Real Estate Agent - Law Dictionary Search Results
Home Dictionary Name: real estate agentreal estate agent
real estate agent an individual who is licensed to negotiate and arrange real estate sales; works for a real estate broker. Source: U.S. Department of Housing and Urban Development ...
listing
listing 1 : an arrangement, agreement, or contract for the marketing of real property through one or more real estate agents usually for a specific period called also listing agreement exclusive agency listing : a listing under which only one agent may sell the property but without the right to a commission if the owner sells it directly NOTE: An agent is usually still entitled to a commission if the owner sells directly to a buyer who was introduced into the process by the agent, even if the sale occurs after the agreement expires. exclusive right to sell listing : a listing under which only one agent may sell the property and is entitled to a commission if the owner sells it directly to any party multiple listing : an agreement or arrangement under which real property is marketed through a service or association composed of several agents with a commission from the sale of a property shared between the selling agent and the agent that initiates the listing of it net listing ...
blockbusting
blockbusting : profiteering by inducing property owners to sell hastily and often at a loss by appeals to fears of lowered values because of threatened minority encroachment and then reselling at inflated prices NOTE: Many states have statutes prohibiting blockbusting by real estate agents. ...
exclusive listing
exclusive listing a written contract giving a real estate agent the exclusive right to sell a property for a specific timeframe. Source: U.S. Department of Housing and Urban Development ...
realtor
realtor a real estate agent or broker who is a member of the NATIONAL ASSOCIATION OF REALTORS, and its local and state associations. Source: U.S. Department of Housing and Urban Development ...
agency
agency pl: -cies 1 : the person or thing through which power is exerted or an end is achieved [death by criminal "W. R. LaFave and A. W. Scott, Jr."] 2 a : a consensual fiduciary relationship in which one party acts on behalf of and under the control of another in dealing with third parties ;also : the power of one in such a relationship to act on behalf of another NOTE: A principal is bound by and liable for acts of his or her agent that are within the scope of the agency. ac·tu·al agency : the agency that exists when an agent is in fact employed by a principal see also express agency and implied agency in this entry agency by estoppel : an agency that is not created as an actual agency by a principal and an agent but that is imposed by law when a principal acts in such a way as to lead a third party to reasonably believe that another is the principal's agent and the third party is injured by relying on and acting in accordance with that belief NOTE: A principal has...
Broker
Broker [fr. broceur, Fr., a person who breaks into small pieces], (1) an agent employed to make bargains and contracts between other persons in matters of trade, commerce and navigation, by explaining the intentions of both parties, and negotiating in such a manner as to put those who employ him in a condition to treat together personally; (2) and, more commonly, an agent employed by one party only to make a binding contract with another.There are various sorts of brokers now employed in commercial affairs, whose transactions form, or may form, a distinct and independent business. Thus, for example, there are exchange and money-brokers, stock-brokers, ship-brokers, and insurance-brokers, who are respectively employed in buying and selling bills of exchange, or promissory notes, railway scrip, goods, stocks, ships, or cargoes; or in procuring freights or charter-parties. By custom or usage brokers may become personally liable on contracts made by them on behalf of principals where the p...
binder
binder 1 : a temporary insurance contract that provides coverage until the policy is issued 2 : a receipt for money paid to the owner of real estate or to the owner's agent to secure the right to purchase the real estate upon agreed terms ;also : the money itself ...
broker
broker : an agent who negotiates contracts of sale (as of real estate or securities) or other agreements (as insurance contracts or mortgages) between the parties for a fee or commission compare dealer, finder NOTE: An insurance broker differs from an insurance agent in that a broker is usually considered an agent of the insured, even though he or she may receive a commission from an insurance company. A broker may sell the products of a number of insurers, and an insurer has no liability for a broker's wrongful actions (as misrepresentation or fraud). A securities broker often acts also as a dealer and so is often referred to as a broker-dealer. ...
agent
agent 1 : someone or something that acts or exerts power : a moving force in achieving some result 2 : a person guided or instigated by another in some action [where the heads of departments are the political…s of the executive, merely to execute the will of the president "Marbury v. Madison, 5 U.S. 137 (1803)"] see also innocent agent 3 a : a person or entity (as an employee or independent contractor) authorized to act on behalf of and under the control of another in dealing with third parties see also agency, fiduciary relationship, subagent compare fiduciary, principal, servant apparent agent : an agent acting under an agency by estoppel bar·gain·ing agent : a labor union that represents the employees in a bargaining unit in negotiating with their employer through collective bargaining business agent : an agent that handles business affairs for another person or organization ;esp : a paid official of a union who carries on union business between the employ...
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