Flashcards - Understanding Agency Relationships & Agreements in Real Estate

Flashcards - Understanding Agency Relationships & Agreements in Real Estate
1/9 (missed) 0 0
Create Your Account To Continue Studying

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access
fiduciary duties
A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties
Got it
estoppel
Estoppel is a collective name given to a group of legal doctrines in common law legal systems whereby a person is prevented from making assertions that are contradictory to his or her prior position on certain matters before the court - the person is said to be "estopped"
Got it
conflict of interest
A conflict of interest is a situation in which a person or organization is involved in multiple interests, financial or otherwise, one of which could possibly corrupt the motivation or decision-making of that individual or organization
Got it
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
Got it
9 cards in set
Front
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
conflict of interest
A conflict of interest is a situation in which a person or organization is involved in multiple interests, financial or otherwise, one of which could possibly corrupt the motivation or decision-making of that individual or organization
estoppel
Estoppel is a collective name given to a group of legal doctrines in common law legal systems whereby a person is prevented from making assertions that are contradictory to his or her prior position on certain matters before the court - the person is said to be "estopped"
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
listing agreement
A listing contract is a contract between a real estate broker and an owner of real property granting the broker the authority to act as the owner's agent in the sale of the property
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
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

To unlock this flashcard set you must be a Study.com Member.
Create your account

Unlock Your Education

See for yourself why 30 million people use Study.com

Become a Study.com member and start learning now.
Become a Member

Already a member? Log In

Support