Chapter 4 Flashcards Preview

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Flashcards in Chapter 4 Deck (5)
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1
Q

What is a single agent?

A

a broker who represents as a fiduciary, either the buyer or seller, but not both in the same transaction.

2
Q

What is a principal?

A

the party with whom the real estate licensee has entered into a single agent relationship

3
Q

What is a transaction broker?

A

a broker who provides limited representation to a buyer, a seller, or both, in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent.

4
Q

sellers of residential property, along with licensees, must:

A

disclose all known facts that materially affect the value of residential real property and are not readily observable to the buyer.

5
Q

What is a special agent?

A

A special agent is authorized under agency law by the employer to perform a single act.