Term
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Definition
one authorized to act for another
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Definition
regulations prohibiting price-fixing
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Term
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Definition
person authorized to act under a power of attorney
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Term
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Definition
one authorized to act for another in real estate transactions
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Term
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Definition
agent who takes a buyer as the principal
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Term
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Definition
principal who engages an agent
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Term
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Definition
broker’s usual compensation
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Term
Consumer Information Statement
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Definition
written explanation of a business relationship
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Term
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Definition
third party in a transaction, not the principal
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Term
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Definition
one who works for both the seller and the buyer
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Term
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Definition
revealing to another any pertinent information
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Term
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Definition
brokers taking both parties as principals
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Term
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Definition
salesperson whose broker pays Social Security, regulates hours, etc.
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Term
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Definition
one who owes special duties to another
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Term
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Definition
trust and confidence between parties
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Term
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Definition
intentional or unintentional misleading of another, who is harmed thereby
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Term
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Definition
one empowered for a wide range of actions
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Term
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Definition
salesperson who sets own hours, pays own estimated income taxes, etc.
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Term
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Definition
illegal sharing of a commission with seller
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Term
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Definition
problem not discoverable by normal prudent inspection
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Term
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Definition
rules governing conduct of agents
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Term
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Definition
agreement between a buyer and seller on major points
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Term
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Definition
legislation requiring that communities be alerted to the presence of sex offenders
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Term
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Definition
written authorization of agency
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Term
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Definition
the one employing an agent; the client
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Term
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Definition
the one who brings about a sale
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Term
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Definition
harmless exaggeration as salesmanship
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Term
Ready, willing, and able buyer
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Definition
one qualified and prepared to purchase
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Term
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Definition
person licensed to assist a real estate broker
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Term
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Definition
one authorized to act for another in a specific transaction
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Term
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Definition
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Term
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Definition
one who facilitates a transaction without functioning as an agent
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Term
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Definition
standards of conduct adopted by REALTORS®
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Term
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Definition
problem when serving best interests of both the client and oneself
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Term
Errors and omissions insurance
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Definition
real estate equivalent of malpractice coverage
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Term
Fraudulent misrepresentation
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Definition
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Term
Graduate, REALTOR® Institute
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Definition
designation awarded for advanced study
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Term
Innocent misrepresentation
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Definition
unintentional deception committed in ignorance
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Term
National Association of REALTORS®
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Definition
private nationwide organization of brokers and salespersons
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Term
Negligent misrepresentation
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Definition
fraud committed by someone who should have known better
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Term
New Jersey Association of REALTORS®
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Definition
statewide group of real estate licensees who choose to join
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Term
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Definition
member of a private national organization
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Term
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Definition
competence normally expected
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