Types of Agencies and Agents Flashcards Preview

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Flashcards in Types of Agencies and Agents Deck (20)
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1
Q

One who acts on behalf of another in a business transaction.

A

Agent

2
Q

An agent who works under another agent to perform some of the acts of an agency with the principal’s permission.

A

Sub-agent

3
Q

Represents both the buyer and seller in the same transaction.

A

Dual agent

4
Q

Two salespeople from the same brokerage who each represent a different party in the same transaction

A

Dual agent with designated sales agents

5
Q

This type of agent represents only one party

A

Single agent

6
Q

The agent, also called a listing agent, is engaged by a seller to represent the seller’s interest.

A

Seller’s agent

7
Q

An agent who is engaged by a buyer to represent the buyer’s interests.

A

Buyer’s agent

8
Q

An agent who represents the broker from another firm. This agent does not represent the principal, only the broker.

A

Broker’s agent

9
Q

An agent who assists a landlord in finding a tenant.

A

Landlord’s agent

10
Q

An agent who assists someone in finding a property to lease or rent.

A

Tenant’s agent

11
Q

An agent who acts within the scope of the property management agreement on behalf of the landlord.

A

Property manager

12
Q

A relationship in which one party (the principal) authorizes another party (the agent) to act as the principal’s representative in dealing with third parties

A

Agency

13
Q

Fiduciary duties

A

Care, obedience, loyalty, disclosure, accounting, confidentiality, honesty, integrity

14
Q

A licensee from another firm who assists the buyer but represents the listing agent and the seller

A

Sub-agent

15
Q

A licensee authorized by a broker to act as the agent for a specific principal in a particular transaction

A

Designated agent

16
Q

A broker helps a buyer and a seller with paperwork but does not represent either party

A

Transactional brokerage

17
Q

An agency relationship based on a formal agreement between the parties

A

Express agency

18
Q

An agency relationship created by the act or conduct of the parties involved, as opposed to express agency

A

Implied agency

19
Q

Legal responsibility placed on one person for another individual’s acts (brokers are vicariously liable for their licensees)

A

Vicarious liability

20
Q

An agreement between a licensee and broker when the licensee is not an employee of the brokerage, is paid on results rather than hours worked, and is responsible for setting his own hours and paying his own Social Security taxes

A

Independent contractor agreement