Agency and Brokerage
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| 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
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| broker | an intermediary or go-between whose primary function is to facilitate a transaction (page 254)
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| buyer's broker | a buyer who has contracted to locate real estate for a buyer (page 266)
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| dual agency | a transaction in which an agent represents both principals (page 268)
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| 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)
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| 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)
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| express authority | authority a principal confers on an agent explicitly; it may be conferred orally or in writing (page 258)
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| implied authority | an agent's authority to do those acts necessary and proper to accomplish the express terms of the agency (page 258)
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| 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)
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| multiple-listing service | an organization among brokers who have contracted to agree to share listing with each other (page 257)
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| 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)
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| ready, willing and able buyer | a buyer who is capable of present performance to complete the deal (page 273)
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| real estate sales associate | a person employed by a real estate broker who lists and sells real estate (page 277)
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| 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)
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