Unit 9: real estate agency Flashcards
agency
The relationship between a principal and an agent where in the agent the agent is authorized to represent the principal in certain transactions.
agent
one who acts or has the power to act for another fiduciary relationship is created under the law of agency when a property owner, as the principal, executes a listing agreement or management contract authorizing a licensed real estate broker to be his or her agent. A prospective property buyer may authorize a real estate broker to act as the buyer’s agent to find a suitable property.
boycott
When individuals or businesses withhold their patronage to a business as a protest or to reduce competitions.
branch office
A secondary place of business apart from the principal or main office from which real estate business is conducted. A branch office usually must be run by a licensed real estate professional.
buyer representation agreement
A principal-agent relationship in which the real estate professional acts on behalf of the buyer, usually as an agent, with fiduciay responsibilities to the buyer.
buyer’s broker
A residential real estate professional who represents prospective buyers exclusively.
buyer’s agent
A real estate professional who is under contract to locate property for a buyer and represent the buyer’s interests in transaction.
common law
The body of law based on custom, usage, and court decisions.
client
The principal in an agency relationship or other form of representation
consent
Expressing or implying permission, approval, or agreement of an action or decision.
conversion
The illegal use of money recieved on behalf of the principal
Customer
The third party or nonrepresented consumer for whom some level of service is provided.
designated agency
A process that accommodates an in-house sale in which two different agents are involved. The broker designates one agent to represent the seller and one agent to represent the buyer.
designated agent
A real estate professional authorized by a broker to act as the agent for a specific principal in a a particular transaction; also may be called assigned agent or appointed agent.
deisclosure
Relevant information or facts that are know should have been known.