Agency vocab

Question 1

Accounting

Answer 1

The fiduciary duty of a broker to maintain and preserve the property and money of the principal

Question 2

Agency by estoppel

Answer 2

Apparent agency is also known as agency by estoppel

Question 3

Agency coupled with an interest

Answer 3

An irrevocable agency under which the agent has an interest in the subject matter of the agency

Question 4

Agency obligations

Answer 4

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Question 5

Buyer agency representations

Answer 5

A broker who exclusively represents the buyer in a fiduciary capacity

Question 6

Care and skill

Answer 6

Fiduciary obligations imposed upon a principals broker during an agency relationship

Question 7

Cloud on title

Answer 7

An apparent defect in a deed mortgage or any other instrument

Question 8

Conflict of intrest

Answer 8

if the agent is potentially or actual unable to put his own on another party’s interests before those of his client

Question 9

Disclosure

Answer 9

• Oregon does have some specific agency disclosure rules of which brokers should be aware.

Question 10

Disclosed limit agency

Answer 10

Dual agency occurs when one agent represents both the buyer and the seller in the
same transaction,

Question 11

Estoppel

Answer 11

A stop; a plea in bar, grounded on a man’s own act or deed,

Question 12

Exclusive agency representative

Answer 12

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Question 13

Expressed agency

Answer 13

Express agency arise from express written or oral authorization of an agent by a principal

Question 14

Fiduciary duty

Answer 14

The relationship of trust that buyers and sellers expect from a real estate agent.

Question 15

Fiduciary obligations

Answer 15

Professional obligations and duties placed upon a broker when in an agency
relationship with a principal.

Question 16

Fiduciary relationship

Answer 16

• Agency is a fiduciary relationship in which one party,

Question 17

General agent

Answer 17

• One authorized by a principal to perform any and all acts associated with the continued operation
  of a particular job or a certain business of the principal

Question 18

Implied agency

Answer 18

An implied agency relationship exists where the actions of the principal imply an intention to
create an agency relationship.

Question 19

Independent contractor

Answer 19

A person or business who per-forms services for another person under an express
or implied agreement and who is not subject to the other’s control,

Question 20

Latent defects affecting title

Answer 20

Any hidden or undisclosed material fact adversely affecting title.

Question 21

Loyalty

Answer 21

The duty of loyalty obligates the agent not to use his position to further his own or another party’s interests
before those of the principal.

Question 22

Material facts

Answer 22

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Question 23

Obedience

Answer 23

An agent must do what the principal requires,

Question 24

Ratification

Answer 24

Ratification occurs when a principal acts in a way that endorses the actions of another person who was
acting in her behalf without authorization.

Question 25

Short sale status

Answer 25

A report given by the lender in regards to the acceptance or availability of a property currently considered a short sale property.

Question 26

Self dealing

Answer 26

The rules against self-dealing prevent a licensed real estate professional from using his professional knowledge to take advantage of another party in a real estate transaction to which he is a party.

Question 27

Sellers property discloser

Answer 27

- A pre-printed disclosure form given to the buyer by the seller.

Question 28

Special agent

Answer 28

A special agent is one who is only empowered to conduct a particular transaction or perform a specific act.

Question 29

Stigmatiezed

Answer 29

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Question 30

Properties

Answer 30

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Question 31

Universal agent

Answer 31

A universal agent is one who is authorized to perform all acts that the principal could perform personally.