Chpt. 10, Real Estate Agency Flashcards
An agent who is authorized to represent the principle in one specific act or business transaction under detailed instructions
Special agent
The individual who is authorized and consents to represent the interests of another person
Agent
The establishment of agency relationship as the result of the actions of the parties that indicate mutual consent
Implied agency
The individual who hires and delegates to the agent the responsibility of representing the individuals interest
Principal
An affiliation of trust and confidence as between a principal and agent
Fiduciary relationship
No fraudulent exaggeration of a property’s benefits or features
Puffing
An agent authorized to represent the principal in a broad range of matters related to a specific business or activity
General agent
In a real estate agency relationship, the third party ( or non represented consumer) who receives some level of service and who is entitled to honesty and fair dealings.
Customer
An intermediary between a buyer and seller who assists both parties with a transaction but represents neither party
Nonagent
An agency relationship in which the agent represents two principals simultaneously, without their knowledge or permission.
Undisclosed dual agency
A contract in which the parties formally state their intention to establish an agency relationship
Express agreement
Registry of sex offenders that affects a real estate professionals duty of disclosure
Megan’s law
Type of insurance that covers liability for mistakes and negligence in the usual activities of a real estate office
Errors and omissions insurance
A property that has been branded as undesirable because of the events that occurred in or near it.
Stigmatized property
The principal in a real estate agency relationship
Client
