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21 terms

NV Real Estate Law (Agency)

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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