Flashcards - Role of Agencies in Real Estate

Flashcards - Role of Agencies in Real Estate
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general power of attorney
A power of attorney or letter of attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter, sometimes against the wishes of the other
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fiduciary duties
A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties
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customer
In sales, commerce and economics, a customer is the recipient of a good, service, product or an idea - obtained from a seller, vendor, or supplier via a financial transaction or exchange for money or some other valuable consideration
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agent
The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, that is authorized to act on behalf of another to create legal relations with a third party
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8 cards in set
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Back
agent
The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, that is authorized to act on behalf of another to create legal relations with a third party
customer
In sales, commerce and economics, a customer is the recipient of a good, service, product or an idea - obtained from a seller, vendor, or supplier via a financial transaction or exchange for money or some other valuable consideration
fiduciary duties
A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties
general power of attorney
A power of attorney or letter of attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter, sometimes against the wishes of the other
power of attorney
A power of attorney or letter of attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter, sometimes against the wishes of the other
principal
In commercial law, a principal is a person, legal or natural, who authorizes an agent to act to create one or more legal relationships with a third party
subagent
Sub-agent is a real estate term in the United States and Canada describing the relationship which a real estate broker and his/her agents have with a buyer of a business, home, or property
transaction broker
A real estate broker, real estate agent or realtor is a person who acts as an intermediary between sellers and buyers of real estate/real property and attempts to find sellers who wish to sell and buyers who wish to buy

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