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Unit 10: Agency

Real Estate

TermDefinitionKey Points
Agency The fiduciary relationship between the principal and the agent by which the agent is authorized to represent the principal and one or more transactions
Agent The individual who is authorized and consents to represent the interests of another person and dealings with a third person
Buyer's agent A real estate professional who is under contract to locate property for a buyer and represent the buyer's interest in a transaction
Buyer's representation agreement A principal-agent relationship and which the real estate professional acts on behalf of the buyer usually as an agent with fiduciary responsibilities to the buyer
Client The principal in a real estate transaction for whom a real estate broker acts as agent
Customer The third party or non-represented consumer who is not a principle but for whom some level of service may be provided and who is entitled to fairness and honesty
Designated agent One or more of a Brokers license e-cigs Affiliates assigned by the broker to represent one client to the exclusion of all other clients in the same transaction as well as to the exclusion of all other licensees affiliated with the broker
Designated agency A process that accommodates and in-house cell 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 -it is illegal in some states
Express agency An agency relationship based on a formal agreement between the parties
Express agreement An oral or written contract in which the parties State the contract terms and express their intentions in words
Fiduciary The relationship in which the agent is held in a position of special trust and confidence by the principal
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 If the actions of the parties imply that they have mutually consented to an agency relationship
Implied agreement A contract under which the agreement of the parties is demonstrated by their acts and conduct
Latent defect A hidden structure defect that could be discovered by original inspection and that threatens a properties soundness or the safety of its inhabitants
Law of agency
Listing agreement A contract between an owner and a real estate professional by which the real estate professional is employed to find a buyer for the owner's real estate on the owners terms for which service the owner agrees to pay a commission or other form of compensation
Negligent misinterpretation Occurs when the real estate professional should have known that a statement about a material fact was false
Non agent Is not an agent of either party Facilitator, transaction coordinator, contract broker,transaction broker -job is to help both the buyer and the seller with the necessary paperwork and formalities involved in transferring ownership of real property/Minstrel Acts
Principal The individual who hires the agent and delegates to that agent the responsibilities of representing the principles interest in a real estate transaction in which a agency relationship is established the principal is the buyer or the seller or the landlord or the tenant the broker is the principal and dealings with cell Associates
Puffing Exaggerated or superlative comments or opinions
Single agency Agency relationship in which the agent represents only one party to a transaction
Special agent One who is authorized by a principal to perform a single act or transaction A real estate professional is usually a special agent authorized to find a ready willing and able buyer for a particular property when representing a seller or a specific agent authorized to find a suitable property when representing a buyer
Transaction broker
Universal agent A person and power to do anything the principal can do personally
Common law The rules establish by tradition and court decisions
Statutory law The law and knocked by the legislature
Administrative law Rules regulations created by real estate commission and departments as authorized by the legislature
Disclosure The agent's duty to keep the principal informed of all facts or information that might affect a transaction including relevant information material facts Revealing to a prospective buyer that the agent is related to the property seller
Loyalty The agent place the principles interest above those of all others including the agents own self-interest Refusing to withhold an offer from a seller until a second offer is received
Obedience Acting in good faith at all times obeying the principles lawful instructions in accordance with the contract -Following a buyer's instructions as to the type of property that is sought -the agent may not obey instructions that are unlawful or unethical
Care Using a responsible degree of skill and Enterprise and acting on a principal's behalf
Accounting The agent must be able to report the status of all funds received from or on behalf of the principal Following state law regarding the receipt of funds from clients and customers
Confidentiality Keeping the principles personal information private
Created by: Jackeeking30