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Unit 4

Deifinitions

TermDefinition
administrative law The body of law created by administrative agencies in the form of rules, regulations, orders, and decisions
at arm's length Conducting negotiations on one's behalf without being subject to the other party's control or influence
caveat emptor Latin for "let the buyer beware"
common law Judge-made law manifested in decrees and judgements of the courts(case law), as opposed to statutory law
consent to transition Written agreement to gain the principal's permission to a change in brokerage relationship
designated sales associates Two r/e licensees designated to represent the buyer and seller as single agents in a nonresidential transaction. The buyer and the seller must have assets of $1mil or more and sign disclosures stating their assets meet required threshold
dual agency Representing both principals in a transaction(not a legal agency relationship in Florida)
fiduciary A person in a position of trust and confidence with respect to another person
general agent Representative authorized by the principal to perform only acts related to a business or to employment of a particular nature
limited representation Transaction brokers provide a limited form of nonfiduciary representation to a buyer, seller, or both in a real estate transaction
no brokerage relationship Broker doesn't represent the customer(customer may be the buyer or the seller) See also nonrepresentation)
nonrepresentation a no brokerage relationship
principal The party employing the services of a real estate broker; amount of money borrowed in a mortgage loan, excluding interest and other charges
residential sale Sale of improved residential property of four or fewer units, the sale of unimproved residential property intended for use as four or fewer units, or sale of agricultural property of 10 or fewer acres
single agent Per Section 475 F.S, a broker who represents, as a fiduciary, either the buyer or the seller but not both in the sam transaction
special agent One authorized by principal to perform a particular act of transaction, without contemplation of continuity of service as with a general agent
statutory law Law created by the enactment of legislation, as opposed to law created by judicial decisions(common law)
subagent Person authorized to assist and represent the agent and whose duties are delegated by the original agent
transaction broker Broker who provides limited representation to a buyer, seller, or both in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent
agent representative; one who is authorized to act on behalf of another
customer buyer or seller
Created by: happythivo