Unit 9 Flashcards

(20 cards)

1
Q

Nonagent

A

A intermediary between a buyer and seller who assists both parties with a transaction but who represents neither party.

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2
Q

Customer

A

In a real estate agency relationship, the third party (or an nonrepresented consumer) who receives some level of service and who is entitled to honesty and fair dealing.

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3
Q

Fiduciary Relationship

A

An affiliation of trust and confidence as between a principal and an agent.

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4
Q

Special Agent

A

An agent who is authorized to represent the principal in one specific act or business transaction, under detailed instructions.

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5
Q

Agent

A

The individual who is authorized and consents to represents the interests of another person.

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6
Q

General Agent

A

An agent authorized to represent the principal in a broad range of matters related to a specific business or activity.

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7
Q

Implied Agency

A

The establishment of an agency relationship as the result of the actions of the parties that indicate mutual consent.

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8
Q

Law of Agency

A

The basic framework that governs the legal responsibilities of an agent to a principal.

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9
Q

Puffing

A

Nonfraudulent exaggeration of a property’s benefits or features.

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10
Q

Principal

A

The individual who hires a delegates to the agent the responsibility of representing the individual’s interests.

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11
Q

Disclosed Dual Agency

A

An agency relationship in which the agent represents two principals simultaneously, with their knowledge and permission.

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12
Q

Common Law Agent Duties

A

The responsibilities of care, obedience, accounting, loyalty, and disclosure.

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13
Q

Megan’s Law

A

Created a registry of sex offenders that affects a real estate professional’s duty of disclosure.

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14
Q

Client

A

The principal in a real estate agency relationship.

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15
Q

Undisclosed Dual Agency

A

An agency relationship in which the agent represents two principals simultaneously, without their knowledge or permission.

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16
Q

Latent Defect

A

A hidden structural problem that would not be discovered by ordinary inspection.

17
Q

Stigmatized Property

A

A property that has been branded as undesirable because of the events that occurered in or near it.

18
Q

Universal Agent

A

A person who is empowered to do anything the principal could do personally; this person has unlimited authority.

19
Q

Express Agreement

A

A contract in which the parties formally state their intention to establish an agency relationship.

20
Q

Errors and Omissions Insurance

A

Type of insurance that covers liability for mistakes and negligence in the usual activities of a real estate office.