FINC 371 Chapter 8: Real estate brokerage_Exam 2, TAMU Peterson Questions And Answers.

agency - Answer a legal relationship between a principal and an agent agent - Answer the party authorized to conduct business on the principal's behalf blockbusting - Answer the illegal practice of encouraging property owners to sell their homes when minorities begin moving into an area broker - Answer an intermediary who brings together buyers and sellers, assists in negotiating agreements between them, executes their orders, and receives compensation for services rendered. buyer representation agreement - Answer the legal agreement between a buyer and a broker hired to represent the buyer's interest buyer's agent - Answer a broker who is legally obligated to represent a buyer's interests. commission - Answer the compensation received by a broker for services rendered commission agreement - Answer an agreement between a seller and a broker for the payment of a commission if the broker is successful in locating a buyer for the seller's property. dual agent - Answer an agent who attempts to work in the best interest of two parties on opposing sides of a transaction. Illegal in many states. exclusive-brokerage listing - Answer an agreement between a property owner and a single broker authorizing that broker to seek a buyer for the property in exchange for compensation exclusive-right-to-sell listing - Answer a listing agreement that guarantees the broker's right to a commission if the property is sold by the seller or any licensed real estate broker or salesperson fair housing laws - Answer laws that protect the rights of certain citizens in housing transactions; prohibit housing discrimination based on a buyer's (or lessee's) sex, race, color, religion, national origin, disabilities, or familial status.