Term
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Definition
| person entrusted with another's business |
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Term
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Definition
| member of public who is or may be a buyer or seller of real estate. |
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Term
| designated sales associate |
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Definition
| two real estate licensees designated to represent the buyer and the seller as single agent in non residential transaction. Buyer and seller must have assets of $1 million or more. |
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Term
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Definition
| a broker who represents both the buyer and the seller of a transaction in a fiduciary capacity. |
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Term
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Definition
| a person who acts in a position of trust and confidence for another |
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Term
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Definition
| agent authorized by the principal to perform only acts related to a business or to employment of a particular nature |
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Term
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Definition
| misstatement of fact omission or concealment of factual matter. |
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Term
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Definition
| the party employing the services of a real estate broker. |
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Term
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Definition
| the sale of improved or unimproved residential property of 4 or fewer units, or the sale of agricultural property of 10 or fewer acres. |
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Term
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Definition
| one who owes full fiduciary |
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Term
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Definition
| authorized to perform a particular act or transaction. Such as a real estate associate. |
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Term
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Definition
| a broker who provides limited representation to a buyer seller or both |
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Term
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Definition
| agent authorized by the principal to perform all acts on behalf of on the principal |
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Term
| transition-to-transaction |
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Definition
| disclosure needed to go from single agent to transaction agent disclosure must be signed prior to showing property. |
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Term
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Definition
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Term
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Definition
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Term
| When must a transition-to-transaction disclosure be signed? |
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Definition
| Prior to showing property |
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Term
| Single-Agent responsibilities |
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Definition
| COLDPAC (care & due diligence, obedience, loyalty, disclosure, present all offers, accountability, confidentiality) |
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Term
| Transaction-Agents responsibilites |
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Definition
| CDPAC (no obedience or loyalty) |
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Term
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Definition
| 1) universal 2) general 3) special |
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Term
| What type of agent is a realtor? |
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Definition
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Term
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Definition
| Mistatement or failure to disclose material fact resulting in damages |
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Term
| Disclosure requirements do not apply to (5): |
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Definition
| 1) nonresidential transactions 2) renting/leasing 3) autions 4) appraisals 5) dispositions |
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Term
| Does a transaction broker served in a fiduciary capacity? |
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Definition
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