chap 1 agency concepts

Agency - The relationship between principal and the principal's agent which arises out of a contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to do certain acts dealing with a third party.

Agency - The relationship between principal and the principal's agent which arises out of a contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to do certain acts dealing with a third party.

Agent - One who acts for and with authority from another called the principal.

Agent - One who acts for and with authority from another called the principal.

Associate Broker - A licensed real estate broker who chooses to work under the name and supervision of another licensed broker.

Associate Broker - A licensed real estate broker who chooses to work under the name and supervision of another licensed broker.

Associate Licensee - A licensee who is licensed under a broker, or who has entered into a written contract with the broker to act as the broker's agent in a real estate transaction.

Associate Licensee - A licensee who is licensed under a broker, or who has entered into a written contract with the broker to act as the broker's agent in a real estate transaction.

Client - Prior to signing a listing agreement, a party in a real estate transaction who will employ an agent.

Client - Prior to signing a listing agreement, a party in a real estate transaction who will employ an agent.

Common Law - Law that is derived from court decision. The body of law that grew from custom and practices developed and used in England "Since the memory of man runneth not to the contract"

Common Law - Law that is derived from court decision. The body of law that grew from custom and practices developed and used in England "Since the memory of man runneth not to the contract"

Customer - The party the agent brings to the principal as seller or buyer of the property.

Customer - The party the agent brings to the principal as seller or buyer of the property.

Fiduciary - A person in a position of trust and confidence, as between principal and broker; broker as a fiduciary owes certain loyalty which cannot be breached under the rules of agency.

Fiduciary - A person in a position of trust and confidence, as between principal and broker; broker as a fiduciary owes certain loyalty which cannot be breached under the rules of agency.

Fiduciary Duty - That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure.

Fiduciary Duty - That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure.

Principal - The employer of an agent; one of the main parties in a real estate transaction, such as a buyer, borrower, seller, or lessor.

Principal - The employer of an agent; one of the main parties in a real estate transaction, such as a buyer, borrower, seller, or lessor.

Real Estate Broker - A person or an organization acting as the agent for others in negotiating the purchase and sale of real property or other commodities for a fee.

Real Estate Broker - A person or an organization acting as the agent for others in negotiating the purchase and sale of real property or other commodities for a fee.

Real Estate Salesperson - A person performing any of the acts included in the definition of real estate broker but while associated with and supervised by a broker.

Real Estate Salesperson - A person performing any of the acts included in the definition of real estate broker but while associated with and supervised by a broker.

Statutory Law - Law that is set down by a body of legislation or by a singular legislator.

Statutory Law - Law that is set down by a body of legislation or by a singular legislator.