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
