Real Estate Agency
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| agency | The relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transactions.
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| agent | One who acts or has the power to act for another.
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| buyer representation agreement | A principal-agent relationship in which the real estate professional acts on behalf of the buyer, usually as an agent, with fiduciary responsibilities to the buyer.
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| buyer’s agent | A real estate professional who is under contract to locate property for a buyer and represent the buyer’s interests in a transaction.
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| client | The principal in an agency relationship or other form of representation.
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| customer | The third party or nonrepresented consumer for whom some level of service is provided.
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| designated agency | A process that accommodates an in-house sale in which two different agents are involved. Tie broker designates one agent to represent the seller and one; agent to represent the buyer.
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| designated agent | A real estate professional authorized by a broker to act as the agent for a specific principal in a particular transaction; also may be called assigned agent or appointed agent.
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| dual agency | Representing both parties to a transaction. This is unethical unless both parties agree to it, and it is illegal in some states.
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| express agency | An agency relationship based on a formal agreement between the parties.
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| express agreement | An oral or written contract in which the parties state the contract’s terms and express their intentions in words.
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| fiduciary | One in whom trust and confidence is placed; a reference to a real estate professional employed under the terms of a listing contract or buyer representation agreement.
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| fiduciary relationship | A relationship of trust and confidence, as between trustee and beneficiary, attorney and client, or principal and agent.
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| fraud | Deception intended to cause a person to give up property or a lawful right.
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| general agent | One who is authorized by a principal to represent the principal in a specific range of matters.
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| implied agency | If the actions of the parties imply that they have mutually consented to an agency relationship, an implied agency relationship is formed.
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| implied agreement | A contract under which the agreement of the parties is demonstrated by their acts and conduct.
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| latent defect | A hidden structural defect that could not be discovered by ordinary inspection and that threatens a property’s soundness or the safety of its inhabitants.
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| listing agreement | A contract between an owner (as principal) and a real estate professional (as representative of the owner).
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| negligent misrepresentation | Occurs when the real estate professional should have known that a statement about a material fact was false.
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| nonagent | An intermediary between a buyer and a seller, or a landlord and a tenant, who assists one or both parties with a transaction without representing either.
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| principal | (1) A sum loaned or employed as a fund or an investment, (2) The original amount (as in a loan) of the total due , (3) A main party to a transaction
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| puffing | Exaggerated or superlative comments or opinions.
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| single agency | Agency relationship in which the agent represents only one party to a transaction.
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| special agent | One who is authorized by a principal to perform a single act or transaction; a real estate professional is usually a special agent authorized to find a ready, willing, and able buyer for a particular property
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| subagent | A cooperating agent working with the broker on behalf of the broker’s client.
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| transaction broker | Helps both the buyer and the seller with paperwork and formalities in transferring ownership of real property, but who is not an agent of either party.
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| universal agent | A person empowered to do anything the principal could do personally.
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