What is a REALTOR quizlet?

A REALTOR® is a person engaged in the real estate business who is a local and state association/board member and therefore a member of the NATIONAL ASSOCIATION OF REALTORS®. … Only those local associations/boards who are affiliated with NAR may identify themselves as “Associations/Boards of REALTORS®.”

What is a real estate quizlet?

Real estate, or realty, is defined as: land at, above, and below the earth’s surface, including all things permanently attached to it whether natural or artificial.

What is the difference between a real estate agent and a real estate broker quizlet?

In an agency relationship, the principal authorizes an agent to represent him in dealings with third parties. A real estate broker is her client’s agent. The client is the broker’s principal.

Which of the following defines a real estate broker quizlet?

A person licensed to buy, sell, exchange, or lease real property for others & to charge a fee for these services.

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Who does the agent represent quizlet?

An agent represents a client, and that mans that agent always works for the client’s best interest in any deal that the agent negotiates on behalf of the client.

What would qualify as real property quizlet?

What does the term real property refer too? The soil and everything attached to a peice of land; including natural elements such as rocks, trees, bodies of water, and man made structures.

What is special use real estate?

Special-purpose property. A property with a unique physical design, special construction materials, or a layout that particularly adapts its utility to the use for which it was built; also called a special-design property.↩

What is a real estate agent called?

Real estate agents are also called real estate associates and real estate salespeople. The requirements for becoming a licensed real estate agent vary by state (there’s no federal license). In general, however, real estate agents must: … Take and pass the state real estate license exam.

What creates an agency relationship in real estate?

An agency relationship is formed when the agent and a buyer or seller sign an agency disclosure or agreement form. In many cases, the client does not legally have to agree to sign anything. The agreement or disclosure states that the agent is acting on behalf and in the best interest of the client.

Which one of the following is an example of an agent?

A bee taking pollen from flower to flower is an example of the bee being an agent for pollination. The definition of an agent is a person or group of people that represent another person or that takes action for other people. Someone who schedules appearances for a musical group is an example of an agent.

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Which of the following is a requirement for a person to become a real estate license in Florida?

Hold a valid, Florida broker’s license. Hold a bachelor’s degree in a business-related field. Pass an FREC-approved Instructor Examination. Complete a DBRP RE 6-Become Active-Real Estate Instructor form and submit it.

Which is the best method to identify a property?

That’s why using a legal description is the most accurate way to identify real estate. A legal description can be long and look complicated, but it’s a more precise method of describing where a property is located.

What do you need for an agency relationship quizlet?

Under general agency law, agency relationships can be created by express agreement, ratification, estoppel, or implication. Most agency relationships are created by express agreement. (written or oral) between the principal and agent. Consideration is not required for an agency agreement.

What is an agent of an employer?

The employer is called the principal when engaging someone to act for him. The person who does the work for the employer is called the agent. … An employee is an agent for her employer to the extent that the employee is authorized to act for the employer and is partially entrusted with the employer’s business.

What’s the best definition of a cooperating agent quizlet?

Cooperating Agent. An agent who works with a listing agent to sell property in a real estate transaction. The selling agent who found a buyer for the listed property. The cooperating agent could be a buyers agent, or a cooperating agent could be a subagent of the seller, working as an agent of the listing agent.

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What does special agent mean in FBI?

A special agent is an investigator or detective for a governmental or independent agency, who primarily serves in criminal investigatory positions. Additionally, many federal and state special agents operate in “criminal intelligence” based roles as well.