45 hour post license real estate course study guide 100% passed!!

agency - The relationship of agents and their principals buyer brokerage agreement - An agreement between a buyer and a broker for the broker to provide services to a buyer for compensation. The broker may be acting as a single agent, transaction broker, or a nonrepesentative. Community association - can be Condominiums, Cooperatives, Vacation and time-sharing, mobil home park lots, which owners belong and are responsible for; i.e. assessments, documents, dues, ect. concurrency - A state law requiring that infrastructure such as roads, sewers, schools, etc., be in place as development occurs consent to Transition to Transaction Broker Notice - A disclousre form that allows a single agent to become a transaction broker. The notice must be signed by the principal before the broker can make the change Customer - A person who works with a sales associate or a broker. While the person could be a principal, the usual definition is that the broker is either a transaction broker or has no brokerage relationsip with the person. Designated sales associate - A sales associate who is appointed by a broker to be a single agent for a buyer or seller in a nonresidential transaction when another sales associate in the firm has been 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. Disclosure - The revelation of information important to a transaction Dual agency - An illegal arrangement whereby the broker tries to represent both the buyer and the seller in the same transaction False or misleading statements - In real estate, a statement made by a licensee or party in a real estate transaction that is not factual. Fiduciary relationship - A relationship of trust and confidence between an agent and principal Infrastructure - In developements: roads, water, sewer, electricity are in place prior to homes being built. Innocent purchaser status - An amendemnt to the Comprehensive Enviromental Response, Compensation, and Liability Act (CERCLA) that exempts from liability landowners who made resonable inquiries about hazardous substances before purchasing the property. Material fact - An important fact that may affect a buyer's decision to buy or a seller's decision to sell. Licensees must disclose facts that materially affect the value of residential property. Misrepresentation - A false or misleading statement made intentionally or unintentionally, or the failure to disclose a material fact. No Brokerage Relationship Notice - A disclosure that must be given by a licensee who does not represent a buyer or seller before entering into an agreement or showing a property