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Legal Aspects Ch. 9- Agency Law Flashcards

(20 cards)

1
Q

Agency

A

Legal relationship in which a principal authorizes an agent to act as the principal’s representative when dealing with third parties

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2
Q

Fiduciary Relationship

A

Implies position of trust and confidence

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3
Q

Agent

A

Person who has the authority to act on behalf of another, representing the business interest of that person

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4
Q

Principal

A

Client who gives authority to an agent to represent his or her interests in dealing with third parties

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5
Q

Third party

A

Customer who may be affected by the terms of the agreement but who is not a part of the agreement

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6
Q

General Agency

A

Relationship in which a principal delegates ongoing task or duties to an agent under his or her employ

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7
Q

Special Agency

A

Relationship in which a principal delegates limited tasks or specific duties to an agent under his or her employ

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8
Q

Cooperating Broker

A

Selling agent who assists another broker by finding a buyer

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9
Q

Dual Agent

A

Broker acting as agent for both the seller and the buyer in the same transaction

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10
Q

Sales Associate

A

Licensed real estate sales person or broker whose license is held by an employing licensed broker

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11
Q

Right to Control

A

How much direction the broker exercises over the person the broker has hired

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12
Q

Power of Attorney

A

Written document that gives a person legal authority to act on behalf of another person

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13
Q

Ratification

A

Acceptance of an act already performed

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14
Q

Estoppel

A

Legal bar that prevents a person from asserting facts or rights that are not consistent with what was implied by the person’s previous behavior

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15
Q

Obedience

A

Willingness to follow the orders of others

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16
Q

Confidentiality

A

Discretion and holding privileged information

17
Q

Material Fact

A

Any fact that would seem unlikely to affect the judgment of the principal in giving consent to the agent to enter into the particular transaction on the specified terms

18
Q

Misrepresentation

A

Making a false statement or concealing a material fact

19
Q

Respondeat Superior

A

“Let the superior answer”

20
Q

Indemnification

A

Protect against damage, loss, or injury, or to make compensation for damage, loss, or injury