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Georgia Real Estate

Chapter 9

TermDefinition
Universal agency the principal gives the agent legal power to transact matters of all types on the principal’s behalf on a continuing basis.
General Agency the agent is given the power to bind the principal in a particular trade or business on a continuing basis.
Special Agency the principal empowers the agent to perform a particular act or transaction with no continuity expected or agreed upon.
Ostensible Authority is an agency relationship that is created by the conduct of the principal.
Agency by ratification established after the fact. If an agent were to secure a contract for a principal and the principal then ratifies or agrees to the contract, a court may rule that the agency was created at the time that the initial negotiations were started.
Commingling A broker places money belonging to a client or customer in a personal account.
Broker owes Client loyalty, obedience, confidentiality and full disclosure, not the customer.
latent defect A latent defect is one that is concealed, hidden or could only be recognized by a trained eye. A seller is always required to disclose if they have knowledge of a latent defect.
patent defect A patent defect is one that is in the open and would not take training or specific expertise to recognize the problem.
puffing statements that are merely an opinion or extravagant statements that a reasonable person would recognize as exaggeration.
dual agency When the same broker represents two or more principals in the same transaction.
designated agency There are two clients and one broker, there are two salespeople designated by the broker to represent the individual interest of each client.
Termination of Agency Death Expiration Agreement Revocation or Renunciation Incapacity Extinction of the Subject Matter
Revocation refers to the unilateral cancellation by the principal.
Renunciation refers to the unilateral cancellation by the agent.
Price fixing Two or more people conspiring to charge a fixed fee, having an anticompetitive effort.
boycotting Two or more people conspiring to restrain competition. A violation of the Sherman Antitrust Act.
monopoly business becomes so dominant that no one can compete, it can be considered an illegal monopoly. Just like in the board game, a monopoly leads to everyone going bankrupt, except for the holder of the monopoly. This is a violation of Sherman anti-trust.
tie-in agreement when one contract is tied to another.
Agency An agency is created when one person, the principal, delegates to another person, the agent, the right to act on the principal’s behalf.
Created by: user-1812658
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