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Real Estate - Ch. 9

Real Estate 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 representation agreement A principal-agent relationship in which the real estate professional acts on behalf of the buyer, usually as an agent, with fiduciary responsibilities to the buyer.
buyer’s agent A real estate professional who is under contract to locate property for a buyer and represent the buyer’s interests in a transaction.
client The principal in an agency relationship or other form of representation.
customer The third party or nonrepresented consumer for whom some level of service is provided.
designated agency A process that accommodates an in-house sale in which two different agents are involved. Tie broker designates one agent to represent the seller and one; agent to represent the buyer.
designated agent A real estate professional authorized by a broker to act as the agent for a specific principal in a particular transaction; also may be called assigned agent or appointed agent.
dual agency Representing both parties to a transaction. This is unethical unless both parties agree to it, and it is illegal in some 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 real estate professional employed under the terms of a listing contract or buyer representation 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 If the actions of the parties imply that they have mutually consented to an agency relationship, an implied agency relationship is formed.
implied agreement A contract under which the agreement of the parties is demonstrated by their acts and conduct.
latent defect A hidden structural defect that could not be discovered by ordinary inspection and that threatens a property’s soundness or the safety of its inhabitants.
listing agreement A contract between an owner (as principal) and a real estate professional (as representative of the owner).
negligent misrepresentation Occurs when the real estate professional should have known that a statement about a material fact was false.
nonagent An intermediary between a buyer and a seller, or a landlord and a tenant, who assists one or both parties with a transaction without representing either.
principal (1) A sum loaned or employed as a fund or an investment, (2) The original amount (as in a loan) of the total due , (3) A main party to a transaction
puffing Exaggerated or superlative comments or opinions.
single agency Agency relationship in which the agent represents only one party to a transaction.
special agent One who is authorized by a principal to perform a single act or transaction; a real estate professional is usually a special agent authorized to find a ready, willing, and able buyer for a particular property
subagent A cooperating agent working with the broker on behalf of the broker’s client.
transaction broker Helps both the buyer and the seller with paperwork and formalities in transferring ownership of real property, but who is not an agent of either party.
universal agent A person empowered to do anything the principal could do personally.
Created by: katiestapley
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