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Real Estate Knowledge OR > Vocabulary > Flashcards

Vocabulary Flashcards

Orient to the Vocabulary Used in Real Estate/Oregon.

1
Q

Individual who holds a state-granted real estate license. In Oregon.

A

Licensee

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2
Q

Primary purpose is to self-police its members and implement a strict code of ethics to be followed by all members when it comes to interacting with the public or other?

A

REALTOR®

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3
Q

Also known as the listing agent or

A

Seller’s Agent

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4
Q

Also called the selling agent

A

Buyer’s Agent

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5
Q

Is the licensee representing a buyer in finding a property to buy and throughout the subsequent purchase transaction.

A

Buyer’s Agent/Selling Agent.

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6
Q

The brokers associated with the principal broker are?

A

Subagent

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7
Q

Is the agent of an agent

A

Subagent

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8
Q

Licensee who has disclosed and received permission to act as the agent for more than one party to a real estate transaction?

A

Disclosed Dual Agent

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9
Q

In Oregon, the disclosed dual agent is called?

A

Disclosed limited agent

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10
Q

Sometimes called the appointed agent?

A

Designated Agent

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11
Q

Licensee chosen by the managing licensee to act as the agent for the buyer or seller

A

Designated Agent

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12
Q

Also called the transaction facilitator

A

Transaction Broker

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13
Q

______ or ______ is allowed in some states that allow non-agency relationships with the public.

A

Transaction Broker or Transaction facilitator

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14
Q

Oregon allows three types of real estate licenses. Which are they?

A

Principal Broker, Broker and Property Manager

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15
Q

The parties to the real estate agency relationship are?

A 
Principal,
Agent,
Subagent,
Third party
Customer
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16
Q

The person who hires the agent and delegates to that agent the authority of representing their interests; the client

A

Principal

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17
Q

the _____ is a seller, buyer, landlord, or tenant

A

Principal

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18
Q

These are the different types of principals that can exist in an agency relationship?

A

Undisclosed.
Partially disclosed.
Disclosed

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19
Q

______ Is a client whose identity and existence are kept secret and not disclosed by the agent

A

Undisclosed Principal

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20
Q

All of the parties involved in dealings with the agent representing an ______ ______ are led to believe that the agent is the principal and is not representing a client.

A

Undisclosed Principal

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21
Q

Famous individuals and well-known development companies are two examples of those who try to protect their identities by using the

A

Undisclosed Principal

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22
Q

third parties will know that the principal exists, but they won’t see the principal’s identity

A

Partially Disclosed Principal

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23
Q

While not common in real estate, a ____ is sometimes necessary to protect the identity of the principal for the same reasons as the undisclosed principal

A

Partially disclosed principal

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24
Q

All parties are open and known when signing an offer

A

Disclosed Principal

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25
Q

One who represents the principal in dealings with third parties

A

Agent

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26
Q

There are three types of agents., hat are they?

A

Universal
General
Special

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27
Q

The ______ agent represents a principal in all matters that can be delegated by a principal to an agent

A

Universal Agent

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28
Q

This delegation is broad and includes the authority to enter into contracts and sign other legal documents on behalf of the principal

A

Universal Agent

29
Q

A power of attorney or court order gives the authority to act as a_____ agent.

A

Universal Agent

30
Q

Typically, real estate licensees are not given universal agency authority but sometimes work with the _______ agent of a buyer or seller.

A

Universal agent

31
Q

The ______ agent can represent the principal in all matters that can be delegated (that the principal can legally entrust to another person).

A

Universal agent

32
Q

The _________ represents a principal in all business matters of a particular kind, business matters of a specified range, or business matters in a particular place

A

General Agent

33
Q

. The _______ agent can enter into binding contracts while operating within the scope of the authority given in the agency agreement

A

General Agent

34
Q

A general power of attorney is one way to create this type of agency relationship

A

General Agent

35
Q

The _______ agent represents a principal in all business matters of a particular kind, business matters of a specified range, or business matters in a particular place and can contract on behalf of the principal

A

General

36
Q

The ______ agent has limited and specific authority, usually to represent a principal in a single transaction

A

Special Agent

37
Q

The principal retains most rights and responsibilities and authorizes the agent to perform limited and specific tasks, such as finding a buyer for a property and negotiating the purchase

A

Special Agent

38
Q

The _______ agent is the most common type of agency relationship in real estate brokerage

A

Special Agent

39
Q

The _____ agent can represent the principal in one business transaction, cannot normally contract for the principal, and is the type of agency that characterizes the real estate brokerage business.

A

Special Agent

40
Q

A legal document known as a _________ is another method used to appoint an agent

A

Power of Attorney

41
Q

A __________ is often given by a seller or buyer to grant authority to another person to sign contracts and closing documents on their behalf

A

Power of Attorney

42
Q

The person signing under the authority of a power of attorney is known as an attorney-in-fact.

A

Attorney-in-fact

43
Q

The person signing under the authority of a _________ is known as an attorney-in-fact.

A

power of attorney

44
Q

A _________ is a person an agent deals with as a representative of their principal

A

Third Party

45
Q

When a buyer hires a broker to find a house, the broker is their agent, the buyer is the client, and the seller is the ______?

A

Third Party

46
Q

When the broker is hired to sell a property, the broker is the agent, the seller is the client, and the buyer is the ________?

A

Third Party

47
Q

For example, the buyer’s lender, home inspector, and the escrow company are all _________ to the transaction

A

Third Parties

48
Q

Which describes an unrepresented buyer?

A

A customer

49
Q

Under the statute of frauds, the following express agreements must be in writing to be enforceable

A

Listing agreement
Real Estate Sale Agreement
Property management agreement
Right to lease property agreement

50
Q

Agency relationships are defined by how they get created. These different types of agency relationships are

A 
Express agency
Implied agency
Agency by ratification
Agency by estoppel
Agency by necessity
51
Q

Which three documents are required to be in writing?

A

Real estate sale agreement, listing agreement, property management agreement

52
Q

What is an express agency agreement.

A

An agreement created in writing when compensation is expected by the agent.

53
Q

________ means that the parties act as if they are in an agency agreement

A

Implied Agency

54
Q

When more than one agency relationship exists with the same agent during the same transaction, whether intentional or not, express or implied, it creates a _____________

A

conflict of interest

55
Q

A ____________ prevents the agent from representing the best interests of the collective clients

A

Conflict of Interest

56
Q

Actions or conduct that create an implied agency can also create an __________.

A

Accidental Agency

57
Q

________ to confirm or consent to something done or arranged by an agent.

A

Ratify

58
Q

Ratify

A

Confirming or consenting to something done or arranged by an agent.

59
Q

Estoppel

A

Is a legal term, used to stop and individual from changeing their story. For example I was the agent but later the principal would state that I was not their agent.

60
Q

Oregon terminology: In Oregon, dual agency is called?

A

Oregon terminology: In Oregon, dual agency is called Disclosed Limited Agency.

61
Q

Use the acronym “AC is COLD” to remember these fiduciary duties the agent owes to the principal.

A
  • Accounting
  • Care (also sometimes referred to as skill, care, and diligence or reasonable care and diligence)
  • Confidentiality
  • Obedience
  • Loyalty
  • Disclosure (also sometimes referred to as full disclosure)
62
Q

What is a fiduciary?

A

-An agent

A fiduciary owes a fiduciary duty to another individual; an agent is a fiduciary.

63
Q

What is Commingling?

A

Commingling is depositing trust funds into any account that is not a designated trust account.

64
Q

What is conversion?

A

Stealing; If the agent uses funds to be held in trust, the agent is guilty of conversion.

65
Q

Describe Conversion.

A

Conversion is a breach of the fiduciary duty of accounting, a civil wrong, and a criminal act. Conversion occurs when the agent converts the personal property of the client to personal use. Conversion and commingling are violations of the duty of accounting.

66
Q

What is CMA?

A

Current Market analysis.

67
Q

What is Confidentiality?

A

To: Disclose, reveal, tell, impart, pass on, promulgate, give away, Personal client information.

68
Q

What is Safeguard?

A

means to keep confidential any information that might weaken the principal’s bargaining position.

69
Q

What is Obedience?

A

The duty of obedience requires the agent to act in good faith at all times, according to the principal’s instructions and wishes. However, the agent cannot act illegally or unethically and should withdraw from the agency relationship if pressured by the client to act inappropriately.

Real Estate Knowledge OR (1 decks)

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