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Brokerage & Agency

Principles 1 Chapter 4
Horizontales
An agency created by specific agreement, whether written or oral, of principal and agent
Exaggerated or superlative comments or opinions not made as represenetations of fact and thus not grounds for missrepresenation
Someone retained to perform a certain act but who is subject to the control and direction of another only as to the end result and not as the the way in which they perform the act
An individual, partnership, corporation, or Texas government agency that seeks or acquires, by purchase or lease, any goods or services, as defined by the Texas Deceptive Trade Practices Act
The effort that brings about the desired result. Under an open lisiting, the broker who is the procurring cause of the sale receives the commission
For a commission or fee, bringing together parties interested in buying, selling, exchanging, or leasing real property
An agency relationship that is established after the fact
A notice that license holders must provide summarizing hte broker agency positions available
The person who employs an agent to perform a service for a fee
One who works under the supervision and control of another
A misstatement of a material fact made wiht intent to decieve or made with reckless disregard of the truth, and that acutally does deceive
Verticales
The relationship between principal and an agent wherein the agent is authorized to represent the principal in certain transactions
A relationship of trust and confidence, as between trustee and beneficiary, attorney, and client, or principal and agent
Payment to a broker for services rendered, such as in the sale or purchase of real property
An unintentional misstatement of a fact; incorrect or misleading respresentation
A license holder who represents a principal through cooperation with and consent of a broker representing the principal and who is not sponsored by or associated with the principal's broker
A main party to a transaction - the person for whom the agent works
One authorized by a principal to perform a single act or transaction
A latín phrase meaning " let the buyer beware"
Laws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinations formed to minimize competition
One who purchases or sell property without being represented by an agent
A broker who is employed to negotiate a transaction between both parties and who for what purpose may be an agent of both parties to the transaction, acting fairly so as not to favor one party over the other
One who acts or has the power to act for another
The illegal act of a real estate broker who mixes money of other people with his own money instead of maintaining a seperate trust account for other parties' funds held temporarily by the broker
A contract that establishes a broker-buyer agency relationship