SC Real Estate Vocabulary Flashcards

SC Real Estate Vocabulary Flashcards Inactive licenseCan go on inactive indefinitely, just must renew every 2 years on June 30th Listing brokerAgent hired by the seller has listing contract IndemnifyCompensate for loss, damage, or injury; reimburse; repay Special Agentan agent that is given the authority to perform specific tasks Selling BrokerBrings the buyer Implied authorityThe authority of an agent that arises by inference from the words and actions of the principal Real Estate BrokerageThe business of bringing people together in a real estate transaction.Third PartyCustomer-does not have relationship with the agency Substantive ContactFirst real contact with potential and when you should give Agency Agreement Real Estate Commision10 members that regulate real estate transactions in the state Disclosed Dual AgencyRepresenting both the buyer and the seller required full knowledge and informed consent Trust AccountsAccounts that are used for holding funds for a special purpose.Lapsed LicenseAny License not renewed by June 30th Fiduciary relationshiptrust and confidence between parties, always with the BIC Implied agencyarises from facts and circumstances which lead the parties to believe an agency relationship exists Expired licenseJune 30th, needs to be renewed every two years Real estate trust fundSpecial account used for earnest money and nothing else Associated lisenseeLicensee that works for a company-relationship of client is its BIC not the subagent Designated AgencyBIC assigns different agents to exclusively represent different clients in the same transaction SubagentAgent of an agent -ME!Cooperating brokerA real estate broker who finds a buyer for a property that another broker has listed.ClientThe one who does the hiring of the agency PMICProperty Manager in Charge-controls property managers Express authorityThe authority that the principal specifically grants to the agent in writing TeamA group of two or more agents work together as one-bothIncensed under the same BIC FiduciaryA person who holds a position of trust and confidence in relation to another person

Police powerReal Estate Commission-protect the public PrincipalThe one who hires, client or BIC Real Estate Brokerage FirmBusiness licensed to conduct activities under authority of real estate broker's license.Real estate practice actSC Code of Laws for real estate transactions Agency dutiesMust perform OLD CAR BICBroker In Charge Limited function referral officeBrokerage that allows only the placement of referrals through the BIC Stigmatized propertyProperty that has negative psychological stigma, but does not affect the value of the property General agentOne who is authorized by a principal to represent the principal in a specific range of matters. Me, continues for a long time period Express agencyAn agency relationship based on a written agreement.Power of attorneya legal document authorizing someone to act on someone's behalf Buyer's brokeragent who takes a buyer as the principal Attorney-in-factthe person receiving the power of attorney CustomerAgency works with to meet needs with no written agreement Biennial renewalEvery two years-for license renewal Revoked licenseLicense taken away by REC- must wait 3 years to reapply and start entire process over Undisputed fundsAll parties agree to disbursement without dispute Purpose of the Real Estate License LawProtect the public and regulate the real estate transactions Disclosed principalA principal whose existence and identity are known to the third party Associated LicenseeLicensee who is affiliated with a BIC Interpleader Actioncompany turns earnest money over to the court because of a dispute.MCEMandatory Continuing Education-10 hours every two years TortWrongful act-a civil wrong Partially-disclosed principalAn agent reveals agency relationship, but not identity of principal Transaction brokerA licensee acting as a facilitator but not in a representative capacity in a transaction AgencyLegal relationship-one represents another in legal matter Team2 or more agents who work as one Material adverse factsFacts about the house that negatively affects the value of the property/not hidden-mold one example