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UNIT 4

AGENCY

TermDefinition
Universal Agent Has the authority to do all acts that can be lawfully delegated to a representative. (Power of attorney-attorney in fact)
General Agent handles multiple transactions of a client
Agency coupled with an Interest
Special Agent An agency relationship created for the performance of specific acts only. This is the most common type of real estate representation.
Residential Sales
Agency a relationship in which one party authorizes another party to act as the principals representative in dealing with third parties
Statute of Frauds A law requiring that certain types of contracts, such as those pertaining to real estate, are written in order to be enforceable in a court of law.
Arms-length Transaction Occurs between willing buyer and willing seller with each party completely knowledgeable about the market. A purchaser of property between relatives (father & son) would not be an "arms length transaction".
Sub-Agency Created by two or more independent brokers representing the principal; the first broker being the primary agent and the second broker being the subagent.
single agent An agent who represents either the buyer or the seller in the transaction, but not both.
Transaction Broker An agent who provided limited representation to a buyer, a seller or both, in a real estate transaction but does not represent either in a fiduciary capacity.
designated salesperson A broker may honor the request of the parties and designate sales associates to act as single agents for different customers in the same transaction.
Even without representation, the broker owes certain duties to others. These are Deal with all parties honestly and fairly; Disclose all known facts that materially affect the value of residential property which are not readily observable to the buyer (such as change in zoning); Account for all funds entrusted to the licensee
Created by: merettelynn