Texas Real Estate

Card Set Information

Author:
leakinmysoul
ID:
252829
Filename:
Texas Real Estate
Updated:
2013-12-12 13:33:41
Tags:
05 Agency
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Description:
Agency
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  1. Broker
    A properly licensed party who serves a principal in an agency relationship - also called an agent
  2. Agency
    The fiduciary relationship between a broker and a principal or a broker and a client
  3. Fiduciary
    A party acting for another in a position of trust - a broker, an agent
  4. Fiduciary Relationship
    The relationship based on trust - the relationship governed by the law of agency between a broker and a principal
  5. Principal
    A party represented by a broker in an agency relationship - also called a client
  6. Client
    A party represented by a broker in an agency relationship - also called a principal
  7. Customer
    A third party - one a broker is working with, but who is not represented by that broker
  8. Buyer Representation Agreement
    An employment contract obligating a broker to act as a fiduciary to a buyer
  9. Listing Agreement
    An employment contract obligating a broker to act as a fiduciary to a seller
  10. Management Agreement
    An employment contract obligating a broker to act as a fiduciary to a property owner
  11. Public Responsibilites
    The responsibilities a broker has to customers or third parties including honesty, fairness and disclosure of material facts
  12. Fiduciary Responsibilities
    The responsibilities a broker has to clients in an agency relationship includes placing the interest of the client first, full disclosure of all facts, material and other, and giving advice and opinions
  13. Oral Agency
    An agency relationship created by an oral or spoken agreement
  14. Implied Agency
    Agency as a result of customary, usual or typical conditions
  15. Ostensible Agency
    Agency as a result of the actions of an agent and the response of others to those actions
  16. Agency by Ratification
    Agency established when an agent acts without permission of the principal and the principal accepts or ratifies those actions
  17. Agency by Estoppel
    A principal fails to maintain due diligence over his agent and as a result the court prevents the principal from denying the agency relationship
  18. Universal Agency
    A principal gives an agent the power to transact matters of all types for him
  19. General Agency
    A principal gives an agent the power to bind him in a particular trade or business
  20. Special Agency
    A principal gives an agent the power to perform specific acts, but not to bind the principal - also called limited agency
  21. Limited Agency
    A principal gives an agent the power to perform specific acts, but not to bind the principal - also called special agency
  22. Duties of an agent
    An agent owes his client obedience, loyalty, disclosure, confidentiality, accounting and reasonable care (old car)
  23. Duties of a principal
    A principal owes his agent compensation, reimbursement, indemnification, and performace
  24. Blind Ad
    An advertisement that does not clearly indicate the licensed status of the party placing the ad - real estate licensees are prohibited from placing blind ad
  25. Dual Agent
    A broker who has the written permission of both the buyer and the seller to represent both parties in a single transaction
  26. Designated Agent
    A licensee appointed by a broker in a dual agency situation to work with either the buyer or the seller in the transaction
  27. Intermediary
    A broker in Texas who has the written permission of both the buyer and the seller to represent both parties in a single transaction
  28. Appointed Associate
    A licensee appointed by a broker in Texas in an intermediary situation to work with either the buyer or the seller in the transaction
  29. Open Listing
    A listing where a seller reserves the right to list with as many brokers as he chooses - he also reserves the right to sell the property himself - only a broker who brings a contract to the seller will earn a commission
  30. Exclusive Agency Listing
    A listing where one broker is the exclusive agent and will earn a commission if the property is sold, unless the seller sells it himself - the seller is competing with his broker
  31. Exclusive Right to Sell
    A listing where one broker will earn a commission when the property is sold, no matter who sells it
  32. Procuring Cause of Sale
    The effort that results in the sale of property - the act of bringing a ready, willing and able buyer to a seller resulting the sale of the seller's property
  33. Sherman Anti-Trust Act
    Federal law that preserves business competition by prohibiting monopolies, monopolistic practices and restraint of trade - in real estate the biggest impact is on commissions - always negotiable
  34. Commission
    A negotiated compensation in a broker's employment contract
  35. Agency coupled with an interest
    Any transaction where the agent is also the seller, or the agent is also the buyer - this dual role must always be disclosed
  36. Subagent
    An agent for a person who is already an agent for a principal - the listing salesperson under a listing broker - this is not a Texas definition

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