Types of Agents and Agencies Flashcards
1
Q
Relationship between real estate professional and person being represented
A
Agency
2
Q
Rules governing the relationship between real estate professional and person being represented
A
Law of Agency
3
Q
Someone who uses or purchases a product or service
A
Consumer
4
Q
Someone who is working with a real estate licensee but isn’t represented by him
A
Customer
5
Q
Has agency representation with real estate license
A
Client
6
Q
Someone who’s a party to a transactor OR the person for whom the agent aces
A
Principal
7
Q
Someone who acts on behalf of someone else
A
Agent
8
Q
Someone in a position of trust and loyalty
A
Fiduciary
9
Q
Someone who represents neither party in the transaction
A
Non-agent
10
Q
Determines whether the party is a client or a customer
A
Agreement
11
Q
Agent and
A
Fiduciary
12
Q
Client and
A
Principal
