Term
| Under BRRETA, is an expressed contract, written or oral, where the client (principle) agrees to give to the real estate broker valuable consideration upon the broker producing a seller, buyer, tenant, or landlord ready, willing and able to sell, buy or rent the property |
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| A relationship of trust and confidence between a principal and agent; a person in a position of trust and confidence, as between broker and seller |
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| An organization of brokers created for the purpose of exchange listing information, thereby giving each property any lawful act the principal could perform themselves. An agent who had the authority without limitations, usually granted by a general power of attorney |
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| A listing agreement which authorizes the broker to sell the property for any price possible, while the seller agrees to accept a set amount. Is prohibited by the License Law in most states. |
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| A right to use the name, logo and service of another business |
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| Under BRRETA is the relationship that is formed as a result of the parties entering into a brokerage engagement |
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| A buyer whose offer is acceptable to the seller, though different from the terms in the broker's listing agreement |
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| Under BRRETA, defined under Georgia Law as anyone who is authorized to buyer, sell, rent, manage, exchange or auction real property for another in return for a fee. Occupation of a real estate broker. |
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| A listing agreement which guarantees the broker a commission if the property is sold during the term of the listing, regardless who sells it. |
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| Exclusive right to sell listing |
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| Form of exclusive right to sell listing used by brokers who are members of a multiple listing service |
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| A method of termination an agency due to a change of law causing the purpose of the agency to become illegal |
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| A method of compensating salespeople where each salesperson pays the broker a monthly fee for the use of office space, support services, and the brokers names, and in return, the salesperson keep 100% of the commisssions |
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| One who has authority to bind their principal in a particular buniness |
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| An agency established by agreement, either written or verble |
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| An individual or legal entity licensed to act as the agent of another in buyer, selling, exchanging, renting, leasing, managing, or auctioning real estate for another. |
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| Under BRRETA, these are acts that a broker or affiliated licensee performs for a person ( customer) which do not require discretion or the exercise of judgment on the part of the licensee. Includes, preparing and conveying offers, location draftsmen, architects, attorneys, lenders. |
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| Also called co-broker. A broker with another company that assists the listing broker in securing a ready, willing and able buyer or an acceptable buyer |
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| A listing agreement that gives the broker the nonexclusive right to find a ready, willing and able buyer. |
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| A person authorized by te court to manage the affairs of another who is legally incapable of doing it for himself/herself |
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| Under BRRETTA this person or entity has entered into a contractual relationship (Brokerage engagement) with the broker |
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| The relationship created when a principal authorizes and agent to represent him/her in dealing with third parties. |
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| A provision in a listing agreement which allows the listing to automatically renew indefinitely until the property is either sold or the agreement is cancelled by the owner. Not allowed in Georgia. |
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| One who buys property for another in order to keep the identity of the real purchaser confidential. |
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| An agency that is created when a third party relies on the principle expressed or implied actions that a particular person is their agent. The Principle cannot later deny the agency exists because of the estoppel. |
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| A uniquge form of ownershi[ not classified as a corporation , but an associationsimilar to that of a limited partnership. Management respoinsbilities are vested in its members and meber are not personally liable for the debts of the company. Members are no stockholders and therefore, profits are not taxed at the corporate level |
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| Limited Liability Company |
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| A doctrine of law which points out that the act of creating and agency shall be executed with the same formality as the law requires for the execution of the act for which the agency shall be created |
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| An agency in which the agent has a legal interest in the property of the principal. Cannot be revoked by the principal. |
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| Agency coupled with an interest |
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| A person authorized to act on behalf of another |
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| A term used to describe property offered for sale in its present condition with no warranty provided by the owner. It does not confer immunity from liability of fraud. |
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| One that has the authority to act on behalf of another under a power of attorney. |
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| A broker who assists the listing broker in securing a buyer. |
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| Mixing funds held in trust with the broker's personal or business accounts. |
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| The Georgia Real Estate Commission, the state licensing authority charged with the enforcement of the Real Estate License Law. |
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| Under "BRRETA" a customer is someone who is working with a broker concerning real estate matters but has not entered into a brokerage engagement with the broker. In a situation where the broker works with a "customer," this law allows the broker to perform "Ministerial Acts" for the customer while working with them in a specific real estate transaction. |
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| Under BRRETA, a dual agent is a broker who has entered into a brokerage engagement with both seller and buyer or landlord and tenant in the same transaction. |
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| Representing both the buyer and the seller in the same transaction. This practice constitutes a violation of the License Law, unless both parties give their written consent. |
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| A doctrine of law which prevents a person from exercising rights that are arent consistent with his/her prior conduct or words |
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| Authority of an agent arising from custom rather the expressed agreement |
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| One who contracts to do work according to his/her own methods and is responsible to his/her employer only as to the results of that work |
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| An honest mistake. Misrepresentation without the intent to deceive. |
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Definition
| Innocent misrepresentation |
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| Defects not readily apparent from an ordinary inspection of the property. Concealed defects that affect the value of the property and must be disclosed bu the seller and broker (when known or apparent to them) and to third parties |
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| That body of law that governs the relationship between principle, agent and third parties. |
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| (Sometimes referred as Duel Agency) Representation by the same agent of more than one party in the same transaction |
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| A real estate broker's contract of employment with an owner. The agreement obligates the owner to pay the broker a commission if the broker finds a ready, willing, and able buyer, but it does not obligate the owner to contract a buyer |
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| A working relationship of two or more persons where they unite skill, property, or labor to carry on a business and share in the profits or losses. |
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| Also called client. One who employs an agent to represent him/her. |
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| The person whose action is the primary reason for a sale taking place. |
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| The acceptance of an agent's unauthorized acts by direct confirmation or implication. |
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| A provision in a listing agreement that entitles the broker to a commission after the listing expires, provided the owner sells to one of the broker's prospect and certain other conditions are ment |
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| One who is appointed to act on a particular occasion o for a specific purpose. A person with limited authority authority. |
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| A listing agreement in which the seller appoints on;y one broker to represent him/her in securing a purchaser. However, the seller reserves the right to sell the property himself/herself without being liable to the broker for commission. |
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| An authorization made by an owner either verbal or in writing which gives a broker the non-exclusive right to secure a purchaser. Such listings may be given to any number of agents without liability to compensate anyone; except the one who first secures a buyer ready, willing, and able to meet the terms of the listing, or who first secures the seller's acceptance of an acceptable offer. The owner can also sell and pay no commission. |
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