Real Estate Level 4

Agent

An individual with authority to act on behalf of another; a state license is required to operate as an agent in real estate

Fiduciary

An individual upon whom is placed the highest levels of trust and confidence when acting on behalf of another

Principal

In general usage, the client of an agent; in Florida real estate, the client of a single agent operating as a fiduciary; also, the amount borrowed in a loan from which interest is accrued

Customer

An individual with whom a license holder has no fiduciary relationship but to whom accounting, honesty and fairness, and disclosure of not readily observable material facts about a property are still required

Dual Agent

The role of a licensee in an in-house transaction where the brokerage offers both parties fiduciary level representation; illegal in Florida

Subagency

A form of agency that arises when an employing broker enlists the use of sponsored sales associates and/or sponsored associate brokers to accomplish a client's goal

Common Law

customs and precedent established by court decisions over the centuries in England, long before the creation of the U.S. as a country.

Statutory Law

laws that are introduced at the state or federal level. In Florida, the laws enacted by state legislature that pertain to real estate licensure, and the use of agency within real estate, are found in Title XXXII, Chapters 455 and 475

Administrative Law

a result of one or more state statutes giving rise to authorized administrative bodies created to regulate or govern areas of concern for the state

General Agent

an agent who is authorized to manage all of a principal's affairs within certain specified areas; enjoys broader authority than that of a special agent but less than that of a universal agent

Special Agent

an agent with a limited scope of authority to act on behalf of their principal; usually towards a single, specific objective, end, or goal that is not ongoing