Concepts of Agency Law
Help!
|
|
||||
|---|---|---|---|---|---|
| Agency | is the foundation upon which real estate brokerage is practiced and is used to describe a legal and ethical relationship that is created between a real estate licensees and a buyer, seller, landlord, or tenant.
🗑
|
||||
| Agent |
🗑
|
||||
| Branch Office | location in addition to principal office of which the primary purpose is to conduct the business of real estate.
🗑
|
||||
| Broker | one who for another, and for a commission, money or other thing of value, promotes the sale, exchange, purchase, option, rental or leasing of real estate or business opportunities.
🗑
|
||||
| Business Opportunity | the sale or lease of the business and good will of an existing business, enterprise, or opportunity, including a sale of the majority of assets or stocks if the business.
🗑
|
||||
| Buyer's Broker/Agent | the firm that has entered into a buyer agency agreement with the buyer indicating that the broker will be representing the interests of the buyer. the buyer's agent is the actual person, within the buyer broker firm that procured the buyer.
🗑
|
||||
| Cooperating Broker | a broker, who works in conjunction with another broker in procuring a buyer for the seller's property.
🗑
|
||||
| Customer | a person who receives services given on behalf of and for the benefit of a client.
🗑
|
||||
| Dual Agency (Multiple Representation) | an agent representing two principals in one transaction. dual agency is legal in Wisconsin only with informed written consent of both parties to the transaction.
🗑
|
||||
| Dual Compensation | Receiving compensation related to the real estate transaction from someone other than the licensee's client without prior written consent from all parties to the transaction.
🗑
|
||||
| Exchange | a way to defer capital gains tax by exchanging like property for like property.
🗑
|
||||
| Fiduciary | one who is placed in a position of trust and confidence, normally responsible for the money and/or property of another.
🗑
|
||||
| Licensee | a term used by the WI Dept. of Regulation and Licensing to refer to any person licensed or registered under state law to practice real estate.
🗑
|
||||
| Listing Broker/Agent | the listing broker is the firm that the seller has employed under a listing agent is the agent within the employing firm who actually acquired the listing.
🗑
|
||||
| Material Adverse Fact | that a party indicates is of such significance, or that is generally recognized by a competent licensee as being of such significance to a reasonable party, that it affects the party's decision to enter into a contract or the terms of a contract
🗑
|
||||
| Option to Purchase | an agreement to keep open, for a set period, an offer to sell or lease real property.
🗑
|
||||
| Optionee | the purchaser under an option contract.
🗑
|
||||
| Optionor | the seller under an option contract.
🗑
|
||||
| Client | the person who employs an agent to perform a service on her/his behalf.
🗑
|
||||
| Principal | one who has permitted or directed another to act for her/his benefit and subject to her/his direction and control.
🗑
|
||||
| Principal Office | the location/address where the principal broker is employed and the office on record at the department for the licensee.
🗑
|
||||
| Salesperson | any person other than a broker who is employed by a broker to perform any act authorized by chapter 452 to be performed by a broker.
🗑
|
||||
| Selling Broker/Agent | the selling broker is the firm which procured the buyer for a seller. the selling agent is the actual person, within the selling broker's firm, who actually procured the buyer.
🗑
|
||||
| Single Agency | the practice of representing either the buyer or the seller but never both in the same transaction.
🗑
|
||||
| Subagent | an agent who works under another agent.
🗑
|
||||
| Temporary Site | a real estate office which is established for a temporary purpose such as an office in a condominium development.
🗑
|
||||
| Tie-In Agreement | selling one product only if the buyer agrees to purchase another product as well.
🗑
|
||||
| Unlicensed Personal Assistant | person not licensed under chapter 452 or licensed but not employed for the purpose of providing services for which a license is required.
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
bunkiebaby
Popular Real Estate sets