Unit 9 Flashcards
(20 cards)
Nonagent
A intermediary between a buyer and seller who assists both parties with a transaction but who represents neither party.
Customer
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.
Fiduciary Relationship
An affiliation of trust and confidence as between a principal and an agent.
Special Agent
An agent who is authorized to represent the principal in one specific act or business transaction, under detailed instructions.
Agent
The individual who is authorized and consents to represents the interests of another person.
General Agent
An agent authorized to represent the principal in a broad range of matters related to a specific business or activity.
Implied Agency
The establishment of an agency relationship as the result of the actions of the parties that indicate mutual consent.
Law of Agency
The basic framework that governs the legal responsibilities of an agent to a principal.
Puffing
Nonfraudulent exaggeration of a property’s benefits or features.
Principal
The individual who hires a delegates to the agent the responsibility of representing the individual’s interests.
Disclosed Dual Agency
An agency relationship in which the agent represents two principals simultaneously, with their knowledge and permission.
Common Law Agent Duties
The responsibilities of care, obedience, accounting, loyalty, and disclosure.
Megan’s Law
Created a registry of sex offenders that affects a real estate professional’s duty of disclosure.
Client
The principal in a real estate agency relationship.
Undisclosed Dual Agency
An agency relationship in which the agent represents two principals simultaneously, without their knowledge or permission.
Latent Defect
A hidden structural problem that would not be discovered by ordinary inspection.
Stigmatized Property
A property that has been branded as undesirable because of the events that occurered in or near it.
Universal Agent
A person who is empowered to do anything the principal could do personally; this person has unlimited authority.
Express Agreement
A contract in which the parties formally state their intention to establish an agency relationship.
Errors and Omissions Insurance
Type of insurance that covers liability for mistakes and negligence in the usual activities of a real estate office.