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Session 3

Agency Basics

QuestionAnswer
Accounting An agency relationship, the agents fiduciary duty to the principal to strictly account for all monies received
Agency a RELATIONSHIP of trust and confidence when one party gives another the right to represent him to a third party
Agent The person representing the principal (Client)
Broker A person licensed under the laws of the state to transact real estate business on behalf of another (Acting as an agent)
Client A buyer or seller- or tenant or landlord- who is represented by an agent. also called principal
Confidentiality The protection of the clients confidential information.
Customers All parties involved in the transaction who are NOT represented by the agent.
Disclosure Any information or report given to a party in a transaction
Employing Broker An entity licensed by the Arizona department of real estate to operate a brokerage business
Fiduciary A person in a position of trust, held by law to high standards of good faith and loyalty
Fiduciary Duties OLD CAR Obedience/ Loyalty/ Disclosure/ Confidentiality/ Accounting/ Reasonable skill and care
Loyalty A fiduciary duty that requires a real estate licensee to put the principals interest above all others interests including their own
Material Fact Any fact that is relevant to a person making a decision; agent must disclose material facts to buyers
Obedience A fiduciary duty that requires a licensee to follow the legal instructions of the principal. obey the parameters of the agency relationship, and not stray beyond the scope of authority
Principal A buyer or seller- or tenant or landlord- who is represented by an agent. also called client
Reasonable Skill and Care A fiduciary duty that requires agents to protect clients from foreseeable harm, act in accordance with the high standards set by their profession, and perform their duties as promised.
Who is the client when a property is listed? Seller
OLD CAR Obedience/ Loyalty/ Disclosure/ Confidentiality/ Accounting/ Reasonable skill and care
Attorney-In-Fact A person specifically designated in an instrument to do something legally for another in their stead.
Bankruptcy A court process that cancels some debt and provides some relief for creditors.
Conditional Release A Mutual agreement by both parties to terminate a relationship when certain requirements have been met
Dual Agency An agency relationship where the brokerage firm represents bot the buyer and the seller in the same transaction
Employee One who is employed by the broker who can control the hour-by-hour work of the employee.
Errors and Omissions Insurance (E&O) An insurance that protects real estate licensees from liability due to mistakes or negligence.
Expressed Agent An agent whose authority is expressly communicated, in words or in writing, by the principal.
General Agent An agent authorized to handle any and all of the principals affairs in a specified job or business area.
General Liability Insurance A policy that insures against claims or lawsuits for property damage or bodily injury
Implied Agency An agency relationship created through the behavior of one or both parties
Imputed Notice notice to the agent is notice to the client
Independent Contractor Self-Employed person paid for jobs completed rather than hours worked, and responsible for setting their own hours and paying their own taxes.
Power-Of-Attorney A legal instrument that gives a person the authority to act for another as attorney-in-fact
Single Agency An agency relationship in which the brokerage represents only one party in a transaction
Subagent An agents agent.
Umbrella Insurance An insurance policy that provides extra liability coverage above other policies limits, designed to protect the insured from major claims and lawsuits, and as a result, it helps protect assets
Unconditional Release A mutual agreement by both parties to terminate a relationship without any required stipulations.
Universal Agent An agent authorized to do everything that can be lawfully delegated to a representative; generally requires a power of attorney
Vicarious Liability Principal is liable for acts of agent
Created by: Baayangle
Popular Real Estate sets

 



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