WEICHERT CHAPTER 1-9 IMPORTANT TERMS

WEICHERT CHAPTER 1-9 IMPORTANT
TERMS
agent - ANSWER-one authorized to act for another

buyer's broker - ANSWER-agent who takes a buyer as the principal

conflict of interest - ANSWER-problem when serving best interests of both the client and
oneself

commingling - ANSWER-mixing broker's money with that of others

escrow account - ANSWER-place for money belonging to clients and customers

guilty knowledge - ANSWER-attempt of wrong doing with no attempt to stop it

puffing - ANSWER-harmless exaggeration as a salesmanship

ready, willing, and able buyer - ANSWER-one qualified and prepared to purchase

special agent - ANSWER-one authorized to act for another in a specific transaction
trust account - ANSWER-another name for escrow account

broker - ANSWER-individual licensed to charge the public for real estate services

broker-salesperson - ANSWER-Fully qualified broker who remains under another
broker's supervision

continueing education - ANSWER-classed required for license renewal

Guaranty Fund - ANSWER-Reimburses people defrauded or badly served by licensees
in real estate transactions

independent contractor - ANSWER-salesperson who sets own hours, pays own
estimated income taxes, etc.

latent defect - ANSWER-problem not discoverable by normal prudent inspection

meeting of the minds - ANSWER-agreement between a buyer and seller on major
points

salesperson - ANSWER-One licensed to assist a broker in real estate transactions