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Misrepresentation occurring when the broker should have know that the statement about a material fact was false
Errors and Omissions Insurance
Liability insurance to cover broker for errors and negligence in general business; usually does not cover civil rights or antitrust violations
Relationship of trust and confidence between principal and agent; agent owes duties of care, obedience, accounting, loyalty and disclosure
One who hires; in real estate, the broker (principal) hires salespeople; seller (principal) hires the broker/agent; or buyer (principal) hires broker/agent
Intentional misrepresentation of a material fact in order to harm or take advantage of another person
Agent hired by principal to perform a single act. In real estate, broker is special agent hired by seller to find ready, willing, able buyer
Agent hired to represent principal in specific range of matters: long-term broad authority
Property branded as undesirable because of an event that happened there, such as murder, suicide, drug dealing
Agent working for an agent; in real estate, the salesperson is the broker's agent and the subagent to the seller (or buyer) Note - Not permitted in some states
describes a special relationship between a real estate licensee and the person he or she represents
A contract between an owner (as Principal) and a real estate broker (as agent) by which the broker is employed as agent to find a buyer for the owner's real estate on the owner's terms, for which service the owner agrees to pay a commission
A contract under which the agreement of the parties is demonstrated by their acts and conduct
An oral or written contract in which the parties state the contract's terms and express their intentions in words
Agency created through words, written or oral, between the principal and the agent, such as a listing agreement.
Representing both parties to a transaction. This is unethical unless both parties agree to it, and it is illegal in many states
A license authorized by a broker to act as the agent for a specific principal in a particular transaction
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