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Flashcards in Chapter 4 Deck (7)
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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


Define agent

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


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.


Define consumer

Means a person or entity seeking or receiving license activities


Define client

A person who's being represented by a licensee


Define customer

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


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