Principles of RE - Unit 4

This is the effort that brings about the desired result

General Agent represents a principal in general (broad range) matters.

A person authorized to act on behalf of another and works with the client and the customer

The 5 common fiduciary duties is COALD: Care, Obedience, Accounting, Loyalty, & Disclosure

Agency is created on the sales agent level

This would be when the broker obtains a written agreement from each party to work with both sides

Misstatement made with intent to deceive or make reckless disregard of the truth.

This act protects consumers against false, misleading, or deceptive acts by sellers or real estate agents

A special agent represents a principal only for special matters, such as the sale of a house

Exaggerated opinions not made as representations of fact and thus not grounds for misrepresentation.

The illegal act of a real estate broker who mixes the money of other people with his own.

An agent that is used for property management.

This defines the rights and duties of the parties in a real estate transaction.

This is when the agent is placed in a position of trust and confidence and responsible for the money/property of another

This would be when an agent aids a buyer in a transaction without an agreement to represent the buyer.

Payment to a broker for services rendered

A Latin phrase meaning "let the buyer beware".

The person who the agent works for is the

This would be when the buyer "assumes" the agent is "their agent" because they are working together.

The relationship between a principal and an agent where the agent is authorized to represent the principal

An unintentional misstatement of a fact; incorrect or misleading

These laws are violations that include Price-fixing, boycotting a competitor, & allocating customers or markets

A person who is licensed to buy, sell, exchange, or lease real property for others and to charge a fee for services

Required by law for all real estate agents to give the following information about brokerage services to all clients

An agency created by specific agreement, whether written or oral, of principal and agent.

The real estate broker-seller agreement is created by an employment contract called a ....

What type of agency is established after the fact?

The business of bringing buyers and sellers together in the marketplace is