Concepts of Agency Law
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| show | 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.
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| Agent | show 🗑
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| Branch Office | show 🗑
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| show | 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.
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| show | 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.
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| Buyer's Broker/Agent | show 🗑
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| Cooperating Broker | show 🗑
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| show | a person who receives services given on behalf of and for the benefit of a client.
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| show | 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.
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| Dual Compensation | show 🗑
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| show | a way to defer capital gains tax by exchanging like property for like property.
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| Fiduciary | show 🗑
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| Licensee | show 🗑
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| Listing Broker/Agent | show 🗑
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| show | 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
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| Option to Purchase | show 🗑
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| show | the purchaser under an option contract.
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| Optionor | show 🗑
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| show | the person who employs an agent to perform a service on her/his behalf.
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| Principal | show 🗑
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| show | the location/address where the principal broker is employed and the office on record at the department for the licensee.
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| Salesperson | show 🗑
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| Selling Broker/Agent | show 🗑
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| Single Agency | show 🗑
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| Subagent | show 🗑
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| show | a real estate office which is established for a temporary purpose such as an office in a condominium development.
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| Tie-In Agreement | show 🗑
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| show | person not licensed under chapter 452 or licensed but not employed for the purpose of providing services for which a license is required.
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