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31 Cards in this Set

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Agency Agreement

A written Agreement between a broker and a client that creates a fiduciary relationship between the broker and a principal.
Broker

Any Person licensed as a real estate broker
Brokerage Agreement

specific written agreement between a brokerage firm and a consumer that establishes a brokerage relationship

Brokerage Services

Any serve, except for rental or property management services, provided by a broker of licensee to another person and includes all activities for which a real estate license is required.
Consumer

A person who obtains information, advice, or services concerning real estate from a real estate licensee.

Client

A person who has an agency agreement with a broker for brokerage service, whether they are the buyer or seller
Customer

A person who is provided brokerage services by a broker or licensee but who is not a client of the broker
Dual Agency


An Agency Relationship in which the same brokerage firm circumstances which establish a dual agency include, but are not limited to:


a. When 2 or more licensees licensed under the same broker each represent a different party to the transaction


b. when one licensee represents both the buyer and seller in a real estate transaction.

Informed Consent

A consumer's agreement to allow something to happen which is based upon full disclosure of facts needed to choose appropriate brokerage services.

Licensee

Any broker, salesperson or company
Limited Consensual Dual Agent

A licensee who, with the written informed consent of all parties to contemplated real estate transaction, is engaged as an agent for both the buyer and seller
Material Fact
A fact that is significant to a reasonable party that affects the party's decision to enter into a real estate contract
Qualifying Broker


A Broker under whom a corporation, partnership or branch office is licensed, or a broker licensed to do business as a sole proprietorship that is responsible for supervising the acts of all real estate licensees licensed therewith.




Real Estate Transaction


The purchase, sale, lease and rental option or exchange of an interest in real estate




Single Agent

A licensee who is engaged by and represents only one party

Sub Agent

A licensee who is empowered to act for another broker in performing real estate brokerage tasks for a principal, and who owes the same duties to the principal as the agent of the principal.

Transaction Broker

A Licensee who assists one or more parties in a contemplated real estate transaction without being an agent or fiduciary or advocated for the interest of the party to a transaction.
Criminal Records Search

$25
Change of company name, licensee's name, company address

$25

Change of status from inactive to active (not active to inactive

$25
Recovery Fund Fee (original active license)

$30
Education & Research

$30

Salesperson and company license fee per year

$85
Broker's license fee per year

$95
Penalty for non-renewal after Aug 31 of licensing period
$150

Temporary License fee for one year

$150
Initial Broker's license fee

$150

Party appealing decision shall appeal bond

200.00

Disciplinary action fees:

not less than $100 or more than $2500
Travel for witness in hearing

$6 per day, .20 mile