is or may be a buyer or seller of real property. He may or may not be represented by real estate licensee.
Nothing in Florida law states that they may not represent themselves .
Is not represented in a single agency relationship is a customer, and when it is establish, he becomes a principal
What is a designated sales associate?
If both the seller and buyer have assets of $OK, 1 million or more and both request single agent representation broker at the request of the parties, designate one or more sales associates. Each titled designated sales associates may be designated to act as agents for the seller, and one or more, may be designated to act as an agent for the buyer.
What is dual agents?
It is full representation for buyer and seller, and it is illegal in Florida
What is a general agent?
A general agent has a principles authority under their agency law to act for them on a continuing basis, but with authority limited to a specific trade or business
What is limited representation?
The role of transaction broker is to provide limited representation to a buyer, a seller or both in a real estate transaction.
Limited, the representation allows a licensee to facilitate a real estate transaction by working with the seller and the buyer equally
What is nonrepresentation?
No brokerage relationship
What is a principal
A principal is the party with whom the real estate licensee has entered into a single agent relationship. A customer becomes. The principal wants a single agency relationship has been established.
Where is there was in initial sales
Or residential sales transaction is anyone of the following:
. Of improved residential property, property of four units or fewer.
. The sale of an improved property intended for four units of your.
. The sale of agriculture properties of 10 acres or fewer.
. Leases with option to purchase all or portion of improve property of four units or fewer
. Dispositions of business interest involving property of four of your residential units.
Single agent
Is a broker who represents as a fiduciary either the buyer or seller but not both in the same transaction
What is a special agent?
Special agent is authorized under agency law by the employer to perform a single act. The employment contract between the employer and agent establishes the limit of authority granted.
Example : a broker employed under a single agency, listen for the sale of a property is authorized to locate a purchaser on behalf of the owner. This is a single act the broker becomes a special agent of the owner, who is the broker principal
What is subagency?
A sub agency is not a type of agency. It is an extension of another agency, and another words. A subagent is a party who has been granted, authority, took act on behalf of another agent, and their agency law is sub agent has the same duties to the principal as the agent who was empowered by the principal principal.
A cells associate is a general Asian of the broker, and automatically becomes a sub agent of all the brokers principal. He has the same duties to the brokers principal, as does the broker.
What is a transaction broker?
A transaction broker is a broker who provides limited representation to a buyer, a seller, or both in a real estate transaction, but does not represent either in a fiduciary capacity, or as a single agent
It is presumed that all licenses are operating as transaction, brokers and less a single agent or non-representation is established in writing with a customer
