45 Hour Post License Real Estate Course
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Terms in this set (176)
agency The relationship of agents and their principals
An agreement between a buyer and a broker
for the broker to provide services to a buyer
buyer brokerage
for compensation. The broker may be acting
agreement
as a single agent, transaction broker, or a
nonrepesentative.
can be Condominiums, Cooperatives,
Vacation and time-sharing, mobil home park
Community
lots, which owners belong and are
association
responsible for; i.e. assessments, documents,
dues, ect.
A state law requiring that infrastructure such
concurrency as roads, sewers, schools, etc., be in place as
development occurs
A disclousre form that allows a single agent to
consent to Transition
become a transaction broker. The notice must
to Transaction Broker
be signed by the principal before the broker
Notice
can make the change
, A person who works with a sales associate or
a broker. While the person could be a
Customer principal, the usual definition is that the
broker is either a transaction broker or has no
brokerage relationsip with the person.
A sales associate who is appointed by a
broker to be a single agent for a buyer or
seller in a nonresidential transaction when
Designated sales another sales associate in the firm has been
associate appointed to be the single agent for the other
party in the transaction. Both buyer and seller
must have assets of at least $1 million and
agree to the arrangement.
The revelation of information important to a
Disclosure
transaction
An illegal arrangement whereby the broker
Dual agency tries to represent both the buyer and the
seller in the same transaction
In real estate, a statement made by a licensee
False or misleading
or party in a real estate transaction that is not
statements
factual.
A relationship of trust and confidence
Fiduciary relationship
between an agent and principal
In developements: roads, water, sewer,
Infrastructure electricity are in place prior to homes being
built.
An amendemnt to the Comprehensive
Enviromental Response, Compensation, and
Innocent purchaser Liability Act (CERCLA) that exempts from
status liability landowners who made resonable
inquiries about hazardous substances before
purchasing the property.
, An important fact that may affect a buyer's
decision to buy or a seller's decision to sell.
Material fact
Licensees must disclose facts that materially
affect the value of residential property.
A false or misleading statement made
Misrepresentation intentionally or unintentionally, or the failure
to disclose a material fact.
A disclosure that must be given by a licensee
No Brokerage who does not represent a buyer or seller
Relationship Notice before entering into an agreement or
showing a property
The person who enters into a fiduciary
Principal
relationship with a single-agent licensee.
A form designed for disclosure to a buyer of
any property defects. The form is normally
Property condition
signed by the seller, and the buyer signs a
discloure
receipt that the buyer has received the
disclosure.
A colorless, odorless gas occurring from the
natural breakdown of uranium in the soil.
Radon gas
Many experts believe radon gas to be the
second leading cause of lung cancer.
A broker who represents either the seller or
Single Agent the buyer in a real estate transaction, but not
both.
A disclosure form informing the principal of
Single Agent Notice
the duties of his single agent.
Study Exam Questions With Correct
Detailed Answers Newest Update
Save
Terms in this set (176)
agency The relationship of agents and their principals
An agreement between a buyer and a broker
for the broker to provide services to a buyer
buyer brokerage
for compensation. The broker may be acting
agreement
as a single agent, transaction broker, or a
nonrepesentative.
can be Condominiums, Cooperatives,
Vacation and time-sharing, mobil home park
Community
lots, which owners belong and are
association
responsible for; i.e. assessments, documents,
dues, ect.
A state law requiring that infrastructure such
concurrency as roads, sewers, schools, etc., be in place as
development occurs
A disclousre form that allows a single agent to
consent to Transition
become a transaction broker. The notice must
to Transaction Broker
be signed by the principal before the broker
Notice
can make the change
, A person who works with a sales associate or
a broker. While the person could be a
Customer principal, the usual definition is that the
broker is either a transaction broker or has no
brokerage relationsip with the person.
A sales associate who is appointed by a
broker to be a single agent for a buyer or
seller in a nonresidential transaction when
Designated sales another sales associate in the firm has been
associate appointed to be the single agent for the other
party in the transaction. Both buyer and seller
must have assets of at least $1 million and
agree to the arrangement.
The revelation of information important to a
Disclosure
transaction
An illegal arrangement whereby the broker
Dual agency tries to represent both the buyer and the
seller in the same transaction
In real estate, a statement made by a licensee
False or misleading
or party in a real estate transaction that is not
statements
factual.
A relationship of trust and confidence
Fiduciary relationship
between an agent and principal
In developements: roads, water, sewer,
Infrastructure electricity are in place prior to homes being
built.
An amendemnt to the Comprehensive
Enviromental Response, Compensation, and
Innocent purchaser Liability Act (CERCLA) that exempts from
status liability landowners who made resonable
inquiries about hazardous substances before
purchasing the property.
, An important fact that may affect a buyer's
decision to buy or a seller's decision to sell.
Material fact
Licensees must disclose facts that materially
affect the value of residential property.
A false or misleading statement made
Misrepresentation intentionally or unintentionally, or the failure
to disclose a material fact.
A disclosure that must be given by a licensee
No Brokerage who does not represent a buyer or seller
Relationship Notice before entering into an agreement or
showing a property
The person who enters into a fiduciary
Principal
relationship with a single-agent licensee.
A form designed for disclosure to a buyer of
any property defects. The form is normally
Property condition
signed by the seller, and the buyer signs a
discloure
receipt that the buyer has received the
disclosure.
A colorless, odorless gas occurring from the
natural breakdown of uranium in the soil.
Radon gas
Many experts believe radon gas to be the
second leading cause of lung cancer.
A broker who represents either the seller or
Single Agent the buyer in a real estate transaction, but not
both.
A disclosure form informing the principal of
Single Agent Notice
the duties of his single agent.
