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| When a person delegates authority to someone to act on his or her behalf. |
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| judge made law enforced in courts. |
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| written statutes and rules enacted by legislatures and other governing bodies. |
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| representative; one who is authorized to act on behalf of another. |
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| Conducting negotiations on one's own behalf without being subject to the other party's control or influence. |
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| A rep. authorized by the principal to perform all acts that the principal can personally perform and that may be lawfully delegated to another. |
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| A rep. authorized by the principal to perform only acts related to a business or to employment of a particular nature . |
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| One authorized by a principal to perform a particular act or transaction, without contemplation of continuity of service as with a general agent. A broker is a special agent but cannot bind or obligate the principal without the power of attorney. |
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| A broker who represents both the buyer and the seller of a transaction in a fiduciary capacity. |
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| Fiduciary/Fiduciary realtionship |
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| A person in a position of trust and confidence with respect to another person/An alliance of trust and confidence that creates a moral and legal obligation when extended by one person and accepted by another. |
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| The sale of improved residential property of four(4) or fewer units , the sale of unimproved residential property intended for use as four or fewer units, or the sale of agricultural property of ten(10) or fewer acres. |
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| A broker who provides limited representation to a buyer, a seller, or both in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent. |
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| One with whom the broker or sales associate hopes to be succesful in accomplishing the purpose of employment; a member of the public who is or may be a buyer or seller of real property and may or may not be represented by a real estate license in an authorized brokerage relationship. |
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| 7 Duties of Transaction Broker |
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Definition
| (1)Deal honestly and fairly (2)Account for all funds (3) Use skill care and dilligence in the transaction (4)Disclose all known facts that materially affect the value of residential real property and are not readily observable to the buyer.(5)Present all offers and counteroffers ina timely manor icluding verbal offers (6)Exercise limited confidentiality, unless waived in writing by a party(7)Perform any additional duties that are mutually agreed to with a party. |
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| A broker who represents as a fiduciary either the buyer or seller but not both in the same transaction. |
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| The party employing the services of a real estate broker; amount of money borrowed ina mortgage loan, excluding interest and other charges. |
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| A person authorized to assist and represent the agent and whose duties are delegated by the original agent. |
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| (1) Deal Honestly and Fairly (2)Loyalty (3) Full Confidentiality (4) Obedience (5) Full disclosure (6)Account for all funds (7) Skill, Care and diligence in the transaction (8) Present all offers and counteroffers in a timely manner (9) Disclose all known facts that materially affect value of real estate. |
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| Four unique duties of a single agent |
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| COLD; Confidentiality , Obedience, Loyalty, Disclosure (full) |
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| Duties of No Brokerage Relationship |
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| (1) Deal honestly and Fairly (2) disclose all known facts that materially affect the value of residential real property (3) Account for all funds |
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| Designated Sales Associates |
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| Two real estate licensees designated to represent the buyer and the seller as single agents ina nonresidential transaction. The buyer and seller must have assets of $1 million or more and sign disclosures stating their assets meet the required threshold |
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Term
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Definition
| Brokers must retain brokerage relationship disclosure documents for five years for all that result ina written contract to purchase and sell real property and all nonresidential transactions that utilize designated sales associates. |
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| Comments or opinions not made as representations of fact and thus not grounds for misrepresentation. Licensee: "The house has a fantastic view" the prospect can asses the view themselves and the statement is the opinion of the licensee's. |
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| A false or misleading statement of a material fact; concealment of a material fact. |
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| The intent to misrepresent a material fact or to deceive to gain an unfair advantage or to harm another person. |
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