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F - Chapter 12

Agency and Brokerage

QuestionAnswer
agency a legal relationship in which one party, called the principal, authorizes another, called the agent, to act in the principal's behalf (page 253
broker an intermediary or go-between whose primary function is to facilitate a transaction (page 254)
buyer's broker a buyer who has contracted to locate real estate for a buyer (page 266)
dual agency a transaction in which an agent represents both principals (page 268)
exclusive agency a listing in which the seller gives one broker authority to procure a buyer for property but also retains the right to sell the property without the broker's services (page 256)
exclusive right to sell a listing in which the seller gives one broker authority to procure a buyer for property, but the broker is entitled to a commission if the seller procures the buyer (page 256)
express authority authority a principal confers on an agent explicitly; it may be conferred orally or in writing (page 258)
implied authority an agent's authority to do those acts necessary and proper to accomplish the express terms of the agency (page 258)
independent contractor a person who is retained to do a job, using his or her own judgment as to how the work will be done (page 255)
multiple-listing service an organization among brokers who have contracted to agree to share listing with each other (page 257)
open listing a brokerage agreement that entitles the broker to a fee only if his or her activities bring about the sale. The property may be listed with several brokers (page 257)
ready, willing and able buyer a buyer who is capable of present performance to complete the deal (page 273)
real estate sales associate a person employed by a real estate broker who lists and sells real estate (page 277)
transaction brokers brokers who act as finders, putting sellers and buyers in contact with one another to facilitate the progress of the deal (page 270)
Created by: rainesv
 

 



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