Details Title: Ch. 2 Agency Issues Description: Agency Issues Total Flash Cards: 9 Created: 06/04/2008 14:14:38		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Real Estate & Planning Flashcards
Cards in this set: Term buyer agency agreement Definition a written employment agreement that creates an agency relationship between a broker and a buyer. The buyer employs the broker to put forth a reasonable effort to find a property for the buyer to purchase and to negotiate on behalf of the buyer. Term exclusive agency listing contract Definition gives the listing broker the exclusive right to market the seller's property. Seller promises to pay a commission to the listing broker if the terms of the contract are fulfilled, except if the buyer is procured BY THE SELLER. Term exclusive right to sell listing contract Definition gives the listing broker the exclusive right to market the seller's property. The seller promises to pay a commission to the listing broker if the terms of the contract are fulfilled, NO MATTER WHO procures the buyer. Term express agency Definition relationship created through words, written or orally spoken. Term general agent Definition is authorized to conduct all of a principal's affairs within the context of one specific contract. Term implied agency Definition relationship created between parties as evidenced by their ACTIONS Term one-party listing contract Definition broker will earn their commission only if they PROCURE a buyer specified in the LISTING CONTRACT. Term open listing contract Definition between several brokers and a seller. The only broker entitled to a commission is the one that procured the buyer. Term special agent Definition is authorized by a principal to perform one particular act or transaction.