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| The person entrusted with another's business An agent is authroized to represent and act for the principal. |
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| A person who delegates authority to another |
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| When a person delegates authority to someone to act on his or her behalf, an agency relationship has been created. |
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| A person who accepts the authority (and responsibilities, duties, and obligations associated with that authority) |
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| a member of the public who is or may be a buyer or a seller of real property and may or may not be represented by a real estate licensee in an authorized brokerage relationship. Therefore, the seller (or the buyer) who chooses limited representation is a customer under the transaction broker relationship. |
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| Designated sales associates |
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Definition
| In a nonresidential real estate transaction where the buyer and seller each have assets of $1 million or more, the broker at the request of the buyer and seller may designate two sales associates to act as single agents for the buyer and seller in the same transaction. |
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| A person legally appointed and authorized to hold assets in trust for another person. The fiduciary manages the assets for the benefit of the other person rather than for his or her own profit. |
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| Deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage. |
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is authorized by the principal to perform only acts related to a business or to employment of a particular nature. A property manager, for example, acts as a general agent if authorized to show and rent apartments, collect rents, supervise maintenance and upkeep of the property, handle tenant relations, and perform bookkeeping duties. |
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the party with whom a real estate licensee has entered into a single agent relationship. |
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| describes a licensee's boasting of a property's benefits. For example, the statement, "The apartment has a fantastic view," is puffing because the prospect is clearly able to assess the view, and the statement is the licensee's opinion. However, if the license had instead said, "The apartment has a fantastic view of the lake," when in fact the lake is not visible from the apartment, the statement is untrue and would be illegal misrepresentation. |
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Definition
the sale of improved residential property of four or fewer units, the sale of unimproved residential property intended for use as four or fewer units, or the sale of agricultural property of ten or fewer acres. |
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| represents the seller as a fiduciary in selling his or her home or the buyer in finding a home. |
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| is authorized by the principal to handle only a specific business transaction or to perform only a specific act. |
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a broker who provides limited representation to a buyer, a seller, or both in a real estate transaction, but who does not represent either party in a fiduciary capacity or as a single agent. In this relationship, the seller (or the buyer) is considered to be a customer of the real estate broker and not a principal. In a transaction broker relationship the buyer or seller (customer) is not responsible for the acts of a licensee. |
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Definition
is authorized by the principal to perform all acts that the principal can personally perform and that may be lawfully delegated to another. An attorney who manages the trust agreement of a mentally retarded adult is a universal agent for that client (the principal). Duties of the attorney-agent would include, for example, overseeing the principal's financial affairs, medical care, employment opportunities, and living arrangements. |
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