Real Estate Salesperson
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Real Estate Salesperson - Leaderboard
Real Estate Salesperson - Details
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| 🇬🇧 | 🇬🇧 |
| Agent | The person authorized to act on behalf of the principal in dealings with a 3rd person. a.k.a representative. Sales associates are agents of the broker. Broker are agents of the client. |
| Principal | The individual who hires the agent and delegates to that agent the respondibility of representing the principals interest |
| Agency | Fiduciary relationship between the prinicpal and the agent by which the agent is authorized the represent the principal |
| Fiduciary | The relationship in which the agent is held in a position of special trust and confidence by the principal |
| Client | The principal where the broker acts an an agent. also when a broker represents someone other than in an agency |
| Customer | Third party or nonrepresented consumer who is not a principal |
| Nonagent | Aka - facilitator, intermediary, transaction coordinator, transaction broker - someone who works with a buyer and a seller assisting one or both parties without representing either partys interests |
| Three kinds of law govern agency relationships | Common law - rules established by tradition and court decisions. statutory laws - the laws enacted by the legislature. administrative law - rules and regualtions created by real estate comissions |
| Good Faith Estimate | An estimate of all closing fees that was formerly provided to a borrower within 3 days of loan application |
| Short sale | Sale of property in which the sales price is less than the debt |
| Reversionary Rights | The return of the rights of possesion and quiet enjoyment to the lessor at the expiration of a lease |
| Earnest Money | Money deposited by a buy under the terms of a contract, to be forfeited if the buyer defaults but to be applied to the purcharse price if the sale is closed |
| Escrow Account | Trust account established by an escrow agent to hold funds pending distributuion at the closing of a transaction |
| Escrow | The closing of a transaction through a third party called an escrow agent who recieves certain funds and documents to be delivered upon the performance of conditions |
| Blockbusting | Illegal practice of inducing homeowners to sell their properties by making representations regarding the entry of persons of a particular race or national origin into the neighborhood |
| HUD Form 1 | Form that was formally used to itemize fees and services charges to a borrower and seller |
| Express agency | Oral or written agreement creates an agency relationship |
| Implied agency | The clients behavior causes an agency relationship |
| Listing agreement | Seller representation agreement, authroizes the broker to find a buyer or a tenant for the owners property |
| Buyer representation agreement | Express agency relationship between a buyer and a broker is created |
| COLDAC (common law) | Care, Obedience, Loyalty, Disclosure, Accounting, Confidentiality |
| Universal agent | Person empowered to do anything the prinicipal can do personally |
| General agent | Represents the principal in a broad range of matters related to a particular business or activity |
| Special agent | Aka limited agent. authorized to represent the principal in one specific act or business transaction only. sellers agency. |
| Single agency | The agent represents only one party to a transaction |
| Seller representation | Broker is an agent of the seller, the seller is the principal the broker's client |
| Buyer representation | The buyer is the principal and the brokers client, the broker is the agent |
| Dual agency | The agent represents two principles in the same transaction. the practice is illegal in some states. |
| Designated agency | Assigned or appointed agency - two sales associated of the same broker are involved. designated agent. |
| Puffing | Exaggeration of a propertys benefits |
| Fraud | Intentional misrepresentation of a material fact of such a way to harm or take advantage of another person. false statements and intentionally concealing or failing to disclose |
| Negligent misrepresentation | Agent should have known that a statement about a material fact was false |
| Latent defect | Hidden structural defect that would not be discovered by ordinary inspection |
| Stigmatized properties | Society has found them undesirable because of events that occured there or because of the proximity |
| Megans Law | Sex offenders registry, the customer has to sign a form that includes info of where sex offender registry is obtained |
| Title | Right to or ownership of the land. represents the owners bundle of rights. evidence of ownership |
| Voluntary alienation | Legal term for the transfer of title during the property owners lifetime |
| Grantor | Conveys property to a grantee |
| Grantee | Receives property from a grantor |
| Deed | Instrument that conveys property from grantor to grantee |
| Habendum clause | Defined the ownership right received by the grantee |
| Acknowledgement | A formal voluntary declaration on the deed before a notary public |
| General warranty deed | Provides the greatest protection to the buyer because the grantor is legally bound |
| Special warranty deed | Warranty that the grantor received the title an property was unencumbered by grantor |
| Bargain and sale deed | Implication that grantor holds title and possession |
| Quitclaim deed | Least protection of any deed, carries no convenants or warranties, conveys less that fees simple or to cure a title defect |
| Involuntary alientaion | Title to property transferred without the owners consent |
| Intestate | Dies without a valid will. title is passes to the heirs identified in the states law intestate succession |
| Adverse possession | Involuntary transfer. ONCHA - open, notorious, continuous, hostile, adverse |
| Probate | When title passes by will or descent, the estate must go through a formal judicial process, in which the successor to the property title will be recognized |
| Testator | The person who makes the will |
| Devise | The gift of real property by will |
| Devisee | The person who receives real property by devisee |
| Primary heirs | Surviving spouse and children by birth or adoption, or close blood relative if has no |
| Commingling | Mixing client monies with personal or general business funds is illegal |
| Conversion | Illegal use of entrusted money |
| Escrow account | Most state laws required money to be deposited into an escrow account immediately |
| Confidentiality | Key element of fiduciary duties. agent cannot disclose clients financial status - seller will take lower than asking price, buyer willingness to pay higher price |
| Escrow account | Trust account established by an escrow agent to hold funds pending distribution at the closing of a transaction |
| Fair Housing Act of 1968 | Title VIII of the Civil rights act - prohibits discrimination in housing based on race, color, national origin, religion, sex, familail status, or diability |
| HUD | Housing of Urban Development administers the Fair Housing Act |
| ADA | Americans with Disabilities Act - make reasonable accommadations that enable an individual with a disability to perform essential job function and or have full accessibility to businesses goods and public services |
| Steering | Channeling of homeseekers to particular neighborhoods or discouraging potential buyers from considering some areas |
| Redlining | Refusing to make mortgage loans or issue insurance policies for reasons other than economic qualifications |
| Exemptions of Fair Housing Act | Rentals in owner occupied buildings with no more than 4 untis, organizations/private clubs that limit occupancy to members, the sale or rental of a single family home |
| Race | Includes ancestoral and ethnic charatersitics |
| HOPA | Housing for Older Persons Act - repealed facilities and services for hosuign intended for persons age 55 or older |
| Housing is exempt form familial status protection | If it is restrcited to persons age 62 or older or if 80% of the units are occupied by persons age 55 or older |
| Familial status | - extends fair houisng protections to families with children meaning a family including a woman who is pregnant or in which more individuals under the age 18 live |
| Antitrust laws | Price-fixing, group boycott, allocation of customers, allocation markets, tie-in agreements |
| Price fixing | Competing brokers agree to set sales commissions, fees, or management rates, illegal... must independetly determine commission rates or fees for their own firms only |
| Group boycott | Two or more businesses conspire against another business |
| Allocation of customers or markets | Involves an agreement between real estate brokers to divide their markets and refrain from competing for each others business |
| Tie-in agreements | Are agreements to sell one product only if the buyer purchases another product as well |
| Penalties | Sherman anti-trust - the penalty for fixing prices or allocating markets is a maximum $1 fine and 10 years in prison |
| Property manager 3 resposibilities | Achieve objectives of owners, generate income for owners, and preserve/increase the value of the property |
| Management agreement | Contract creating a general agency relationship between the owner and the property manager |
| Property manager | Individual or a company acts as the general agent of the investment property owner |
| Environmental concerns of property manager | Disposal of hazardous waste, lead paint diclosure, building related illness, and sick building syndrome |
| Risk management | Ways to manage risk are to avoid it, to control it, to shift or transfer it, or to retain it |
| Contract | Voluntary agreement between legally competent parties |
| Express contract | Oral or written contract |
| Implied contract | Acts or conduct create a contract |
| Statue of frauds | Certain contracts have to be in writing |
| Bilaterial contract | Both parties promise to do something |
| Unilateral | An offer, one sided |
| Elements of a contract | Offer & acceptance, consideration, legally competent parties, consent, and legal purpose |
| Offer | A promise made by one party requesting something in exchange for that promise |
| Acceptane | A promise made by the offeree to be bound by the exact terms proposed by the offeror |
| Consideration | Something of legal value offered by one party an accepted by another |
| Void contract | Has no legal forced because it lacks some or all essential elements |
| Assignment | Transfer of rights under a contract; substitution of parties |
| Novation | Substitution of a new contract for an existing contract |
| Suit for specific performance | A legal action to compel a party to carry out the terms of a contract |
| Recission | Returns parties to original positions before the contract |
| Earnest money deposit | Customary but not required when making an offer, evidence of a buyers intention |
| Equitable title | Title transfers only upon delivery and acceptance of a deed, insurable interest in a property |
| Liquidated Damages | In the event one party breaches a contract, parties agree on certain amount of money that will compensate the non breaching party |
| Contingencies | Creates a voidable contract, provisions that require a certain act to be done before the contract becomes binding |
| Amendment vs addendum | Amendment is a change to the existing contract. addendum is a provision added |