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):
1

Standard of care

The confidence normally expected

2

Code of ethics

Standards of conduct adopted by realtors

3

Conflict of interest

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

4

Errors and omissions insurance

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

5

Fraudulent misrepresentation

Intentional fraud

6

Negligent misrepresentation

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

7

Graduate, realtor Institute

The designation awarded for advanced study

7

Innocent misrepresentation

Unintentional deception committed in ignorance

9

National Association of realtors

A private nationwide organization of brokers and sales person's

10

The New Jersey Association of realtors

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

11

REALTOR

A member of a private national organization.