State Specific Flashcards
The fiduciary relationship that results from the manifestation of consent by one person to another that the other shall act on his behalf and subject to his control, and consent by the other so to act
Agency Relationship
The one for whom action is taken is the principal and the one who is to act is the agent.
Agency relationship
This is between the brokerage firm and the principal
Agency Relationship
When someone without any authority holds himself out as an agent working for a principle. If the principle takes no action to stop the “agent” then the principle himself will be “stopped” from asserting they are not his agent
Apparent Agency
An automatic offer that is made by a listing agent to all other members of the MLS when he submits the sellers to a traditional MLS the offer is accepted whenever an agent shows the listed property without rejecting the offer
Blanket Unilateral Offer of Subagency
The agency relationship that exists between a buyer principal and the buyers agent
Buyer Agency
The practice of representing only the buyer and never the seller in a transaction
Buyer Agent Exclusively
A real estate agent who is completely employed by and represents only the buyer in a real estate transaction, regardless of whether the commission is paid by the buyer or the seller or through a commission split with the listing agent
Buyers Agent
A buyer or seller represented by an agent who is subject to that buyers or sellers control, also called the principal
Client
A disclosure for offers to purchase or lease on behalf of two or more clients represented by the same licensee for the same property that the licensing knows has known or has a reason to know we’ll be taken under consideration by the owner or owners authorized representatives during the same period of time
Contemporaneous offer disclosure
A buyer who is working with an agent who represents the seller, also known as the seller of unlisted property that is being sold to a buyer represented by a buyers agent
Customer
Any fee that is conditional upon some event occurring usually a closing
Contingent Fee
A dual agency relationship where the brokerage firm by written or oral means discloses, and receives informed consent from both the buyer and the seller to act in a dual agency capacity
Disclosed dual agency
A real estate agent who has received informed consent from both the buyer and the seller in the same transaction to act in a dual agency capacity
Disclosed dual agent
An agency relationship where the brokerage firm represents both the buyer and the seller in the same transaction to act in a dual agency capacity
Dual agency
A person who assists the parties to a potential real estate transaction in communication, interposition, and negotiation to reach agreement between among them without being an advocate for the interest of any party, except the mutual interest of all parties to reach agreement, also known as as an intermediary
Facilitator
Cold AC
CONFIDENTIALITY
OBEDIENCE
LOYALTY
DISCLOSURE
ACCOUNTING
CARE
Fiduciary duties
Any agency relationship that is indicated by the words and or actions of the agent rather than by a written agreement
Implied agency
A person’s agreement to allow something to happen that is based on full disclosure of facts needed to make the decision intelligently example knowledge of liability involved alternatives
Informed consent
A sale in which one real estate brokerage company acts both the listing and selling agent
In company sale
An agent of the seller who markets the sellers property usually exclusively and represents the seller during the sale and closing of the property, also known as sellers agent
Listing agent
An organized system created to disseminate information about listed properties and through which members offer cooperation and compensation to their participants, usually a committee of a board or corporation owned by a board
Multiple listing service
MLS policy that allows listing agents to indicate the fee they will pay a buyers agent as well as the fee. They will pay to a sub agent upon a successful closing an offer of sub agency is mandatory also known as alternative MLS, but is not in all markets.
MLS plus
The approximate cause or originating a series of events that without breaking their continuity results, the accomplishment of the objective a real estate broker will be regarded as the procuring cause of a sale so as to be entitled to commission, if the brokers efforts are the foundation on which the negotiations resulting in a sale are begun
Procuring cause
