Module 4 Vocabulary

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402ari6361
ID:
89056
Filename:
Module 4 Vocabulary
Updated:
2011-06-04 10:00:04
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Real Estate
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module 4 vocabulary
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  1. AGENCY
    A fiduciary relationship between the client (principal) and the agent. Since the passage of BRDA, the only agency relationship is single agency.
  2. BROKERAGE RELATIONSHIP DISCLOSURE ACT (BRDA)
    Effective Oct 1, 1994 provides (4) types of authorized brokerage relationships that a real estate licensee may have with a consumer: transaction brokerage, single agency, no brokerage, and designated sales associate.
  3. DUAL AGENCY
    Relationship, licensee works for both the seller and buyer in a transaction in a fiduciary capacity
  4. TRANSACTION BROKER
    Allows licensee to provide limited representation to both parties without creating a fiduciary relationship.
  5. AGENT
    Licensee who is authorized and consents to represent the interests of another person. In the real estate business, the firm's broker is the agent and he/she shares the responsibility with the licensees who work for the firm.
  6. BROKER ASSOCIATE
    formerly known as broker-salesperson. A real estate practitioner who has a broker's license and works as a licensee for the brokerage firm.
  7. CLIENT
    The party who employs a licensee in an agency relationship. The licensee works for and represents this party (buyer or seller) in a fiduciary capacity. Single agency is only authorized brokerage relationship in which licensees have a client. Also called principal.
  8. CUSTOMER
    3rd party for whom some level of service is provided and is entitled to fairness and honesty, diclosure of material facts and accounting for all funds.
  9. DESIGNATED SALES ASSOCIATE
    Broker may designate 2 sales associates employed by the same firm to represent different parties in the same transaction as single agents.
  10. DUAL AGENCY
    Illegal relationship in which the licensee represents both the buyer and seller in a fiduciary capacity.
  11. FIDUCIARY RELATIONSHIP
    Relationship of trust and confidence between the licensee as agent and the seller or buyer as principal (or Client).
  12. SALES ASSOCIATE
    Formerly known as salesperson a real estate pratitioner with a sales associate's license. Must be employed by a broker or owner-employer to provide services of real estate.
  13. SINGLE AGENCY
    When a licensee represents, as a fiduciary, either the buyer or seller. As a single agent, a licensee may not represent both buyer and seller in the same transaction.
  14. TRANSACTION BROKER
    Licensee who provides limited representation to a buyer, a seller, or both. A transaction broker does not represent either party in a fiduciary capacity or as a single agent.
  15. RESIDENTIAL SALES
    • 1) improved residential property of 4 units or fewer
    • 2) unimproved residential property intended for use of 4 units or fewer
    • 3) agricultural property of 10 acres or fewer
  16. IN-HOUSE SALE
    Is when in a brokerage firm, through one or more of its real estate licensee, acts as both listing and selling agent
  17. MUTIPLE LISTING SERVICE (MLS)
    System that disseminates information about listed properties and through which participants offer cooperation and compensation to other properties; it permits subagency but does not require it.

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