Flashcards in Chapter 3 Agency, brokerage and ethical considerations Key terms part 1 Deck (17):
One authorized to act for another.
Regulations prohibiting price-fixing
A person authorized to act under a power of attorney.
One authorized to act for another in real estate.
An agent who takes a buyer as the principal.
Principal who engages an agent.
A brokers usual compensation.
Consumer information statement.
Written explanation of a business relationship.
Third-party in a transaction not the principal.
Disclosed dual agent
One who works for both the seller and the buyer.
Revealing to another any pertinent information.
Brokers taking both parties as principles.
A sales person who's broker pay Social Security, regulates hours, etc.
One who gives special duties to another.
Fiduciary responsibilities include care, obedience, accounting, loyalty (confidentiality), and disclosure.
These duties are easily remembered by the acronym COALD.
The trust and confidence between parties.
This falls within the requirements of the law of agency.
The agent is responsible for the money and/or property of others.
Intentional or unintentional misleading of another, who is harmed by these actions.