Chapter 5 – The Professional Liability of Real Estate Licensees Flashcards
What is vicarious liability?
A legal principle that holds that where an employee commits a wrongful act in the ordinary course of employment, the injured party can sue both the employee and the employer for damages caused by the employee’s act
What is misrepresentation?
A false assertion of fact which, if accepted, leads one to an incorrect belief about a given situation?
What is negligent misrepresentation?
A legal principle which provides that if, in the ordinary course of business, a person seeks information or advice from another who possesses special skills in circumstances in which a reasonable man would know that his special skills were being relied upon, and the person asked chooses to give the advice without clearly qualifying his answer so as to show that he does not accept responsibility if it is incorrect then he accepts a legal duty to exercise such care as the circumstances require. If he is incorrect he may be liable for his negligent misrepresentation
What is deceit?
A fraudulent or deceptive misrepresentation used by one person to deceive or trick another person ignorant of the true facts
Who is a fiduciary?
A person who holds a position of trust with respect to someone else and is obliged, by virtue of the relationship of trust, to act solely for the other person’s benefit
What does FINTRAC do?
Collects, analyzes, and discloses information to law enforcement and national security agencies to combat money laundering and terrorist financing.
What is tort?
A private wrong or injury, other than breach of contract, for which the court will provide a remedy in the form of damages.
What is trespass?
A legal term for wrongfully entering, remaining on, or placing something on another’s land
What is Injunction?
A court order which either restrains a party from doing something or requires a party to do something?
What is private nuisance?
A legal term for wrongfully allowing the escape of injurious things onto another person’s land or the wrongful disturbance of an easement or other interest granted over land?
What is occupier’s liability?
The duty that an occupier of land owes to persons entering onto that land?
What is occupier’s liability?
The duty that an occupier of land owes to persons entering onto that land?
What is occupier’s liability?
The duty that an occupier of land owes to persons entering onto that land?
What is occupier’s liability?
The duty that an occupier of land owes to persons entering onto that land?
