Types of agency relationships

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

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