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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| Broker | show 🗑
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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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| show | 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.
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| Cooperating Broker | show 🗑
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| Customer | show 🗑
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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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| show | 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.
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| Exchange | show 🗑
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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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| show | an agreement to keep open, for a set period, an offer to sell or lease real property.
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| show | the purchaser under an option contract.
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| show | the seller under an option contract.
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| Client | show 🗑
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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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| show | 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.
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| Single Agency | show 🗑
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| show | an agent who works under another agent.
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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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| show | selling one product only if the buyer agrees to purchase another product as well.
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| Unlicensed Personal Assistant | show 🗑
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