Types of Agencies Flashcards
1
Q
A
2
Q
Condemnation
A
the seizure of private property by government through the use of a legal concept known as eminent domain
3
Q
Revocation
A
client (principal) in a single agent brokerage agreement fire their agent,
4
Q
Renunciation
A
Broker in a single agent brokerage decide to leave an agency relationship with principal
5
Q
Abandonment
A
If the agent is not actively pursuing the goals of the agency agreement, they have breached the agreement
6
Q
Agency coupled with interest
A
term used to describe when a broker has a financial or security interest in the subject property beyond that found in a typical transaction
7
Q
Performance
A
All contractual obligations have been met considered best termination
