Module 1

Question 1

Licensee

Answer 1

Refers to the individual who holds state granted real estate license. In oregon its called principal broker, broker, property manager.

Question 2

Realtor

Answer 2

Member of the trade organization called national association of realtors or NAR

Question 3

Sellers Agent

Answer 3

Also known as listing agent or sellers representative, is the licensee hired by a seller to sell property.

Question 4

Buyers Agent

Answer 4

Also called the selling agent. Is representing a buyer in finding a property.

Question 5

Subagent

Answer 5

The subagent is the agent of the agent . Principal broker who is tje agent of the client but subagents are under the principal broker.

Question 6

Disclosed Dual Agent

Answer 6

Who has disclosed and recieved permission to act as the agent for more than one party to a real estate transaction. In oregon the disclosed dual agent is called the disclosed limited agent.

Question 7

Designated Agent

Answer 7

Sometimes called the appointment agent is the licensee chosen by the managing licensee to act as the agent for the buyer or seller when the same firm is in dual agency and representing both clients in both transactions

Question 8

Transaction Broker

Answer 8

Also called the transaction facilitator, is allowed in some states that allow non agency relationships with the public

Question 9

Principal

Answer 9

The person who hires the agent and delegates to that agent the authority of representing their interests; the client.

Question 10

Undisclosed Principal

Answer 10

A client whose identity and existence are kept secret and not disclosed by the agent. Led to believe that the agent is the principal and is not representing a client.
Ex- Julie a famous movie star wants to buy a private house in Mt. Hood

Question 11

Partially Disclosed Principal

Answer 11

When representing a partially. Third parties will know that the principal exists, but will not see the identity.
Ex- Phil is a private buisness owner wants to buy a house on the coast. The real estate agent offers in her name instead of phils.

Question 12

Disclosed Principal

Answer 12

Both the third parties existence and identity are known. There is no personal liability for the agent except in the case of negligence or intentional misrepresentation.
Ex- Sunset corp buys 20 acres and everyone in the transaction knows.

Question 13

Agent

Answer 13

One who represents the principal in dealings with third parties.

Question 14

Universal Agent

Answer 14

Represents a principal in all matters that can be delegated by a principal to an agent. This delegation is a broad and includes the authority to enter into contracts and sign other legal documents on behalf of the principal. The power of attorney or court order gives authority.
Ex- Lucy is a wealthy business owner who is always traveling. She has given her son power of attorney to be her universal agent.

Question 15

General Agent

Answer 15

Represents all business matters of a particular kind, business matters of a specified range, or business matters a particular place and can contract on behalf of the principal
Ex- lucy hires fred as her financial manager. As part of the arrangement, Lucy goves fred power of attorny to allow him to enter into contracts and engage in lawful activities.

Question 16

Special Agent

Answer 16

Has limited and specific authority, usually to represent a principal single transaction. The principal retains most rights and responsibilities and authorizes the agent to perform specific tasks
Ex- Ricky wants to buy a tower and hires ethel as his real estate broker. Ethel authority is limited to negotiating the purchase. Ricky reserves the final authority to approve and sign the purchase contract.

Question 17

Power of Attorney

Answer 17

A legal document, given by buyer or seller to appoint someone else to sign contracts and closing documents
Ex- Tay and Mad are buying a house together. Tay leaves for Iran she gives power to attorney to Mad to sign the papers