Real Estate Principles

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Author:
toya
ID:
96098
Filename:
Real Estate Principles
Updated:
2011-08-03 20:23:05
Tags:
agency its responsibility
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Description:
Chapter 4: Agency & Its Responsibility
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  1. Agency
    The relationship between principal and agent which arises out of a contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to do certain acts dealing with a third party
  2. Agency Disclosure Form
    A form presented to the principal(s) in a transaction stating exactly who the agent is working for: the buyer, the seller, or both
  3. Commingling
    The mixing of funds held in trust with personal funds.
  4. Conversion
    The unlawful taking and use of another's property placed in your trust, as an agent, by that person.
  5. Dual Agency
    An agent who has agency duties to both buyer and seller
  6. Easton v. Strassburger
    The major cour decision which requires an agent to disclose any physical defects or evidence of defects that could affect the value of real property.
  7. Employee
    One who works directly for another person, is told what to do, and is controlled in how they do it.
  8. Estoppel
    A doctrine which bars one from asserting rights which are inconsistent with a previous position or representation
  9. Exclusive Agency Listing
    A written instrument giving one agent the right to sell property for a specified time but reserving the right of the owner to sell the property himself without the payment of a commission.
  10. Exclusive Right to Sell Listing
    A written agreement between owner and agent giving agent the right to collect a commission if the property is sold by anyone during the term of his agreement
  11. Fiduciary Relationship
    The relationship between the agent and the principal that requires the highest level of trust and good faith
  12. Fraudulant Misrepresentation
    Knowingly making false and deceptive statements to help sell a property
  13. General Attorney in Fact
    One who is authorized to perform many acts for another under a power of attorney.
  14. Independent Contract
    A person who acts for another, selling final results and using his or her own judgment to achieve those results.
  15. Innocent Misrepresentation
    Making false statements about a property, without realizing it
  16. Multiple Listing Service (MLS)
    An association of real estate agents that provides a pooling of listings and the sharing of commissions.
  17. Negligent Misrepresentation
    Making false statements regarding a property that could have been checked out or verified
  18. Net Listing
    A listing which provides that the agent may retain as compensation for his services all sums received over and above a net price to the owner. (Illegal in many states)
  19. Open Listing
    Authorization from a property owner giving a real estate agent the non-exclusive right to secure a purchaser. Other brokers, or the owners themselves, may also solicit a purchaser.
  20. Policy Manual
    A written book of procedures explaining how a broker expects the agents working under him or her to conduct business and handle routine problems
  21. Principal
    This term is used to mean either the employer of an agent or the amount of money borrowed or the amount of the loan
  22. Ratification
    The adoption or approval of an act performed on behalf of a person without previous authorization.
  23. Secret Profit
    An agent's making of additional money in a real estate transaction without disclosing it to the principal and third party.
  24. Special Attorney in Fact
    Someone authorized to represent a principal in a specific task, such as selling a property
  25. Subagent
    A person upon whom the powers of an agent have been conferred, not by the principal, but by an agent authorized by the principal
  26. Third Party
    Any party to a transaction other than the principal with whom you have an agency relationship
  27. Tort
    A wrongful act; wrong, injury; violation fo a legal right.
  28. Transfer Disclosure Statement
    A form that notifies buyers of any physical defects to a property and requires the seller and the agent to list any evidence of defects of which they are aware
  29. Salesperson's listings are the property of?
    The broker who employs him/her as a salesperson
  30. How much of a broker's personal funds can be kept in his or her trust account without being guilty of commingling?
    $200
  31. The broker in a large real estate office dies. All listings:
    Are automatically cancelled and the new broker would need to re-list the properties.

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