Unit 9: Real Estate Agency Flashcards
Fiduciaries come from____
Common Law
What is Common Law?
The rules established by tradition and court decisions.
The Individual who is authorized and consents to represent the interest of another person in dealings with a third person is?
An agent
The Individual who hires the agent and delegates to that agent, the responsibility of representing the principles interest is?
Principle
The Judiciary relationship between the principal and the agent by which the agent is authorized to represent the principal in one or more transactions is?
Agency
The Relationship in which the agent is held in a position of special trust, and confidence by the principal is?
Fudiciary
The Principal in a real estate transaction for whom a real estate broker acts as agent is?
Client
Principal is also known as…
Client
Non-agent is also known as…
Title company
The third-party or non-represented consumer, who is not a principal, but for whom some level of service may be provided, and who is entitled to fairness and honesty is?
Customer
Someone who works with a buyer and a seller assisting one or both parties with the transaction without representing either parties interest is?
Non-agent
The ____ is the principle to whom the agent gives advice and counsel
Client
The other agents client is known as the…
Customer
An agency relationship may be created by an oral or written agreement between the parties, which is an…
Express agency
An agency relationship may also result from the parties behavior, creating a…
Implied agency
Express agency is…
A written agreement
The principal and the agent may enter into a contract or an _____ in which the parties formally expressed their intention to establish an agency and state its terms and conditions
Express agreement
An agency relationship between a real estate seller and the broker is generally created by a written employment contract commonly called a…
Listing agreement
An express agency relationship between a buyer and a broker is created by an
Buyer representation agreement
An agency may also be created by ____. This occurs when the parties act as though they have mutually consented to an agency, even if they have not entered into a formal agency agreement.
Implied agreement
The agents b_____of trust and confidence mean that the real estate broker owes the principal certain duties.
Fiduciary relationship
The six duties of care are…
Obedience, loyalty disclosure, accounting, and confidentiality
The illegal use of interested money is…
Conversion
A ______may represent the principle in a broad range of matters related to a particular business or activity
General agent
A _____ is authorized to represent the principal and one specific act or business transaction only
Special agent
In _____, the agent represents only one party to the transaction
Single agency
In _____, the agent represents two principles in the same transaction
Dual agency
Indoor agency, the agent has unified ___to their clients.
Loyalty
Dual agency is…
Limited agency
_______ Is available in some states to accommodate an in-house sale which two sales associates of the same broker are involved
Designated agency
A ___ is not an agent of either party
Non agent
Puffing is known as
Exaggeration of a property benefits.
The intentional misrepresentation of a material fact in such a way as harm or take advantage of another person is…
Fraud
Occurs when the real estate professional should have known that a statement about a material fact was false.
Negligent misrepresentation
A hidden structural defect that would not be discovered by ordinary inspection is…
A latent defect
