Key Terms Chapter 2 part 2 Flashcards
Sub-agent
An agent of a person already acting as an agent of a principal.
Misrepresentation
Making an intentionally false statement to induce someone to contract.
Vicarious Liability
A situation in which one party is held partly responsible for the unlawful actions of a third party.
Expressed Agency
An actual agency created by written or oral agreement between the principal and the agent.
Implied Agency
Form of agency that occurs when the words and actions of the parties indicate that there is an agency relationship.
Estoppel
The principle which prevents a person from asserting something contrary to what is implied by a previous action or statement of that person.
Price Fixing
Conspiring to establish fixed fees or prices for services or products.
Group Boycott
An agreement between members of a trade to exclude other members from fair participation in the trade.
Market Allocation
An agreement between members of a trade to refrain from competition in specific market areas.
Tie-in Arrangement
A contract where one transaction depends upon another.
Dual Agency
Representing both principals (seller and buyer) to a transaction.
Designated Sales Agent
Appointing one or more individual agents in a firm to represent only the interests of the seller and one or more different individual agents in the firm to represent only the interests of the buyer when a firm has an “in-house” dual agency situation.
Seller’s Agent
An agent who represents the seller of real property.
Buyer Agent
An agent who represents the buyer of real property.
Broker’s Agent
A broker’s agent is an agent that cooperates or is engaged by a listing agent or a buyer’s agent (but does not work for the same firm as the listing agent or buyer’s agent) to assist the listing agent or buyer’s agent in locating a property to sell or buy, respectively, for the listing agent’s seller or the buyer agent’s buyer.
