Real Estate Agency Terminology

A set of flashcards explaining key terms in real estate agency.

Exclusive Buyer Agency

A type of agency agreement where an agent represents only the buyer.

Open Buyer Agency

An agency agreement that allows the buyer to work with multiple agents.

Procuring Cause

The person whose actions are the primary reason for the sale.

Misrepresentation

Giving false information about a property.

Fraud

Intentional misrepresentation of a material fact.

Negligent Misrepresentation

When the agent should have known that a statement about a material fact was false.

Negligent Omission

When the agent accidentally fails to perform some act.

Puffing

Exaggerating a property's benefits.

Let the buyer beware

A warning that the buyer is responsible for investigating a property's condition before purchase.

Other Required Disclosures

Environmental hazards, radon, asbestos, wetlands that must be disclosed by the seller.