NV Real Estate Law (Agency)

21 terms by earl_t_rice 

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A principal can be held liable for the action of his agent while the agent is acting within the scope granted in the agency agreement. This is known as

vicarious liability

The party granting authority for another to act on his behalf is known as the

principal

The principal grants authority to the

agent

This has no significant in creating agency relationship

Verification

Agency relationship can be created by

1.Written Agreement, 2. Action that would imply an agency relationship exists, 3. Verbal agreement

A person representing another's interest without expectation of compensation is known as

gratuitious agent

Real estate salesperson acting as a buyer's agent is

an agent of his/her broker and subagent to the buyer`

What can terminate an agency relationship

Death of principal or agent, Performance, Unilater action by the principal or the agent

The parties to an agency relationship are the

principal and agent

Must disclose the dual agency in writing and obtain written consent of all parties to the transaction to the dual agency relationship is who's responsibility

dual agent

An agency relationship created when a party gives approval to unauthorized action after the fact is known is

agency ratification

When both buyer adn seller or two buyers negotiating for the same property are represented by the same broker

Dual agency

A real estate salesperson owes legal duties to

Third Parties, The principal, His broker

A person holding a position of trust is known as

a fiduciary

A person authorized to act for another under a property executed power of attorney is known as

an attorney in fact

HIghest left of fiduciary duties a real estate agent owes are those owed to

the principal

A listing agreement must be

in writing

Nevada requires_____disclosure form be given and acknowledged in all real estae transaction of one to four dwelling units

written agency

The relationship of salesperson to his/her broker is usually

principal/agent

Duty to exercise reasonable skill and care is owed to

the principal and third parties

This requires the agent put the interest of the principal above all others. To make a profit arising from the agency relationship that is not disclosed to the principal would be breach the

duty of loyalty

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