Agency Relationships
A special relationship of trust by which one person (agent) is authorized to conduct business, sign papers, or otherwise act on
... [Show More] behalf of another person (principal). This relationship may be created by expressed agreement, ratification, or estoppel.
Agency
A legal relationship in which a principal authorizes an agent to act as the principal's representative when dealing with third parties.
Fiduciary
A relationship that implies a position of trust or confidence.
Fiduciary duty
That duty owned by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress of pressure.
Fiduciary Relationship
A relationship that implies a position of trust or confidence.
Special Agent
A person employed to perform a specific task.
General Agent
A person authorized by a principal to perform any and all tasks associated with the continues operation of a particular project.
Special Power of Attorney
A written instrument where a principal confers limited authority upon an agent to perform certain prescribed acts on behalf of the principal.
General Power of Attorney
Allows the agent to transact all the business of the principal. The agent is then known as attorney-in-fact.
Third Party
A person who may be affected by the terms of an agreement but who is not a party to the agreement. - Considered the customer in a real estate transaction.
Single Agency
The representation of only one party in a real estate transaction.
Dual Agency
An agency relationship in which the agent acts concurrently for both principals in a transaction.
Listing Agent
A broker who obtains a listing from a seller to act as an agent for compensation.
Listing
A contract between an owner of real property and and agent who is authorized to obtain a buyer.
Subagent
A broker delegated by the listing agent (if authorized by the seller) who represents the seller in finding a buyer for the listed property.
Buyer's Agent
A broker employed by the buyer to located a certain kind of real property.
Selling Agent
The broker who find a buyer and obtains an offer for the real property.
Cooperating Agent
A selling agent who assists another broker by finding a buyer.
Multiple Listing Service (MLS)
A cooperative listing service conducted by a group of brokers (usually members of a real estate association) to provide an inventory of all available properties in the area.
Sales Associate
1.A licensed real estate salesperson or broker whose license is held by an employing licensed broker. 2. Also known as associate licensee.
Associate Licensee
Another term for a licensed real estate salesperson employed by a licensed real estate broker.
Agency Relationship Disclosure Act
Law requires that an agent supply a written document called Disclosure Regarding Real Estate Agency Relationships expalining the nature of agency. This disclosure must be made prior to taking a listing or writing an offer.
Disclosure Process
D-E-C: Disclose, elect and confirm
Express Agreement
A written agreement, usually in the form for a listing contract which authorizes the broker to represent the seller in finding a ready, willing and able buyer.
Creation of Agency Relationship
-Agreement
-Ratification
-Estoppel
Agreement
A mutual exchange of promises (either written or oral). Although often used as synonomous with contract, technically it denotes mutual promises that fail as a contract for lack of consideration.
Agent
A person who acts for and in the place of another, called a principal, for the purpose of affecting the principal's legal relationship with the third persons.
Listing Agreement
A written contract by which a principal, or seller, emplys a broker to sell real estate.
Ready, willing and able buyer
A person who is prepared to enter into a purchase contract, really wants to buy, and meets the financing requirements of purchase.
Ratification
The approval of a previously authorized act, performed on behalf of a person, which makes the act valid and legally binding.
Estoppel
1. A legal doctrine which prevents a person from denying something be true or a fact which is contrary to previous statements made by that same person. 2. Also known as an implied or ostensible agency.
Ostensible Agency
An agency relationship created by the actions of the parties rather by an express agreement.
Termination of agency relationship
-Full Performance
-Expiration of its term
-Agreement of all parties
-Acts of the parties
-Destruction of the property
-Death, incapacity, or insanity of the broker or principal
-Bankruptcy of the principal [Show Less]