Real Estate Agency

Flashcards covering real estate agency and contract law topics.

Exclusive right to sell listing

A listing agreement where the broker is entitled to a commission if the property sells, regardless of who finds the buyer.

Misrepresentation

A false statement or representation made recklessly without knowing of its falsity.

Puffing

Exaggerated or superlative comments or opinions not intended to be taken as statements of fact.

Caveat emptor

A principle in contract law that places the burden on the buyer to reasonably examine property before purchase.

Latent Defects

Defects that are not obvious or easily discoverable upon reasonable inspection.