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Ch1-3 Prac/Agency

Real Estate Practice and Agency

TermDefinition
Codified Arranged (laws or rules) into a systematic code.
Listing agreement A personal service contract whereby a seller hires an agent to market property and facilitate a sale.
Listing price The amount, expressed in dollars, specified in the listing agreement, for which the seller is willing to sell the real property through the listing agent.
Offer The written proposal executed by the buyer for the sale or lease of real property.
Offering price The amount, expressed in dollars, specified in an offer to purchase for which the buyer is willing to buy the property.
Principal The person who has permitted or directed an agent to act on the his or her behalf.
Real property transaction A transaction regarding real property; Only includes transactions where an agent is involved.
Created by: userjoe
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