Real Estate Brokerage & Agency Law
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| Agency | the fiduciary relationship between the principal and the agent.
🗑
|
||||
| Agent | one who represents the interest of another person.
🗑
|
||||
| Antitrust laws | laws that prohibit monopolies and contracts, combinations, and conspiracies that unreasonable restrain trade.
🗑
|
||||
| Broker | One who acts as an intermediary on behalf of others for a fee or commission; licensed to list, lease, buy, exchange, auction, negotiate or sell interest in real estate for others for a fee
🗑
|
||||
| Brokerage | the business of bringing buyers and sellers together
🗑
|
||||
| Broker-in-charge | Required for each brokerage firm and branch office, the full broker responsible for supervision of all real estate activities therein, including provisional brokers.
🗑
|
||||
| Caveat emptor | let the buyer beware
🗑
|
||||
| Client or Principal | the person who hires and delegates to the agent through a brokerage contract the responsibility of representing that person's best interest.
🗑
|
||||
| Commingling | when trust funds and the firm/broker's personal/business funds are placed in the same account
🗑
|
||||
| Commission | compensation provided by the principal to the firm, contingent on the firm successfully performing the service
🗑
|
||||
| Cooperating brokers | those who act as subagents of the principal
🗑
|
||||
| Customer | the third party for whom some level of service is provided by an agent of another party, but who is not represented by the agent
🗑
|
||||
| Designated duel agency | used when a transaction is an in-house sale (when one agent from firm X represents the buyer and another agent from firm X represents the seller)
🗑
|
||||
| Dual agency | when the broker/firm represents the buyer and the seller in the same transaction
🗑
|
||||
| Employee | one who works as a direct employee of an employer and has employee status.
🗑
|
||||
| Express Agreement/Contract | An oral or written contract in which the parties state the contract's terms and express their intentions in words.
🗑
|
||||
| Fee-for-service | Arrangement where consumer asks licensee to perform specific real estate services for a set fee; unbundling of services; limited service firms.
🗑
|
||||
| Fiduciary | a relationship in which the agent is placed in the position of trust and confidence to the principal.
🗑
|
||||
| First Substantial Contact | A flexible moment in time when conversation between a licensee an a consumer begins to address confidential needs, desires and abilities; latest moment to legally disclose agency choices to a consumer.
🗑
|
||||
| General agent | one who represents the principal in a broad range of matters related to a particular business or activity
🗑
|
||||
| Implied agreement | when principal and agent, without formally agreeing to the agency, act as if one exists.
🗑
|
||||
| Independent contractor | Someone retained to perform a certain act but is subject to the control and direction of another. Unlike an employee, he pays social security and income taxes and receives no employee benefits. Most real estate licensees are independent contractors
🗑
|
||||
| In-house sale | a sale in which both the selling agent and the listing agent are from the same firm.
🗑
|
||||
| LOADS | the specific duties of the principal: loyalty, obedience, accounting, disclosure of information, and skill, care, and diligence
🗑
|
||||
| Material fact | any fact that is important or relevant to the issue at hand; mandatory disclosure by all agents in a transaction to all parties of the transaction
🗑
|
||||
| MLS | Multiple listing services
🗑
|
||||
| Negligent misrepresentation | when agents unintentionally misinform a buyer, seller, tenant, or landlord concerning a material fact because they do not have actual knowledge of the fact, b/c they have incorrect information, or b/c of a mistake by the agent.
🗑
|
||||
| Negligent omission | takes place when agents do not have actual knowledge of a material fact but should reasonably have known of such a fact.
🗑
|
||||
| Oral buyer agency | an agency option a firm may use when the consumer is unwilling to commit to an exclusive written buyer agency relationship.
🗑
|
||||
| Price-fixing | the practice of setting prices for products or services rather than letting competition on the open market establish them.
🗑
|
||||
| principal | (1) funds loaned or used in an investment (2) original amount of a loan (3) main party to a transaction – the person for whom the agent works; the client.
🗑
|
||||
| Provisional Broker | A real estate licensee who performs real estate activities under the supervision of a licensed real estate broker-in-charge. Must complete post-licensing courses to remove the provisional license status
🗑
|
||||
| puffing | exaggerated comments or opinions; "This house has the best view in town!"
🗑
|
||||
| Ratification | establishing an agency relationship by performing any act that accepts (ratifies) the conduct of the agent as that of an agent.
🗑
|
||||
| Special agent | one who is authorized to represent the principal in only one specific act or business transaction
🗑
|
||||
| Stigmatized Properties | Property regarded as undesirable because of events that occurred there,such as murder, gang-related activity, proximity to a nuclear plant, and even the alleged presence of ghost. Also called psychologically impacted property.
🗑
|
||||
| Subagent | one who is employed by a person already acting as an agent (an agent of the agent).
🗑
|
||||
| Tort | A wrongful act, injury or violation of legal right to the person or property of another.
🗑
|
||||
| Universal agent | one who is empowered to do anything the principal could do personally
🗑
|
||||
| Willful misrepresentation | when agents who have actual knowledge of a material fact deliberately misinform a buyer, seller, tenant, or landlord concerning such fact.
🗑
|
||||
| Willful omission | takes place when agents have actual knowledge of a material fact and a duty to disclose such fact to a buyer, seller, tenant, or landlord, but deliberately fail to disclose such fact.
🗑
|
||||
| Working with Real Estate Agents | A mandatory agency information brochure that a licensee must give to and review with consumers in all real estate sales transactions no later than first substantial contact; it does not create agency.
🗑
|
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:
whitwill
Popular Real Estate sets