NJReTestFlashcards Preview

NJ Real Estate Exam EO > NJReTestFlashcards > Flashcards

Flashcards in NJReTestFlashcards Deck (21)
Loading flashcards...
1

The legal relationship created when one person delegates another person to act on his/her behalf when dealing with third parties

agency relationship

2

the person delegated to act on the principal's behalf

agent

3

that level of authority which the public is justified in assuming the agent has

apparent authority

4

an agent whose fiduciary obligations are owed to the buyer

buyer's agent

5

one who retains the services of a broker to represent their interest

principal/client

6

the form used to inform buyers and sellers about the four recognized business relationships that a firm may engage in with buyers and sellers

consumer information statement (cis)

7

permission granted through the terms of a contract

contractual authority

8

an agent who works for both the buyer and seller with their informed written consent

disclosed dual agent

9

one who transacts business with the brokerage firm but does not retain the services of the firm

third party, customer

10

the required agreement between a broker and salesperson

employment contract

11

professional liability insurance for real estate licensees

errors and omissions insurance

12

one who holds a position of trust and confidence for another

fiduciary

13

an agency in which the agent is empowered to bind his principal in all matters, usually regarding a particular trade or business

general agency

14

the assumed authority an agent has in order to carry out his contractual authority

implied authority

15

the principals that govern the relationship of an agent with his principal

law of agency

16

the party who is represented by an agent

client, principal

17

an agent whose fiduciary obligations are owed to the seller

seller's agent

18

an agency established to accomplish only a specific purpose

limited or special agency

19

an agent for an agent

subagent

20

one that works with a buyer, a seller or both in a sales transaction without representing either one

transaction broker

21

form used when the principal directs the listing agency not to cooperate with other licensees

waiver of broker cooperation