Broker
A Properly Licensed party who serves a principal in an agency relationship
Agency
A fiduciary relationship between a broker and a
... [Show More] principal or a broker and a client
Fiduciary
A Party acting for another in a position of trust-a broker or agent
Fiduciary Relationship
The relationship based on trust-the relationship governed by the law of the agency between a broker and a principal
Principal
A party represented by a broker in an agency relationship-also called a client
Client
A Party represented by a broker in an agency relationship-also called a principal
Customer
A third party-one a broker is working with, but who is not represented by that broker
Buyer Representation Agreement
An employment contract obligating a broker to act as a fiduciary to a buyer
Listing Agreement
An employment contract obligating a broker to act as a fiduciary to a seller
Management Agreement
An Employment contract obligating a broker to act as a fiduciary to a property owner
Public Responsibilities
The responsibilities a broker has to customers or third partyies including-Honesty, Fairness and disclosure to material facts
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
Oral Agency
An agency relationship created by an oral or spoken agreement
Implied Agency
Agency as a result of customary, usual or typical conditions
Ostensible Agency
Agency as a result of the actions of an agent and the response of others to those actions
Agency by Ratification
Agency established when an agent acts without permission of the principal and the principal accepts or ratifies those actions
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
Universal Agency
A principal gives an agent the power to transact matters of all types for him
General Agency
A principal gives an agent the power to bind him in a particular trade or business
Special Agency
A principal gives an agent the power to perform specific acts, but not to bind the principal-also called limited agency
Limited Agency
A principal give an agent the power to perform specific acts, but not to bind the principal-also call Special Agency
Duties of an Agent
An Agent owes his client obedience, loyalty, disclosure, confidentiality, accounting and reasonable care
OLDCAR
Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Reasonable Care-Duties of an agent
Duties of a Principal
A principal owes his agent compensation, reimbursement, indemnification and performance
CRIP
Compensation, Reimbursement, Indemnification and Performance-duties of a Principal or client
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 ads
Dual Agent
A broker who has the written permission of both the buyer and the seller to represent both parties in a single transaction
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
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
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
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 commision
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 [Show Less]