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Ch1-3 Prac/Agency
Real Estate Practice and Agency
| Term | Definition |
|---|---|
| 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. |
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