Section 1 Flashcards
Agent
is someone who acts on someone else’s behalf, at that person’s request.
Client
is represented by the agent or broker
Customer
Is not represented by an agent or broker
Principle
is party to a transaction, and the person for whom the agent acts
Agency Disclosure is required for
- Listings for sale or lease involving one- to four-unit residential properties and non-residential (commercial) properties
- Purchase transactions
- Lease agreements having terms greater than one year for one- to four-unit residential properties and non-residential (commercial) properties
Agency Disclosure is NOT required for…
Transactions involving residential properties with five or more units
Single Agent
Type of agent: Special
Description: Single agency is when one agent represents one client. Pretty simple!
Seller’s Agent
Type of agent: Special
Description: A seller’s agent is an agent who is engaged by a seller to represent the seller’s interests.
Buyer’s Agent
Type of agent: Special
Description: A buyer’s agent is an agent who is engaged by a buyer to represent the buyer’s interests.
Dual Agent
Type of agent: Special
Description: Dual agents represent both the buyer and seller in the same transaction.
Sub-Agent
Type of agent: Special
Description: A sub-agent works under another agent with the principal’s permission to perform some of the acts of agency. Both principals and their agents are liable for the sub-agent.
Broker’s Agent
Type of agent: Special
Description: A broker’s agent is an agent (possibly from another firm) who works under another agent. This role is similar to a sub-agent, but does not have the principal’s permission. The principal is not liable for the broker’s agent, but the principal’s agent is liable.
Finder or Middleman
Type of agent: Non-agent
Description: A finder introduces the buyer and seller. This person does not represent either party and performs no other duties.
Tenant’s Agent
Type of agent: Special
Description: A tenant’s agent assists the tenant in locating and securing an appropriate property to lease.
Landlord’s Agent
Type of agent: Special
Description: A landlord’s agent assists the landlord in finding a tenant.
