Real Estate Unit 9: Real Estate Agency*

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23 Terms

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Agent

A person authorized to act on behalf of the principle in dealing with a third person.

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Principal

An individual who hires an agent and delegates to that agent the responsibility of representing the principal's interests.

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Agency

The fiduciary relationship between the principal and the agent by which the agent is authorized to represent the principal in one or more transactions.

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Fiduciary

The relationship in which the agent is held in a position of special trust and confidence by the principal.

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Fiduciary relationship

Under the common law of agency and agent owes the principal the six duties of care, obedience, loyalty, disclosure, accounting, and confidentiality, which can be remembered as COLD AC.

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COLD AC

Care, obedience, loyalty, disclosure, accounting, and confidentiality.

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Megan’s Law

Requires states to make available to the public information about how they can determine where persons convicted of sexual offenses live in the community.

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Client

The principal in a real estate transaction for whom a real estate broker acts as agent.This term is also used when a broker represents someone in a relationship other than the agency.

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Customer

The third party or nonrepresented consumer, who is not a principal for whom some level of service may be provided and who is entitled to fairness and honesty. They may be represented by a separate agent.

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Nonagent

Someone who works with a buyer, seller, a landlord or tenant assisting one or both parties with the transaction without representing either party's interests. Also refer to as a facilitator, intermediary, transactional broker, transaction coordinator, or contract broker.

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Express agency

An agency relationship may be created by an oral or written agreement between two parties.

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Implied agency

An agency relationship resulting from the parties’ behavior.

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Universal agent

A person empowered to do anything the principal could do personally.

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General agent

Represents the principal in a broad range of matters related to a particular business or activity.

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Special agent

A limited agent who is authorized to represent the principal in one specific act or business transaction only.

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Single agency

The agent represents only one party to a transaction.

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Dual agency

The agent represents two principal in the same transaction.It requires equal loyalty to two different principal at the same time.

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Designated agency

Also called assigned agency or appointed agency is available in some states to accommodate an in-house sale in which 2 sales associates of the same broker are involved. The broker designates one sales associate to represent the seller and another sales associate to represent the buyer. Thus a designated agent or designated representative is the only sales associate in the company who has a fiduciary responsibility to war the principal.

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Puffing

Exaggeration of a property's benefits.

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Fraud

The intentional misrepresentation of a material fact in such a way as to harm.Or take advantage of another person.

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Latent defect

A hidden structural defect that would not be discovered by ordinary inspection.