SC Real Estate Vocabulary 100% Pass

SC Real Estate Vocabulary 100% Pass Agency ✔✔Legal relationship-one represents another in legal matter Attorney-in-fact ✔✔the person receiving the power of attorney Buyer's broker ✔✔agent who takes a buyer as the prin ...

SC Real Estate Vocabulary 100% Pass Agency ✔✔Legal relationship-one represents another in legal matter Attorney-in-fact ✔✔the person receiving the power of attorney Buyer's broker ✔✔agent who takes a buyer as the principal Cooperating broker ✔✔A real estate broker who finds a buyer for a property that another broker has listed. Disclosed principal ✔✔A principal whose existence and identity are known to the third party Express agency ✔✔An agency relationship based on a written agreement. Express authority ✔✔The authority that the principal specifically grants to the agent in writing Fiduciary ✔✔A person who holds a position of trust and confidence in relation to another person Fiduciary relationship ✔✔trust and confidence between parties, always with the BIC General agent ✔✔One who is authorized by a principal to represent the principal in a specific range of matters. Me, continues for a long time period Implied agency ✔✔arises from facts and circumstances which lead the parties to believe an agency relationship exists Implied authority ✔✔The authority of an agent that arises by inference from the words and actions of the principal Indemnify ✔✔Compensate for loss, damage, or injury; reimburse; repay Listing broker ✔✔Agent hired by the seller has listing contract Partially-disclosed principal ✔✔An agent reveals agency relationship, but not identity of principal Power of attorney ✔✔a legal document authorizing someone to act on someone's behalf Principal ✔✔The one who hires, client or BIC Real Estate Brokerage ✔✔The business of bringing people together in a real estate transaction. Real Estate Brokerage Firm ✔✔Business licensed to conduct activities under authority of real estate broker's license. Selling Broker ✔✔Brings the buyer Special Agent ✔✔an agent that is given the authority to perform specific tasks Subagent ✔✔Agent of an agent -ME! Third Party ✔✔Customer-does not have relationship with the agency Tort ✔✔Wrongful act-a civil wrong Agency duties ✔✔Must perform OLD CAR Associated lisensee ✔✔Licensee that works for a company-relationship of client is its BIC not the subagent Client ✔✔The one who does the hiring of the agency Customer ✔✔Agency works with to meet needs with no written agreement Disclosed Dual Agency ✔✔Representing both the buyer and the seller required full knowledge and informed consent Designated Agency ✔✔BIC assigns different agents to exclusively represent different clients in the same transaction Material adverse facts ✔✔Facts about the house that negatively affects the value of the property/not hidden-mold one example Substantive Contact ✔✔First real contact with potential and when you should give Agency Agreement Team ✔✔2 or more agents who work as one Transaction broker ✔✔A licensee acting as a facilitator but not in a representative capacity in a transaction Associated Licensee ✔✔Licensee who is affiliated with a BIC BIC ✔✔Broker In Charge Biennial renewal ✔✔Every two years-for license renewal Expired license ✔✔June 30th, needs to be renewed every two years Inactive license ✔✔Can go on inactive indefinitely, just must renew every 2 years on June 30th Interpleader Action ✔✔company turns earnest money over to the court because of a dispute. Lapsed License ✔✔Any License not renewed by June 30th Limited function referral office ✔✔Brokerage that allows only the placement of referrals through the BIC MCE ✔✔Mandatory Continuing Education-10 hours every two years Police power ✔✔Real Estate Commission-protect the public PMIC ✔✔Property Manager in Charge-controls property managers Purpose of the Real Estate License Law ✔✔Protect the public and regulate the real estate transactions Real Estate Commision ✔✔10 members that regulate real estate transactions in the state Real estate practice act ✔✔SC Code of Laws for real estate transactions Real estate trust fund ✔✔Special account used for earnest money and nothing else Revoked license ✔✔License taken away by REC- must wait 3 years to reapply and start entire process over Stigmatized property ✔✔Property that has negative psychological stigma, but does not affect the value of the property Team ✔✔A group of two or more agents work together as one-both Incensed under the same BIC Trust Accounts ✔✔Accounts that are used for holding funds for a special purpose. Undisputed funds ✔✔All parties agree to disbursement without dispute