NJReTestFlashcards
The legal relationship created when one person delegates another person to act on his/her behalf when dealing with third parties
agency relationship
the person delegated to act on the principal’s behalf
agent
that level of authority which the public is justified in assuming the agent has
apparent authority
an agent whose fiduciary obligations are owed to the buyer
buyer’s agent
one who retains the services of a broker to represent their interest
principal/client
the form used to inform buyers and sellers about the four recognized business relationships that a firm may engage in with buyers and sellers
consumer information statement (cis)
permission granted through the terms of a contract
contractual authority
an agent who works for both the buyer and seller with their informed written consent
disclosed dual agent
one who transacts business with the brokerage firm but does not retain the services of the firm
third party, customer
the required agreement between a broker and salesperson
employment contract
professional liability insurance for real estate licensees
errors and omissions insurance
one who holds a position of trust and confidence for another
fiduciary
an agency in which the agent is empowered to bind his principal in all matters, usually regarding a particular trade or business
general agency
the assumed authority an agent has in order to carry out his contractual authority
implied authority
the principals that govern the relationship of an agent with his principal
law of agency
