chapter 9 Vocab Flashcards
The basic framework that governs the legal responsibilities of an agent to a principal
Law of agency
an agent who is authorized to represent the principal and one specific act or business transaction, under detailed instructions
Special agent
The individual who is authorized and consents to represent the interest of another person
Agent
The establishment of an agency relationship as a result of the actions of the parties that indicate mutual consent
Implied agency
The individual who hires in delegates to the agent the responsibility of representing the individuals interests
Principal
an affiliation of trust and confidence as between a principal and an agent
Fiduciary relationship
non-fraudulent exaggeration of a properties, benefits, or features
Puffing
An agent authorized to represent the principle in a broad range of matters related to a specific business or activity
General agent
in real estate agency relationship, the third party (or non represented consumer) who receive some level of service, and who is entitled to honesty and fair dealing
Customer
An intermediary between a buyer and seller, who is this both parties with a transaction but who represents neither party
nonagent
An agency relationship in which the agent represents to principal simultaneously, without their knowledge or permission
undisclosed duel, agency
A contract in which the parties formally state their intention to establish an agency relationship
express agreement
created a registry of sex offenders that affects a real estate professionals duty of disclosure
Megans law
Type of insurance that covers liability for mistakes and negligence in the usual activities are real estate office
Errors and omissions insurance
The property that has been branded as undesirable because of the events that occurred in or near it
Stigmatized property
