Flashcards in Chapter 3: Agency, brokerage and ethical considerations Key Terms Part 2 Deck (16):
Sales person who sets own hours, pays own estimated income taxes, etc.
Illegal sharing of commission, to seller or any person.
A problem not discoverable by normal prudent inspection.
Law of agency
Rules governing conduct of agents
Contract by which the owner retains a broker to find a buyer.
Meeting of the minds
Agreement between a buyer and seller on major points.
Legislation requiring that communities be alerted to the presence of sex fenders.
Power of attorney
Written authorization of agency.
A legal written authorization that stipulates the specific areas of authority in which the agent may act.
Giving your power to another to act on your behalf.
The agent acting in such a capacity is known as an attorney in fact.
The one employing an agent, the client!
The person who brings about a sale.
Harmless exaggeration as salesmanship.
Ready, willing and able buyer
One qualified and prepared to purchase.
A person licensed to assist a real estate broker.
A person authorized to act for another in a specific transaction.
Authorized to represent the principal in one specific capacity only.
The subagent is an agent of an agent.