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Real Estate Vocab 11
ASREB Real Estate School Vocabulary for Chapter A-11
| Term | Definition |
|---|---|
| Agency | used in RE to help determine what legal responsibilities your real estate professional owes to you and other parties in the transaction. The seller's representative (also known as a listing agent or seller's agent) is hired by and represents the seller. |
| Agency law (Law of Agency) | area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person (agent)that is authorized to act on behalf of another (the principal) to create legal relations with a 3rd party. |
| Agent | A RE broker or real estate salesperson (often called a real estate agent) is a person who acts as an intermediary between sellers and buyers of real estate/real property and attempts to match up sellers who wish to sell and buyers who wish to buy. |
| Arizona Administrative Code | where the official rules of the state of Arizona are published. The Code is the official compilation of rules that govern state agencies, boards, and commissions. |
| Assign | is a term used with similar meanings in the law of contracts and in the law of real estate. In both instances, it encompasses the transfer of rights held by one party—the assignor—to another party—the assignee. |
| Asking Price | The price that the seller, usually with help from a real estate agent, advertises when listing the house for sale. Sellers determine asking prices using a number of factors. |
| Attorney-in-fact | is a person who is authorized to perform business-related transactions on behalf of someone else (the principal). In order to become someone's attorney in fact, a person must have the principal sign a power of attorney document. |
| Authorization | Authorization to sell is a listing contract whereby a representative is employed by a seller to secure a buyer for the property. An authorization to sell does not give the agent the authority to enter into a binding contract of sale. |
| Breach | When a buyer breaches a real estate purchase contract, the seller still retains the property, which can be used in any manner the owner desires and may be sold to another buyer. |
| Brokerage | A broker is an individual person who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. |
| Client | When a listing agent works with the seller and a buyer for the same property, the seller is often a Client and the buyer is a Customer. |
| Commissioner's Rules | rules set by the real estate commissioner |
| Compensation | something, typically money, awarded to someone as a recompense for loss, injury, or suffering. |
| Customer | Person or organization that buys goods or services from a store or business. EG. in agency: the client of the other party. If you're the buyer's broker the customer would be the seller. |
| Disclosure | A fact, especially a secret, that is made known. is a document provided by a home seller to a home buyer that outlines known issues with a property and other historical details. |
| Dual Agent | most common legal arrangement in the business is for a listing agent from one company to represent the seller and a buyer's agent from another company to represent the buyer in a transaction. |
| Employee | a person employed for wages or salary, especially at nonexecutive level. |
| Employer | a person or organization that employs people. |
| Expiration | the ending of the fixed period for which a contract is valid. |
| Fiduciary | involving trust, especially with regard to the relationship between a trustee and a beneficiary. |
| General Agency | A real estate licensee acting in the capacity of a property manager is a general agent to the owner. |
| Multiple Listing Service | Is a service used by a group of real estate brokers. They band together to create an MLS that allows each of them to see one another's listings of properties for sale. |
| Power of Attorney | the authority to act for another person in specified or all legal or financial matters. a legal document giving power of attorney to someone. |
| Principal | first in order of importance. A sum of money lent or invested on which interest is paid. |
| Procuring Cause | of a transaction is the interaction between a home buyer or seller and a real estate agent that results in the purchase or sale of a property. |
| Prospect | the possibility or likelihood of some future event occurring. |
| Recover Fund | The real estate recovery fund means funds used for the reimbursement of aggrieved persons who suffer monetary damages due to acts committed by licensed real estate brokers or salesmen. Provided such act must be performed by a broker or salesman. |
| Renunciation (Renounce) | Act of renouncing/rejecting something, esp. if it's something the renouncer has previously enjoyed/endorsed. (probate law) means giving up one's right to a gift/inheritance. (contract law)refers to as creditor relinquishing rights to collect debt. |
| Revocation (Revoke) | Power of revocation means the power to revoke the legal relationship created by a person with another through a contract. ... For instance, the settlor of a trust may revoke the trust where power of revocation is validly reserved. |
| Secret Profit | Secret profit is a profit or advantage made by a promoter, director, or officer of a corporation because of his official position. Secret profit is made without bringing the transaction to the attention of the stockholders. |
| Subagent | Subagency refers to a specific client representation relationship between a property listing broker or real estate agent and another real estate broker or agent who brings the buyer to purchase the property. |
| Subrogation | the substitution of one person or group by another in respect of a debt or insurance claim, accompanied by the transfer of any associated rights and duties. |
| Tort | a wrongful act or an infringement of a right (other than under contract) leading to civil legal liability. |
| Types of Agency | Buyer’s Agency; Seller’s Agency; Dual Agency. (General, Specific, Universal) |
| Actual | existing in fact; typically as contrasted with what was intended, expected, or believed. |
| Dual | consisting of two parts, elements, or aspects. |
| Estoppel (Obstensible/implied) | the principle that precludes a person from asserting something contrary to what is implied by a previous action or statement of that person or by a previous pertinent judicial determination. |
| Ratification | the action of signing or giving formal consent to a treaty, contract, or agreement, making it officially valid. |
| Sub | act as a substitute for someone. |
| Types of Listing | Open Listing; Exclusive Agency Listing; Exclusive Right-to-Sell Listing |
| Open (non-exclusive) | Contractual agreement under which the listing broker acts as the agent & the seller(s) agrees to pay a commission to the listing broker only if the property is sold through the efforts of the listing broker |
| Exclusive Agency | Contractual agreement under which the listing broker acts as the agent & seller agrees to pay commission to listing broker if the prop is sold by the efforts of any RE broker.If propery's sold solely through the efforts of the sellers not obligated to pay |
| Exclusive Right to Sell | Contractual agreement under which listing broker acts as the agent... and the seller(s) agrees to pay a commission to the listing broker, regardless of whether the property is sold through the efforts of the listing broker |
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