Realtor Flashcards
Flipping
Inflated appraisal and a straw buyer
Steering
Illegal act of guiding buyers to certain homes
Blockbusting
Illegal act causing owners to sell by creating fear that protected persons are moving to area
Conversion
Real property to person property and vice versa; illegal act of mixing fiduciary’s funds with agent’s personal funds
Exclusive Agency Listing
No commission if seller bringer buyer
External Obsolescence
Loss of value d/t outside forces (unfavorable changes in environment/market)
Functional Obsolescence
Decrease in value d/t being out of style
Net Listing
Seller names amount they will accept, broker keeps any excess as commission
Open Listing
Nonexclusive listing, gives multiple brokers and owner right to sell
Protection Period
Limited time frame after employment agreement ends which can be paid commission
Ratification
Unauthorized action taken on behalf of principal which is accepted after the fact
Stigmatized Property
Decrease in value d/t death, murder, suicide, paranormal activity on property
