Real Estate U Chapter 2 Flashcards
33 Questions
101 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What does accountability mean in real estate?

To be responsible, safeguarding any money or property held on behalf of the client.

What is Advance Consent to Dual Agency?

The seller or buyer agrees to dual agency before it occurs by indicating it on the agency disclosure form.

What is an agent?

One who undertakes to transact some business or to manage some affair for another by authority of the latter.

What is a broker's agent?

<p>An agent that cooperates or is engaged by a listing agent or a buyer's agent to assist in locating a property.</p> Signup and view all the answers

What is a buyer agent?

<p>An agent who represents the buyer of real property.</p> Signup and view all the answers

Who is considered a client in real estate?

<p>The one by whom a broker is employed.</p> Signup and view all the answers

What does confidentiality mean in real estate?

<p>An agent is obligated to safeguard his/her principal's lawful confidences and secrets.</p> Signup and view all the answers

What is a cooperating agent?

<p>A real estate agent who sells a property, may be the subagent, buyer's agent, or dual agent.</p> Signup and view all the answers

What is a designated sales agent?

<p>Agents appointed in a firm to represent only the interests of either the seller or buyer in dual agency situations.</p> Signup and view all the answers

What does disclosure of information entail?

<p>The release of relevant information about a property that may influence the final sale.</p> Signup and view all the answers

What is dual agency?

<p>Representing both principals (seller and buyer) to a transaction.</p> Signup and view all the answers

What does estoppel mean?

<p>The principle which prevents a person from asserting something contrary to a previous action or statement.</p> Signup and view all the answers

What is expressed agency?

<p>An actual agency created by written or oral agreement between the principal and the agent.</p> Signup and view all the answers

What are fiduciary duties?

<p>The legal duty of a fiduciary to act in the best interests of the beneficiary.</p> Signup and view all the answers

Who is a fiduciary?

<p>A person who transacts business or handles money or property on behalf of another.</p> Signup and view all the answers

What is a general agent?

<p>An agent with full authority over one property of the principal.</p> Signup and view all the answers

What is a group boycott?

<p>An agreement between members of a trade to exclude others from fair participation.</p> Signup and view all the answers

What is implied agency?

<p>Agency that occurs when the words and actions indicate there is an agency relationship.</p> Signup and view all the answers

What is informed consent?

<p>An agreement to allow something to happen only after all relevant facts are disclosed.</p> Signup and view all the answers

Who is a landlord's agent?

<p>A person with authority to act for or on behalf of a landlord.</p> Signup and view all the answers

What does loyalty mean in the context of real estate?

<p>An agent's duty to place the client's interest above all others.</p> Signup and view all the answers

What is market allocation?

<p>An agreement to refrain from competition in specific market areas.</p> Signup and view all the answers

What is misrepresentation?

<p>Making an intentionally false statement to induce someone to contract.</p> Signup and view all the answers

What does obedience mean in a fiduciary relationship?

<p>The obligation of the agent to act in good faith and obey the client's instructions.</p> Signup and view all the answers

What is price fixing?

<p>Conspiring to establish fixed fees or prices for services or products.</p> Signup and view all the answers

Who is the principal in a real estate transaction?

<p>The employer of an agent or broker; the broker's or agent's client.</p> Signup and view all the answers

What is reasonable care?

<p>The degree of caution and concern for safety an ordinarily prudent person would use.</p> Signup and view all the answers

What is a seller's agent?

<p>An agent who represents the seller of real property.</p> Signup and view all the answers

What is a special agent?

<p>An agent with limited authority to act on behalf of the principal.</p> Signup and view all the answers

Who is a sub-agent?

<p>An agent of a person already acting as an agent of a principal.</p> Signup and view all the answers

What is a tenant's agent?

<p>A licensed real estate agent who acts on behalf of a tenant in a commercial property transaction.</p> Signup and view all the answers

What is a tie-in arrangement?

<p>A contract where one transaction depends upon another.</p> Signup and view all the answers

What is undisclosed dual agency?

<p>A relationship where an agent represents both buyer and seller without their knowledge.</p> Signup and view all the answers

Flashcards

Accountability

Responsibility to protect money or property for a client.

Advance Consent to Dual Agency

Agreement by seller or buyer for dual agency before it happens.

Agent

Individual authorized to act on behalf of another.

Buyer Agent

Agent representing buyer’s interests in transactions.

Signup and view all the flashcards

Client

Individual or entity employing a broker for services.

Signup and view all the flashcards

Confidentiality

Agent's duty to protect the client's private information.

Signup and view all the flashcards

Dual Agency

Representation of both seller and buyer in one transaction.

Signup and view all the flashcards

Fiduciary Duties

Agent's legal responsibilities to act in clients' best interests.

Signup and view all the flashcards

General Agent

Agent with full authority over a principal's property.

Signup and view all the flashcards

Implied Agency

Agency formed through actions without explicit agreement.

Signup and view all the flashcards

Informed Consent

Agreement after all relevant facts are disclosed.

Signup and view all the flashcards

Loyalty

Agent's duty to prioritize the client's interest.

Signup and view all the flashcards

Misrepresentation

Intentional false statements to induce a contract.

Signup and view all the flashcards

Obedience

Agent's obligation to follow lawful client instructions.

Signup and view all the flashcards

Principal

The employer in an agent-principal relationship.

Signup and view all the flashcards

Reasonable Care

Standard of caution expected from a prudent person.

Signup and view all the flashcards

Seller's Agent

Agent representing the seller in real estate.

Signup and view all the flashcards

Special Agent

Agent with limited authority defined by specific tasks.

Signup and view all the flashcards

Sub-agent

Agent acting on behalf of another agent.

Signup and view all the flashcards

Tenant's Agent

Agent representing a tenant’s interests in transactions.

Signup and view all the flashcards

Undisclosed Dual Agency

Illegal situation where both parties are unaware of dual representation.

Signup and view all the flashcards

Study Notes

Key Terms and Definitions in Real Estate

  • Accountability: Responsibility to protect any money or property held on behalf of a client.
  • Advance Consent to Dual Agency: Agreement by seller or buyer to dual agency prior to its occurrence, indicated on the agency disclosure form.
  • Agent: Individual authorized to conduct business or manage affairs on behalf of another person.
  • Broker's Agent: An agent cooperating with a listing or buyer's agent, working independently from their firm to assist in property transactions.
  • Buyer Agent: Agent representing the interests of the buyer in real estate transactions.
  • Client: The individual or entity employing a broker for real estate services.
  • Confidentiality: Obligation of the agent to protect the principal's confidential information and bargaining position.
  • Cooperating Agent: A real estate agent involved in selling a property, may include a seller's subagent, buyer's agent, or dual agent.
  • Designated Sales Agent: Individual agents appointed within a firm to exclusively represent the interests of the seller or buyer in dual agency situations.
  • Disclosure of Information: Obligation to communicate relevant property information, including defects, to clients.
  • Dual Agency: Representation of both seller and buyer in a transaction, posing potential conflicts of interest.
  • Estoppel: Legal principle preventing contradiction of prior actions or statements.
  • Expressed Agency: Agency created through written or oral agreement between principal and agent.
  • Fiduciary Duties: Legal responsibilities of agents to act in the best interest of their clients, including confidentiality.
  • Fiduciary: Person managing another's business or finances, establishing a relationship based on trust.
  • General Agent: Agent with full authority over a principal's property, such as a property manager.
  • Group Boycott: Trade members agree to exclude others from fair participation, often illegal.
  • Implied Agency: Agency formed through actions and indications of both parties, without explicit agreement.
  • Informed Consent: Agreement to proceed only after all relevant facts have been disclosed.
  • Landlord's Agent: Authority to act on behalf of a landlord in property management.
  • Loyalty: Duty of the agent to prioritize the client’s interests above their own or others'.
  • Market Allocation: Agreement among trade members to avoid competition in specific areas.
  • Misrepresentation: Intentionally false statements made to induce a contracting party.
  • Obedience: Obligation of an agent to follow a client’s lawful instruction in good faith.
  • Price Fixing: Illegal agreement among parties to set fixed prices for services.
  • Principal: The employer in an agent-principal relationship, often the client.
  • Reasonable Care: Standard of caution expected from a prudent person, crucial in assessing negligence.
  • Seller's Agent: Agent representing the seller in real estate matters.
  • Special Agent: Agent with limited authority, such as one defined by a specific listing.
  • Sub-agent: Agent acting on behalf of another agent who is already representing the principal.
  • Tenant's Agent: Licensed agent representing a tenant's interests in commercial transactions.
  • Tie-in Arrangement: A contract where one transaction is contingent on another.
  • Undisclosed Dual Agency: Illegal situation where an agent represents both buyer and seller without their knowledge or consent.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Quiz Team

Description

Test your knowledge of key real estate terms with our Chapter 2 flashcards. This quiz covers important concepts such as accountability, dual agency consent, and the role of an agent. Perfect for students preparing for their real estate exams!

More Like This

Real Estate Terminology Quiz
3 questions

Real Estate Terminology Quiz

RemarkableIsland avatar
RemarkableIsland
Real Estate Terminology Quiz
5 questions

Real Estate Terminology Quiz

SupportedMossAgate avatar
SupportedMossAgate
Real Estate Land Terminology Quiz
5 questions

Real Estate Land Terminology Quiz

CatchyWonder avatar
CatchyWonder
Real Estate Terminology Quiz
16 questions

Real Estate Terminology Quiz

RestfulGoblin5783 avatar
RestfulGoblin5783
Use Quizgecko on...
Browser
Open
Browser
Browser