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AGENCY-GA
Term | Definition |
---|---|
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 |