Chapter 3 Agency, brokerage and ethical considerations Key terms part 1 Flashcards Preview

Real estate license study > Chapter 3 Agency, brokerage and ethical considerations Key terms part 1 > Flashcards

Flashcards in Chapter 3 Agency, brokerage and ethical considerations Key terms part 1 Deck (17)
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0
Q

Antitrust laws

A

Regulations prohibiting price-fixing

1
Q

Agent

A

One authorized to act for another.

2
Q

Attorney-in-fact

A

A person authorized to act under a power of attorney.

3
Q

Broker

A

One authorized to act for another in real estate.

4
Q

Buyer’s broker

A

An agent who takes a buyer as the principal.

5
Q

Client

A

Principal who engages an agent.

6
Q

Commission

A

A brokers usual compensation.

7
Q

Consumer information statement.

A

Written explanation of a business relationship.

8
Q

Customer

A

Third-party in a transaction not the principal.

9
Q

Disclosed dual agent

A

One who works for both the seller and the buyer.

10
Q

Disclosure

A

Revealing to another any pertinent information.

11
Q

Dual agency

A

Brokers taking both parties as principles.

12
Q

Employee

A

A sales person who’s broker pay Social Security, regulates hours, etc.

13
Q

Fiduciary

A

One who gives special duties to another.
Fiduciary responsibilities include care, obedience, accounting, loyalty (confidentiality), and disclosure.
These duties are easily remembered by the acronym COALD.

14
Q

Fiduciary relationship

A

The trust and confidence between parties.
This falls within the requirements of the law of agency.
The agent is responsible for the money and/or property of others.

15
Q

Fraud

A

Intentional or unintentional misleading of another, who is harmed by these actions.

16
Q

General agent

A

A person empowered to represent the principal in a broad range of matters and actions.

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