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KES RE Agency
KES Real estate agency
Term | Definition |
---|---|
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. |