A. agency
Legal relationship in which a principal authorizes an agent to act as
the
principal’s representative when dealing with third parties
G. fiduciary relationship
Implies a position of trust and confidence
B. agent
Person who has the authority to act on the behalf of another,
representing
the business interests of that person
N. principal
Client who gives authority to an agent to represent his or her
interests in
dealing with third parties
T. third party
Customer who may be affected by the terms of an agreement but who is
not a part of the agreement
H. general agency
Relationship in which a principal delegates ongoing tasks or duties
to an
agent under his or her employ
S. special agency
Relationship in which a principal delegates limited tasks or specific
duties
to an agent under his or her employ
D. cooperating broker
Selling agent who assists another broker by finding a buyer
E. dual agent
Broker acting as agent for both the seller and the buyer in the same
transaction
R. sales associate
Licensed real estate salesperson or broker whose license is held by
an
employing licensed broker
Q. right to control
How much direction the broker exercises over the person the broker
has
hired
M. power of attorney
Written document that gives a person legal authority to act on behalf
of
another person
O. ratification
Acceptance of an act already performed
F. estoppel
Legal bar that prevents a person from asserting facts or rights that
are not
consistent with what was implied by the person’s
previous behavior
L. obedience
Willingness to follow the orders of others
C. confidentiality
Discretion in holding privileged information
J. material fact
Any fact that would seem likely to affect the judgment of the
principal in
giving consent to the agent to enter into the
particular transaction on the
specified terms
K. misrepresentation
Making a false statement or concealing a material fact
P. respondeat superior
“Let the superior answer.”
I. indemnification
Protect against damage, loss, or injury, or to make compensation for
damage, loss, or injury