RE Law Ch. 1, 2, 3 & 4 Quick Key terms

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  1. Agent
    serving/acting for another
  2. Principal
    person agent represents
  3. fiduciary relationship
    trust and confidence between principal and agent
  4. broker/brokerage
    brings parties together/ top dog
  5. TREC
    Texas Real Estate Commission; set policy of license act
  6. TRELA
    Texas Real Estate License Act; controls licensing
  7. fidelity
  8. integrity
    fairness/doing the right thing
  9. competency
    capability/well qualified
  10. caveat emptor
    let the buyer beware
  11. subagent
    licensee who represents principal through cooperation
  12. gratuitous agency
    service for no compensation
  13. actual authority
    meeting of minds; relationship by fact
  14. meeting of the minds
    actual authority; consent of both principal and agent; agreement on relationship
  15. implied authority
    custom relationship acts
  16. ostensible (os-ten-sible) authority
    • estoppel (es-top-ple)
    • apparent authority
    • relationship without agent knowing
  17. Ratification
    approval after act
  18. net listing
    difference between price and sold price
  19. general agency
    broad range of matters
  20. special agency
    perform a single act
  21. transaction broker
    no representation; note passer
  22. OLD CAR
    obedience, loyalty, disclosure, confidentiality, accounting, reasonable care
  23. minimum level of service
    inform of material info, give offers, no hiding
  24. performance
    doing the job; ex; highest price
  25. reasonable care
    competence and expertise; pay attention
  26. loyalty
    putting interest above your own
  27. full disclosure
    all material facts
  28. flip closing
    agent/broker buys own listing for low price and sells for higher price; wrong
  29. accounting
    handling of funds; separate account (trust fund) no commingling
  30. Section 1101.652
    breaches for which a license can be suspended or revoked
  31. Cooperating broker
    subagent; not main agent of the principal but someone who found a buyer
Card Set:
RE Law Ch. 1, 2, 3 & 4 Quick Key terms
2016-09-09 21:44:53
law real estate terms

Intro, creation of relationships, fiduciary responsibility, general and special agency, Duty of care to principal
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