Unit 3-B Flashcards
A person specifically designated in a insturment (e.g., power or attorney) to do something legally for another in their stead. Don not need to be attorney at law
Attorney-in-Fact
A court process that cancels some debt and provides some relief to creditors.
Bankruptcy
A mutual agreement by both parties to terminate a relationship with certain requirements have been met
Conditional Release
An agency relationship where the brokerage firm represents both the principal and customer in the same transaction
Dual Agency
One who is employed by the broker who can control the hour-by-hour work. The broker must withhold income tax and pay into social security,
Employee
An insurance that protects real estate licensees from liability due to mistakes or negligence
Errors and Omissions Insurance (E&O)
Expressed Agency
An agent authorized to handle any and all of the principal’s affairs in a specified job or business area, for example, a real estate broker who is a property manager
General Agent
A policy that insures against claims or lawsuits for property damage or bodily injury’s.
General Liability Insurance
An agency relationship created through the behavior (action or words) of one or both parties
Implied Agency
The legal concept that information communicated to the agent has been communicated to the principal, i.e., notice to the agent is notice to the principal
Imputed Notice
Self-employeed person paid for jobs completed rather that hours worked, and responsible for setting their own hours and paying their own taxes
independent contractor
An insurance policy that provides extra liability coverage above other policy’s limits, designed to protect the insured from major claims and lawsuits, and as a result, it helps protect assets
Umbrella Insurance
A mutual agreement by both parties to terminate a relationship without any required stipulations
Unconditional Release
An agent authorized to do everything that can be lawfully delegated to a representative; generally requires power of attorney
Universal Agency
