Agency

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Flashcards about Agency

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7 Terms

1
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Agency

A person who is empowered to act on behalf of another.

2
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Disclosure Duty

The listing agent must disclose all relevant information about the property to a prospective buyer.

3
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Fiduciary

Someone who is bound to act for another's benefit, as in the case of a trustee.

4
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Broker's Commission

Established by agreement between the broker and the seller

5
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Material Fact

A fact that is significant to a reasonable person making a decision.

6
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Water in Basement Disclosure

Yes, the problem is clearly a 'material fact' and must be disclosed.

7
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An agency may be terminated

The seller believes the broker has not marketed the property as promised and revokes the listing.