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Ch 4

Agency

TermDefinition
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
Buyer's 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.
Client AKA principal
Customer 3rd party or nonrepresented consumer for whom some level of service is provided
Designated agent A licensee authorized by a broker to act as the agent for a specific principal in a particular transaction
Designated 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 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 contract 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 a 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
Implied agreement A contract under which the agreement of the parties is demonstrated by their acts and conducts
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. Some states impose on sellers and licensees a duty to inspect for and disclose these.
Law of agency A fiduciary relationship is created under this when a property owner, as the principal, executes a listing agreement or management contract authorizing a licensed real estate broker to be his or her agent
Listing agreement A contract between an owner (principal) and real estate broker (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 wrong
Nonagent An intermediary between buyer/seller or landlord/tenant who assists one or both parties with a transaction without representing either. AKA facilitator, transaction broker, transaction coordinator, contract broker
Principal 1. A sum loaned or employed as a fund or an investment, as distinguished from its income or profits. 2. The original amount(as in loan)of the total due and payable at a certain date 3. 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; a real estate broker is usually a ____ authorized to find a ready, willing, and able buyer for a particular property
Universal agent A person empowered to do anything the principal could do personally
Created by: ncoffill
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