Chapter 7 Flashcards
The fiduciary relationship in which the agent is held in a position of special trust and confidence by the principal
Agency
Buyers, seller, lessor or leasee hiring the agent to represent him or her in this transaction
Principal
A person or entity within whom a real estate professional has an agency relationship
Client
A situation in which an agent represents both the buyer and the seller
Limited agency
A situation in which an agent represents both a buyer and the seller
Dual agency
An agency relationship created by means of an agent, giving advice, guidance or counsel in such a way that the principal begins to rely upon the agent in an implied manner
Implied agency
The agent representing the seller
Listing agent
The agent representing the buyer
Buyers agent
In Utah, the only person who has the authority to enter into an agency relationship with a member of the public as a broker. Here she can hire other agents.
Principal broker
The principal broker can hire other agents to exclusively represent specific clients
Designated agency
A relationship in which the agent is obligated to act in the best interest of the client above all else, including his or her own self interest
Fiduciary
A person who uses the services of a real estate professional, but has not entered into an agreement with an agent
Customer
A principal whose identity is known to the agent and all other parts of the transaction
Fully disclosed principal
A principal whose identity is known to the agent, but not to the other parties in the transaction
Partiality disclosed principal
A principal whose identity has not been disclosed to either the agent or the other parties in the transaction
Undisclosed principal
An agency relationship in which agent is higher to do a specific task
Specific agency
An agency relationship in which an agent is hired to fill a specific need using their expertise to take care of a specific problem for a principal
General agency
An agency relationship in which the agent is authorized to act on behalf of the principal and business of every kind
Universal agency
A legal document whereby one person called the principal gives another person called the agent to manage assets
General power of attorney
A written authorization to act on another’s behalf under specific limited circumstances
Specific power of attorney
The agent that the principal broker or branch broker higher to assist in representing buyers and sellers out in the public area
Sub agents
Minimum duties that the agent owed to their principal
Minimum services
The term that has to be met in order for the contract to move forward
Contingency
The legal obligation of an agent to disclose any defects
Disclosure of material defects
Principles need to know who is representing their best interests. This is because they need to know who they should disclose information to.
Disclosure of agency
If an agent related to the buyer or seller of the property, he or she must
Disclosure of relationships
Ending an agency relationship
Terminating agency
