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Agent
A person with a state/provincial license to represent a buyer or a seller in a real estate transaction in exchange for commission.
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Caveat emptor
- -let the buyer beware
- -the principal that the seller of a product cannot be held responsible for its quality unless it is guaranteed in a warranty.
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Consent to Transition to Transaction Broker
Florida law allows real estate licensees who represent a buyer or seller as a single agent to change from a single agent relationship to a transaction brokerage relationship in order for the licensee to assist both parties in a real estate transaction by providing a limited form of representation to both the buyer and seller
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Customer
sometimes known as a client, buyer, or purchaser who buys goods or services from a business.
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Designated sales associate
two real estate licensees designated to represent the buyer and the seller as single agent in non residential transaction.
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Dual agent
cannot negotiate on either parties behalf because the seller and buyer agents work for the same broker.
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Fiduciary
involving trust, especially with regard to the relationship between a trustee and a beneficiary.
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General agent
has the principal's authority under agency law to act for him or her on a continuing basis, but with authority limited to a specific trade or business.
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Kickbacks
Florida laws states that if everyone is aware of it, consents to it and no other laws have been broken, then this is ok.
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Limited representation
this is created when a buyer and seller uses the same broker.
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Nonrepresentation
- -no brokerage representation
- -proper paperwork must be signed before showing property of ______
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Principal
is the party with whom the real estate licensee has entered into a single agent relationship.
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Procuring cause of sale
- -a continuous and uninterrupted series of events that results in the conclusion of a sale.
- -the broker who first produces a purchaser who is ready, willing, and able to buy is the ____.
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Single agent
is a broker who represents, as a fiduciary, either the buyer or seller, but not both in the same transaction.
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Special agent
- -is authorized under agency law by the employer to perform a single act.
- -full representation
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Subagent
- -is a party who has been granted authority to act on behalf of another agent.
- -under agency law, this person has the same duties to the principal as the agent who was empowered by the principal.
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Transaction Broker
is a broker who provides limited representation to a buyer, a seller, or both, in a real estate transaction, but do not represent either in a fiduciary capacity or as a single agent.
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subagency
is an extension of another agency.
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Residential Sale
- -the sale of improved residential property of four units or fewer.
- -the sale of unimproved property intended for four units or fewer.
- -the sale of agricultural properties of ten acres or fewer.
- -leases with options to purchase all or a portion of improved property of four or fewer residential units
- -dispositions of business interests involving property of four or fewer residential units.
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