Chapter 3: Agency, brokerage and ethical considerations. Key Terms Part 3 Flashcards Preview

Real estate license study > Chapter 3: Agency, brokerage and ethical considerations. Key Terms Part 3 > Flashcards

Flashcards in Chapter 3: Agency, brokerage and ethical considerations. Key Terms Part 3 Deck (11)
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1
Q

Standard of care

A

The confidence normally expected

2
Q

Code of ethics

A

Standards of conduct adopted by realtors

3
Q

Conflict of interest

A

Problem is one serving best interests of both the client and oneself.

4
Q

Errors and omissions insurance

A

Real estate equivalent of malpractice coverage, it does not cover fraud.

5
Q

Fraudulent misrepresentation

A

Intentional fraud

6
Q

Negligent misrepresentation

A

Fraud that is committed by someone who should have known better.

7
Q

Graduate, realtor Institute

A

The designation awarded for advanced study

7
Q

Innocent misrepresentation

A

Unintentional deception committed in ignorance

9
Q

National Association of realtors

A

A private nationwide organization of brokers and sales person’s

10
Q

The New Jersey Association of realtors

A

The state wide group of real estate licensees who choose to join.

11
Q

REALTOR

A

A member of a private national organization.

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