Chapter 4 Flashcards Preview

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Flashcards in Chapter 4 Deck (7)
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1

Define agency

A relationship in which a real estate broker or licensee, weather directly or through an affiliated licensee, represents a consumer by the consumers consent, whether Express or implied, and real property transaction

2

Define agent

The individual who is authorized and consent to represent the interest of another person

3

Define brokerage agreement

An agreement, written or oral, between a sponsoring broker and a consumer for licensed activities to be provided to a consumer in return for compensation or the right to receive compensation from another.

4

Define consumer

Means a person or entity seeking or receiving license activities

5

Define client

A person who's being represented by a licensee

6

Define customer

A consumer who is not being represented by the licensee but for whom the licensee is performing ministerial Acts

7

Define Minstrel acts

Those acts that a licensee May perform for a consumer that informative or clerical in nature do not rise to the level of active representation on behalf of a consumer