Types of agency relationships – Flashcards
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Universal agent
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Empowered to do anything the principal can do-virtually unlimited-unlimited power of attorney
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General agent
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Represents the principal in a broad range of matters-property manager
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Special agent
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Licensee designated by the broker to act as the agent of a specific principal
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Designated agent
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Licensee designated by the broker to act as the agent of a specific principal
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Single agent
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Representing only the one party in any single transaction-either buyer or seller
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Sub agent
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Helps perform client based finctions on the principal's behalf-unilateral offer of subagency through MLS
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Dual agent
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Representing two principals in the same transaction-must be disclosed
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Non agent
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An intermediary between a buyer and seller who assists both parties with transactions, but represents neither party
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Customer
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The third party who receives some level of services and who is entitled to honesty and fair dealing
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Fiduciary relationship
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An affiliation of trust and confidence as between a principal and agent
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Special agent
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An agent who is authorized to represent the principal in one specific act or business transaction,under detailed instruction
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Agent
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The individual who is authorized and consents to represent the interests of another
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General agent
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An agent authorized to represent the principal in broad range of matters related to a specific business or activity
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Implied agency
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The establishment of an agency relationship as the results of the actions of the parties that indicate mutual consent
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Law of agency
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The basic framework tjat governs the legal responsibilities of an agent to a principal
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Puffing
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Nonfradulant exaggeration of a property's benefit of features
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Principal
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The individual who hires and delegates to the agent the responsibility of representing his or her interest
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Disclosed dual agency
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An agency relationship in which the agent represents two principals simultaneously, with their knowledge or permission
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Common law agent duties
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Care, obedience, accounting, loyalty, and disclosure
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Buyers agents
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Real estate licensees who represents buyers exclusively
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Client
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The principal in a real estate agency relationship
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Undisclosed dual agency
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An agency relationship in which the agent represents teo principals simultaneously, without their knowledge or permission.
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Latent defect
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A hidden structual problem that would not be discovered by ordinary inspection
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Stigmatized property
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A property that has branded as undesirable because of the events that occurred in or near it
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Sub agent
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The party to whom an agent delegates some of his or her authority
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Express agent
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A contract in which the parties formally state their intention to establish an agency relationship
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Errors and omissions insurance
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Type of insurance that covers liability for mistakes and negligence in the usual activities of a real estate office
