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Unit *3
| Term | Definition |
|---|---|
| Agent | One who undertakes to transact same business or to manage some affair for another by authority of the latter |
| Antitrust Laws | Laws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinations formed to minimize competition (i.e price fixing and allocation of customers or markets) |
| Attorney in Fact | Person authorized to act under a power of attorney |
| Broker | One who buys and sells for another for a fee |
| Buyers Broker | A real estate broker retained by a prospective purchaser who becomes the brokers principal or client and to whom fiduciary duties are owed |
| Client | The one whom a broker is employed in an agency relationship |
| Code of ethics | Standards of conduct adopted by the National Association of REALTORS |
| Commission | Payment to a broker for services rendered, such as in the sale or purchase of real property |
| Consumer Information Statement (CIS) | Written explanation of agency relationships presented to buyers and sellers |
| Customer | 3rd party in a transaction owed honest treatment but not owed fiduciary duties |
| Dual Agency | Representing both parties in a transaction |
| Errors and Omissions (E & O) Insurance | A form of malpractice insurance for real estate licensees |
| Fiduciary | One legally placed in a position of trust and confidence |
| Fiduciary Relationship | A relationship of trust and confidence as between trustee and beneficiary, attorney, and client, or principal and agent |
| Fraud | Intentional deception that harms another |
| Fraudulent Misrepresentation | Intentional fraud and or deliberate lying |
| General Agent | One authorized to act for his or her principal in a wide range of matters |
| Graduate Realtor Institute (GRI) | Designation awarded by the National Association of REALTORS after specific study |
| Independent contractor | Salesperson who sets his or her own hours and who is not covered by income tax withholding; contrasted with an employee |
| Innocent Misrepresentation | Unintentional misleading of a buyer committed in ignorance |
| Latent Defect | Problem with property not discovered by ordinary prudent inspection |
| Disclosure | It is the agent's duty to pass on to the principal all facts or information he or she obtained that could affect the principals business or decisions |
| Conflict of interest | May occur when the agent is called to a listing interview and finds a seller ready to let the property go at a ridiculously low price |
| Megan's Law | A NJ law requiring that communities be alerted to the presence of a convicted sex offender. All contracts must include a Megan's Law statement advising purchasers and lessee's that a list of known offenders who live in the area may be obtained |
| National Association of REALTORS | Private nationwide organization of salespersons and brokers |
| Negligent Misrepresentation | Fraud committed not necessarily on purpose, by someone who should have known better |
| New Jersey REALTORs | Statewide group of real estate licensee's who chose to join the organization |
| Off-Site Conditions | In NJ, licensees must disclose conditions beyond the limits of a property, such as a hazardous waste disposal site that may be considered material facts by a prospective purchaser |
| Power of attorney | A written instrument authorizing a person, the attorney-in-fact, to act as an agent on behalf of another person |
| Principal | A main party of a transaction- the person for whom the agent works |
| Procuring cause | The broker responsible for bringing a sale |
| Puffing | Exaggerated or superlative comments or opinions made to induce buyers to buy, not as representation of fact and thus not grounds for misrepresentation |
| Ready, willing, and able buyer | One who is prepared to buy property on the sellers terms and is ready to take positive steps to consummate the transaction |
| REALTOR | A registered trademark reserved for the sole use of members of the National Association of REALTORS |
| Salesperson | A person who performs real estate activities while employed by or associated with a licensed real estate broker |
| Special Agent | One authorized by a principal to perform a single act or transaction |
| Subagent | A brokers sales associate or cooperating broker in a multiple listing system in a relationship to the principal who has designated the broker as an agent |
| Transaction Broker | A licensee who works with a buyer, seller, or both without representing either one in an agency relationship |
Created by:
MAK89
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