(Ch. 10) Vocab (Agency) Flashcards Preview

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Flashcards in (Ch. 10) Vocab (Agency) Deck (20)
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1
Q

A legal relationship resulting from an agreement that the agent is authorized by a principal to perform certain acts on behalf of the principal and dealing with a third-party

A

Agency

2
Q

The legal relationship resulting from an agreement that the agent is authorized by a principal to perform certain acts on behalf of the principal in dealing with a third party. (10-123)

A

Agent

3
Q

One who is authorized to perform certain acts for another under a power of attorney. (10-128)

A

Attorney in Fact

4
Q

A broker who represents a buyer in a real estate transaction

A

Buyer’s Agent

5
Q

The principal to a real estate transaction who employs the agent (10-127)

A

Client

6
Q

A statement on New Jersey Real Estate Relationships as prescribed in NJAC 11:5-1.43(h)

Disclosure in how they intend to work with buyers and seller in a real estate transaction.

A

Consumer Information Statement

7
Q

An agent that legally represents both the buyer and seller in the same transaction. (10-126)

A

Disclosed Dual Agent

8
Q

A person in a position of great trust and confidence, as the relationship between principal and agent. (16-200)

A

Fiduciary

9
Q

One who is retained to perform a certain act subject to the control and direction of another as to the end result, but not as to how the act is performed. The critical feature is that an independent contractor, unlike an employee, is not subject to the control of the person who retained him or her. (10-129)

A

Independent Contractor

10
Q

A written employment agreement between a property owner and a broker authorizing the broker to sell, lease or exchange the realty. (11-147)

A

Listing

11
Q

A written instrument authorizing a person to act as the agent on behalf of another to the extent indicated in the instrument (10-128)

A

Power of Attorney

12
Q

The employer of an agent or broker. Also, a sum of money owed as a debt upon which interest is calculated (10-123)

A

Principal

13
Q

The cause of a series of events, which leads to the consummation of a sale. (10-128)

A

Procuring Cause

14
Q

Statements a reasonable person would recognize as being non-factual or exaggerated

A

Puffing

15
Q

A person who is prepared, financially able and willing to enter into a binding contract

A

Ready, Willing and Able

16
Q

An agent who works only for the seller and has legal obligations, called fiduciary duties, to the seller.

A

Seller’s Agent

17
Q

A person who is authorized to perform only certain specified functions on behalf of his or her principal

A

Special Agent

18
Q

A federal law that include civil and punitive damages for activities in restraint interstate and foreign trade.

A

Sherman Antitrust Act

19
Q

A broker who works with a buyer and seller or both in the same transaction without representing any of the parties.

A

Transaction Broker

20
Q

An illegal agency relationship arising when a real estate broker represents two principals in a transaction without their informed consent. (10-127)

A

Undisclosed Dual Agent