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Unit#4

AGENCY-GA

TermDefinition
Agency The relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transactions.
Agent One who acts or has the power to act for another. A fiduciary relationship is created under the law of agency when a property owner, as the principal, executes a listing agreement or management contract authorizing a licensed real estate broker to be his
Brokerage Relationships in Real Estate Transactions Act (BRRETA) The law (O.C.G.A. § 10-6A-1) that governs the law of agency in Georgia.
Buyers Agent A residential real estate broker or salesperson who represents the prospective purchaser in a transaction. Owes the buyer-principal the common-law or statutory agency duties.
Brokerage The bringing together of parties interested in making a real estate transaction.
Buyers Agent A residential real estate broker or salesperson who represents the prospective purchaser in a transaction.
Client The principal
Customer The third party or nonrepresented consumer for whom some level of service is provided
Designated Agency (Dual Agency) A process that accommodates an in-house sale in which two different agents are involved. The broker designates one agent to represent the seller and one agent to represent the buyer.
Dual Agency Representing both parties to a transaction. This is unethical unless both parties agree to it, and it is illegal in many states.
Express Agency An agency relationship based on a formal agreement between the parties.
Express Agreement An oral or written agreement in which the parties state the contract's terms and express their intentions in words
Fiduciary One in whom trust and confidence is placed; a reference to a broker employed under the terms of a listing contract or buyer agency agreement.
Fiduciary Relationship A relationship of trust and confidence, as between trustee and beneficiary, attorney and client, or principal and agent
Fraud Deception intended to cause a person to give up property or a lawful right.
General Agent One who is authorized by a principal to represent the principal in a specific range of matters.
Implied Agency Based on the actions of the parties that imply that they have mutually consented to an agency relationship.
Latent Defect A hidden structural defect that could not be discovered by ordinary inspection and that threatens the property's soundness or the safety of its inhabitants.
Listing Agreement A contract between an owner (as principal) and a real estate broker (as agent) by which the broker is employed as agent to find a buyer for the owner's real estate on the owner's terms, for which service the owner agrees to pay a commission.
Negligent Misrepresentation Occurs when the broker should have known that a statement about a material fact was false.
Nonagent An intermediary between a buyer and a seller, or a landlord and a tenant, who assists one or both parties with a transaction without representing either. Also known as a facilitator, transaction broker, transaction coordinator, and contract broker.
Principle A main party to a transaction—the person for whom the agent works.
Puffing Exaggerated or superlative comments or opinions.
Special Agent One who is authorized by a principal to perform a single act or transaction
Universal Agent A person empowered to do anything the principal could do personally
Created by: jozie723