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TL of A > Terms > Flashcards

Terms Flashcards

1
Q

The relationship between principal and the principal’s agent which arises out of a contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to do certain acts dealing with a third party.

A

Agency

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2
Q

One who acts for and with authority from another called the principal.

A

Agent

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3
Q

The employer of an agent; one of the main parties in a real estate transaction, such as a buyer, borrower, seller, or lessor.

A

Principal

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4
Q

Law that is derived from court decision. The body of law that grew from custom and practices developed and used in England “Since the memory of man runneth not to the contract”.

A

Common Law

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5
Q

Law that is set down by a body of legislation or by a singular legislator.

A

Statutory Law

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6
Q

A person or an organization acting as the agent for others in negotiating the purchase and sale of real property or other commodities for a fee.

A

Real Estate Broker

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7
Q

A person performing any of the acts included in the definition of real estate broker but while associated with and supervised by a broker.

A

Real Estate Salesperson

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8
Q

A licensed real estate broker who chooses to work under the name and supervision of another licensed broker.

A

Associate Broker

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9
Q

A licensee who is licensed under a broker, or who has entered into a written contract with the broker to act as the broker’s agent in a real estate transaction.

A

Associate Licensee

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10
Q

Prior to signing a listing agreement, a party in a real estate transaction who will employ an agent.

A

Client

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11
Q

The party the agent brings to the principal as seller or buyer of the property.

A

Customer

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12
Q

A person in a position of trust and confidence, as between principal and broker; broker as a fiduciary owes certain loyalty which cannot be breached under the rules of agency.

A

Fiduciary

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13
Q

That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure.

A

Fiduciary Duty

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14
Q

The relationship between principal and the principal’s agent which arises out of a contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to do certain acts dealing with a third party.

A

Agency

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15
Q

An agent that can serve the principal in any capacity.

A

Universal Agent

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16
Q

An agent with full authority over one property of the principal, such as a property manager.

A

General Agent

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17
Q

An agent with limited authority to act on behalf of the principal, such as created by a listing contract.

A

Special Agent

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18
Q

A person in a position of trust and confidence, as between principal and broker; broker as a fiduciary owes certain loyalty which cannot be breached under the rules of agency.

A

Fiduciary

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19
Q

That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure.

A

Fiduciary duty

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20
Q

The fiduciary relationship that obligates the agent to act in good faith at all times, obeying the client’s instructions in accordance with the contract.

A

Obedience

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21
Q

An agent’s duty to place the client’s interest above those of all others, including the agent’s own self-interest.

A

Loyalty

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22
Q

An agent is obligated to safeguard his/her principal’s lawful confidences and secrets. Therefore, a real estate broker must keep confidential any information that may weaken a principal’s bargaining position. The duty of confidentiality precludes a broker who represents a seller from disclosing to a buyer that the seller can, or must, sell a property below the listed price. Conversely, a broker who represents a buyer is prohibited from disclosing to a seller that the buyer can, or will, pay more than what has been offered for a property.
The duty of confidentiality does not include an obligation by a broker who represents a seller to withhold known material facts about the condition of the seller’s property from the buyer, or to misrepresent the property’s condition. To do so constitutes misrepresentation and may impose liability on both the broker and/or the seller.

A

Confidentiality

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23
Q

The release of relevant information about a property that may influence the final sale, especially if it represents defects of problems.

A

Disclosure

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24
Q

The degree of care and skill ordinarily used by others competently engaged in the same business.

A

Reasonable Skill and Care

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25
Q

Any fact that would influence the decision of a reasonably prudent person.

A

Material fact

26
Q

The party the agent brings to the principal as seller or buyer of the property.

A

Customer

27
Q

An expression or exaggeration made by a salesperson that concerns the quality of real property offered for sale or lease. It presents opinions rather than facts about real property.

A

Puffing

28
Q

Title which a reasonable purchaser, informed as to the facts and their legal importance and acting with reasonable care, would be willing and ought to accept.

A

Marketable Title

29
Q

A summary or digest of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership, together with any other elements of record which may impair title.

A

Abstract of title

30
Q

Insurance to protect a real property owner or lender up to a specified amount against certain types of loss (ex: defective or unmarketable title).

A

Title insurance

31
Q

A document which precisely shows the property lines, and size and location of improvements on a particular property.

A

Survey

32
Q

A contract in which a property owner employs a real estate broker to market the property described in the contract.

A

Listing Contract

33
Q

An agency relationship created by oral or written agreement between principal and the agent.

A

Express agency

34
Q

A contract that has been put into words, either spoken or written.

A

Express Contract

35
Q

Agency that exists as a result of actions of the parties.

A

Implied agency

36
Q

An agreement that has not been put into words, but is implied by the actions of the parties.

A

Implied Contract

37
Q

A listing given to only one broker who is entitled to the commission if anyone sells the property during the term of the listing contract.

A

Exclusive Agreement (Exclusive Right to Sell Listing Agreement)

38
Q

A listing given to only one broker (exclusive) who is entitled to the commission if the broker or any agent of the listing broker effects a sale but imposes no commission obligation on the owner who sells the property to a person who was not interested in the property by efforts of the listing broker or an agent of the listing broker.

A

Exclusive Agency Agreement

39
Q

A listing given to one or more brokers in which the broker procuring a sale is entitled to the commission but imposes no commission obligation on the owner when the owner sells the property.

A

Non-Exclusive Listing (Open Listing)

40
Q

A listing which provides that the agent may retain as compensation for agent’s services all sums received over and above a net price to the owner.

A

Net Listing

41
Q

A person upon whom the powers of an agent have been conferred, not by the principal, but by an agent as authorized by the agent’s principal.

A

Sub-agent

42
Q

An agent’s compensation for performing the duties of the agency; in real estate practice, a percentage of the selling price of property, percentage of rentals, etc. A fee for services.

A

Commission

43
Q

Law that is derived from court decision. The body of law that grew from custom and practices developed and used in England “Since the memory of man runneth not to the contract”.

A

Common Law

44
Q

Law that is set down by a body of legislation or by a singular legislator.

A

Statutory Law

45
Q

An agency relationship created by oral or written agreement between principal and the agent.

A

Express Agency

46
Q

Agency that exists as a result of actions of the parties.

A

Implied Agency

47
Q

An agency relationship created by oral or written agreement between principal and the agent.

A

Express Agency

48
Q

Agency that exists as a result of actions of the parties.

A

Implied Agency

49
Q

A fact, imputed to a person by law, which should have been discovered because of the person’s actual notice of circumstances and the inquiry that a prudent person would have been expected to make.

A

Constructive Notice

50
Q

The cancellation of a contract and restoration of the parties to the same position they held before the contract was entered into.

A

Rescission

51
Q

A person who acts for another but who sells final results and whose methods of achieving those results are not subject to the control of another.

A

Independent Contractor

52
Q

The employer of an agent; one of the main parties in a real estate transaction, such as a buyer, borrower, seller, or lessor.

A

Principal

53
Q

A contract in which a property owner employs a real estate broker to market the property described in the contract.

A

Listing Contract

54
Q

The system of rules that a particular country or community recognizes as regulating the actions of its members and may enforce by the imposition of penalties.

A

Law

55
Q

Moral principles that govern a person’s or group’s behavior.

A

Ethics

56
Q

Federal legislation including imposition of civil and punitive damages for anti-trust activities.

A

Sherman Anti-Trust Act

57
Q

The name given to the federal statutes and regulations (Regulation Z) which are designed primarily to insure that prospective borrowers and purchasers on credit receive credit cost information before entering into a transaction.

A

Truth-in-Lending Act (TILA)

58
Q

A federal Prohibition on discrimination in sale, rental, financing, or appraisal of housing on the basis of race, color, religion, gender, national origin, handicap, or familial status.

A

Fair Housing Act of 1968

59
Q

A federal law protecting the rights of individuals with physical or mental impairments.

A

Americans with Disabilities Act (ADA)

60
Q

The intentional and successful employment of any cunning , deception, collusion, or artifice, used to circumvent, cheat or deceive another person whereby that person acts upon it to the loss of property and to legal injury.

A

Fraud

61
Q

False statements made negligently or innocently.

A

Misrepresentation

62
Q

Damages simply for the purpose of punishment.

A

Punitive Damages

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