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GA Real Estate Terms > Chapter 6 > Flashcards

Chapter 6 Flashcards

1
Q

100% Commission Plan

A

A method of compensating sales people were each sales person pays the broker a monthly fee for the use of office space, support services, and the brokers name, and in return the sales person keeps 100% of the commission.

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2
Q

Acceptable Buyer

A

A buyer whose offer is acceptable to the seller, though different from the terms in the brokers listing agreements

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3
Q

Actual Agency

A

An agency established by agreement, either written or verbal

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4
Q

Administration Law

A

The laws that are passed by elected legislatures

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5
Q

Agency

A

Agency asked to find under “BRRETA” means every relationship in which a real estate broker asked for or represents another by that person‘s express authority in a real estate transaction

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6
Q

Agency Coupled with an Interest

A

An agency in which the agent has a legal interest in the property of the principal. Cannot be revoked by the principal.

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7
Q

Agent

A

A person authorized to act on behalf of another.

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8
Q

As Is

A

A term used to describe property offered for sale in his present condition with no warranty provided by the owner. It does not confer immunity from liability of fraud

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9
Q

Attorney-in-fact

A

 One who has authority to act on behalf of another under a power of attorney

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10
Q

Automatic Renewal Clause

A

A provision in a listing agreement which allows the listing to automatically renew indefinitely until the property is either sold, or the agreement is canceled by the owner. Such provisions are not allowed in most states.

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11
Q

Brokerage

A

Under “BRRETA” a brokers is defined under Georgia law as anyone who is authorized to buy, sell, rent, manage, exchange or auction real property for another in return for a fee. Simply stated the brokerage business is the occupation of a real estate broker.

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12
Q

Brokerage Enjoyment

A

Under BRRETA, A brokerage engagement is an expressed contract either written or oral where the client, the principal, agrees to give the real estate broker valuable consideration upon the broker producing a seller, buyer, tenant, or landlord ready, willing and able to sell, by or rent a property

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13
Q

Brokerage Relationship

A

Under BRRETA, The brokerage relationship is the relationship that is formed as a result of the parties entering into a brokerage engagement

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14
Q

Buyer brokerage agreement

A

The contract that creates an agency relationship between a broker and a buyer

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15
Q

Caveat Emptor

A

Let the buyer beware

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16
Q

Client

A

A person who authorizes the agent, broker to act on his or her behalf. In real estate transactions, the client may be the seller also called the principal

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17
Q

Co-broker

A

A broker who assists the listing broker is securing a buyer

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18
Q

Commission

A

A brokers compensation for rendering a service to the principal as negotiated with the principal

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19
Q

Common law

A

A body of law based on custom in court decisions over time

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20
Q

Customer

A

Under BRRETA, A customer is someone who is working with a broker concerning real estate matters but has not entered into a brokerage engagement with the broker. In a situation where the broker works with a customer, this law allows the broker to perform “ministerial acts” for the customer while working with them in a specific real estate transaction

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21
Q

Designated Agent

A

An agent representing either buyer or seller in a transaction where both parties have agents who are with the same broker, and are delegated by the broker to continue serving their clients.

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22
Q

Dual Agency

A

Representing both the buyer in the seller in the same transaction. Does practice constitutes a violation of the License Law, unless both parties give their written consent.

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23
Q

Dual Agent

A

Under BRRETA, A dual agent is a broker who has entered into a brokerage engagement with both seller and buyer or landlord and tenant in the same transaction.

24
Q

Due Diligence

A

A proper and fair degree of care a buyer might use in inspecting a proposed purchased, or the time period within which the buyer should have to make that inspection.

25
Q

Equal Dignities Rule

A

A doctrine of law which states that the power of attorney or contract you used to appoint an agent, must have the same degree of formality as any document or form the agent is expected to sign.

26
Q

Equitable title

A

The buyers interest in a property from the time he or she enters into a contract until legal title is conveyed at closing. The ultimate right to receive legal title.

27
Q

Estoppel

A

A doctor of law which prevents a person from exercising rights that are not consistent with his or her prior conduct or words

28
Q

Exclusive agency listing

A

A listing agreement in which the seller appoints only one broker to represent him or her in securing a purchaser. However, the seller reserves the right to sell the property himself or herself without being liable to the broker for commission.

29
Q

Exclusive right to sell listing

A

A listing agreement which guarantees the broker a commission if the property is sold during the term of the listing, regardless of who sells it.

30
Q

Fiduciary

A

A relationship of trust and confidence between a principal and agent; a person in a position of trust and confidence as between broker and seller

31
Q

Forbear

A

To not act: to give up a right to which a person is entitled

32
Q

Franchise

A

A right to use the name, logo (trademark or service mark) and service of another business

33
Q

General Agent

A

One who has authority to bind his or her principal in a particular business

34
Q

Guardian

A

One pointed by a court to take care of and manage property and affairs of another person judged legally incompetent

35
Q

Implied authority

A

Authority of an agent arising from custom rather than expressed agreement

36
Q

Independent contractor

A

One who contracts to do work according to his or her own methods and is responsible to his or her employer only as to the results of that work

37
Q

Latent defect

A

Defects not readily apparent from an ordinary inspection of the property. Concealed defects that affect the value of the property and must be disclosed by the seller and broker when known or apparent to them and to third parties

38
Q

Law of agency

A

That body of law that governs the relationship between principal, agent and third-parties

39
Q

Listing agreement

A

A real estate brokers contract of employment with an owner. The agreement obligates the owner to pay the broker commission if the broker fines are ready, willing, and able buyer, but it does not obligate the owner to contract with the buyer.

40
Q

Ministerial Acts

A

Under BRRETA, Minsterial Acts are acts that are broker or affiliated licensee performs for a person (customer) which do not require discretion or the exercise of judgment on the part of the licensee

41
Q

Multiple listing service

A

A vehicle for sharing listings in seeking cooperation, used by brokers who are members of a multiple listing service

42
Q

Net listing

A

A listing agreement which authorizes the broker to sell the property for any price possible, while the seller agrees to except a set amount. It is prohibited by the license law in most states.

43
Q

Open Listing

A

An authorization made by an owner, either verbal or in writing which gives a broker the non-exclusive right to secure a purchaser. Search listings maybe given to any number of agents without liability to compensate anyone, except the one who first secures a buyer ready, willing, and able to meet the terms of the listing, or who for secures the sellers acceptance of an acceptable offer. The owner can sell and pay no commission.

44
Q

Ostensible agency

A

An agency which is created when a principles expressed or implied actions indicate that a particular person is acting as his or her agent

45
Q

Partnership

A

A working relationship of two or more persons where they unite skill, property, or labor to carry on a business and share in the profits or losses

46
Q

Power of attorney

A

A written instrument which authorizes a person, called an attorney in fact, to act on behalf of the one granting the authority

47
Q

Principal

A

Also called client. One who employs an agent to represent him or her

48
Q

Procuring cause

A

The person who’s action is the primary reason for a sale taking place

49
Q

Ratification

A

The acceptance of an agents unauthorized acts by direct confirmation or implication

50
Q

Safety clause

A

A provision in a listing agreement that entitles the broker to a commission after the listing expires, provided the owner sells to one of the brokers prospects in certain other conditions are met

51
Q

Special agent

A

One who was appointed to act on a particular occasion or for specific purpose. A person with limited authority.

52
Q

Straw purchaser

A

One who buys property for another in order to keep the identity of the real purchaser confidential

53
Q

Subagent

A

A co-broker who was working for the listing broker and sharing representation of the seller

54
Q

Supervening illegality

A

 A method of terminating an agency due to a change of law causing the purpose of the agency to become illegal

55
Q

Transaction broker

A

A licensee who has no agency relationship with either party in a transaction but is acting only as a facilitator, performing minsterial duties

56
Q

Universal agent

A

One who has authority to perform any lawful act the principal could perform him or herself. An agent who has authority without limitations, usually granted by a general power of attorney

57
Q

Vendor

A

A seller

GA Real Estate Terms (11 decks)

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