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CARE Prin. Ch. 3-D

Real Estate Agency Definitions

TermDefinition
Principal The seller
Agent Seller's agent
Third party The buyer
Subagent Filling in for listing agent (split commission with agent)
Cooperating Agent Buyer’s agent
Broker Holds liability and who the agent works under
Actual Agency An agreement orally or in writing between the seller or buyer and seller’s agent or buyer’s agent
Ostensible Agency Seller or buyer violating law.
Estoppel Process by which the court fines the seller (principal) through so that he/she cannot evade responsibility
Agency by Ratification Action taken by agent without previous authorization from the Principal (seller)
Duel Agency Broker represents both the seller and buyer in a real estate transaction
Commingling of Trust Funds Mingling the funds of the client with the funds of the broker or licensee.
Conversion Misappropriating and using the client’s money. This crime carries a jail sentence.
False Promise False statement about what the promiser is going to do in the future
General agent Has board power to act on behalf of the principal
Special agent Has limited powers frequently confirmed to a single transaction.
Secret Profit When a real estate agent receives a profit other than the agreed commission without disclosing the nature of the profits to the principal
Trust Fund Money or other items of value that an agent receives on behalf of principal in the course of a real estate transaction that requires a license.
Fiduciary Relationship of loyalty, obedience, confidentiality and obligates the real estate agent to act in the principal’s best interests.
Recovery Fund Fund established by state of CA where public can recovery money when there are certain noncollectable court judgments obtained against a real estate licensee on the basis of fraud, misrepresentation, deceit or conversion of trust funds in a transaction.
Created by: cobiagwu
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