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NE Real Estate

NE Real Estate Unit 9

TermDefinition
fiduciary relationship btwn trustee and beneficiary
express agency formal agreement btwn parties
fraud deception intended to cause a person to give up property or a lawful right
fiduciary one whom trust in placed in under the terms of a listings contracts or buyer rep agreement
express agreement oral or written contract, states terms and express intentions in words
general agent an appointed representative to the principal in a specific range of matters
implied agency actions of parties imply mutual consent to an agency
universal agent a person empowered to do anything the principal can do personally
implied agreement a contract demonstrated by their acts and conduct
single agency agent represents only one party to a transaction
special agent an appointed representative to the principal to perform a single act or transaction
principal the main party to a transaction, who the agent works for
latent defect hidden structural defect not discovered by reg inspection and threatens inhabitants; duty to inspect for and disclose these
puffing exaggeration
transaction broker helps both buyer and seller w/paperwork and formalities with RP, not an agent
nonagent an intermediary btwn 1 or both parties w/a transaction w/o representing either
law of agency btwn principal and agent, authorized to rep the principal in certain transactions
designated agency in-house sale which one broker designate 1 agent to rep the buyer and another agent to rep the seller
dual agency representing both parties to a transaction; unethical unless both parties agree
listing agreement contract btwn owner and agent to find a buyer; agrees to pay commission
designated agent an agent authorized to act for a specific principal in a particular transaction
negligent misrepresentation agent should have known something was false
customer 3rd party or nonrep consumer gets some level of service provided
cleint the principal
agency btwn principal and agent
buyers agent under contract for the buyer's interest in a transaction
buyer representation agreement agents on behalf of the buyer's interest
agent one who acts or has power to act for another
Created by: SevitaM
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