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KES RE Agency

KES Real estate agency

TermDefinition
Agency The fiduciary relationship between principle and agent in transactions.
Agent A person authorized and consents to act on behalf of the principle in dealings with a third person.
Buyer representation agreement Express agency relationship between buyer and broker. Similar to listing agreement, but stipulates responsibilities of broker to buyer.
Buyer's Agent Represents the buyer
Client Principle, but does not always imply agency
Customer Third party or non represented consumer. (May be represented by seprate agent) entitled to factual information, but not advice.
Designated agency A process that accommodates in house sales where two different agents are involved.
Designated agent Also called assigned agency or appointed agency. Accommodates in house sales. Broker assigns rep to buyer and another to seller. Disclosure is required.
Dual agency Agent represents both buyer and seller
Express agency Created by oral or written contract.
Express agreement An oral or written contract in which parties state contract's terms and express their intentions in words.
Fiduciary Relationship of trust of agent by principle
Fiduciary relationship Means means the broker owes the principle certianly duties
Fraud Intentional misrepresentation of facts, failure to disclose or concealing facts as intent to harm or take advantage of another
General agent Represents principle in broad rage of matters related to a business or an activity. (Think property manager)
Implied agency Agency created by parties' behavior.
Implied agreement Parties act as if agency exists.
Latent defect A hidden structural defect. (Roof leaks during rain)
Law of agency typically includes the def of, Agent, Principle, Agency, fiduciary, client, customer,non agent
Patent defect Obvious defects, plainly seen.
Listing agreement Written employment agreement (contract) between client and broker.
Negligent misreprentation When RE pro. Should have known material facts were false, does not need to be intentional
Nonagent Facilitator, intermediary representations both parties assisting one or both parties in a transaction.
Principle One who hires agent and delegates responsibility to the agent representation
Puffing Exaggerating a property's benefits
Single agency Agency represents only one of the parties of a transaction.
Special agent (Limited agent) authorized to represent principle in one specific act of business transaction
Transaction broker (Facilitator contract broker, trans coordinator.) a Nonagent helps with ministerial acts. Not allowed to negotiate or disclose confidential info. However, must disclose known defects in the property.
Universal agent Empowered to do anything the principle could do personally
Estoppel Method creating agency relationship in which someone states incorrectly that another is their agent and third party relies on that representation. (Agency cannot be denied by principle)
Agency relationships are governed by 3 Common law, statutory law, administrative law
Common law Rules est. by tradition and court rulings
Statutory law Law enacted by legislature (by statute)
Administrative law Rules and regs created by RE commissions + departments as authorized by legislature
Caveat emptor Let the buyer beware
A sales associate acts ... On behalf of the broker
The broker is the principle in dealings with? The sales associate
6 common law fiduciary responsabilities Care, obedience, loyalty, disclosure, accounting, confidentiality
COLD-AC Care, obedience, loyalty, disclosure, accounting, confidentiality
Agent responsibilities to customer Reasonable care, honest fair dealings, disclosure
ars 32-2156 Stigmatized property law.
Megan's law Promotes state registration systems of offenders of sex crimes against children, kidnapers of children, and violent sex crimes.
Created by: KimSchroeder