Chapter 9

Question 1

Attorney-In-Fact

Answer 1

One who is authorized to perform certain acts for another under power of attorney.

Question 2

Dual Agency

Answer 2

A relationship which one owes fiduciary duties to both buyer and seller in real estate transaction.

Question 3

Fiduciary

Answer 3

A person in a position of great trust and confidence, as the relationship between principal and broker.

Question 4

Independent Contractor

Answer 4

One who is retained to perform a certain act, but who is not under the control or direction of the hiring person as to how he performs the act, just the end result.

Question 5

Listing

Answer 5

A written employment agreement between a property owner and a broker authorizing the listing broker to sell, lease, or exchange the realty.

Question 6

Power of Attorney

Answer 6

A written instrument authorizing a person (an attorney-in-fact) to act as the agent on behalf of another to the extent indicated in the instrument.

Question 7

Ready, Willing And Able

Answer 7

A person who is prepared, financially able, and willing to enter into a binding contract.

Question 8

Special Agent

Answer 8

One authorized to perform limited specific functions.

Question 9

Sun-agent

Answer 9

An agent working under the main agent, such as a salesperson for a listing broker.