Chapter 9 National Book

Question 1

Fidiciary

Answer 1

agent’s relationship to principal

Question 2

Express agency

Answer 2

agreement between two parties that is in written form

Question 3

Agency

Answer 3

the trusted (fiduciary) relationship between an agent and principal

Question 4

Non agent

Answer 4

third party who is not on either side

facilitator, transaction broker

Question 5

Customer

Answer 5

third party, someone who is not represented

Question 6

COLD AC

Answer 6

care
obedience
loyalty 
disclosure 
accounting 
confidentiality

Question 7

Special agent

Answer 7

limited agent who represents principal in one specific transaction

Question 8

Stigmatized properties

Answer 8

properties seen as undesirable bc of something that happened there
murder, suicide, criminal activity

Question 9

Latent defects

Answer 9

defects that are hidden, not fount in first inspection

Question 10

Single agency

Answer 10

broker represents either party but not both, the third party is a customer

Question 11

Designated agency

Answer 11

when one broker designates two different sales persons to represent a buyer and seller

Question 12

General agent

Answer 12

an a agent that represents principal in various things, can make decisions for them

Question 13

Special agent

Answer 13

limited agent, can’t make decisions for their client

represent either the buyer or seller in one transaction