Chapter 30 - The Seller's Agent Flashcards
Confidential Information
Any information obtained by a licensee from a client during the term of a brokerage agreement that was made confidential by the written request or instruction of client, deals with the negotiating position of the client or is information the disclosure of which could materially harm the negotiating position of the client.
Designated Agent
A sponsored licensee named by the sponsoring broker as the legal agent of a client
Farming
The process of working on a specific area over a period of time to identify prospects for services, encompasses a number of techniques, including cold-calling, mass mailing, door-to-door solicitation.
Implied Agency
Agency relationship created through the behavior (actions or words) of one or both parties
Informed Consent
Written evidence that a client is aware of and has given permission to an agent to perform a specific action or take on a specific role in the client agent relationship
Listing Agreement
Written agency contract between a seller and a sponsoring broker stipulating the conditions under which the broker will be paid a commission with regard to the seller’’s property. They are employment contracts between a seller and a sponsoring broker.
Minimum Services
The specific services mandated in the Illinois Real Estate Licens Act that a broker owes a client with whom there is an exclusive agency agreement.
Ministerial Act
Acts that a licensee may perform for a consumer that are informative or clerical in nature and do not rise to the level of active representation on behalf of the consumer
Non-Agency
When a licensee is not performing the minimum services required under an exclusive brokerage agreement, and is therefore, not acting as the consumer’s agent; this fact must be disclosed in writing to the consumer by the licensee.
