TN real estate law study guide Flashcards

TN real estate law study guide Flashcards materialany statement representation or fact relative to a transaction that would affect a reasonable person's decision to enter into an agreement and that has been identified by the person as being of significance to a particular party transactionmeans the purchase, sale, rental, or option of an interest in real estate or business opportunity clienta party to a transaction with whom the broker has entered into a specific written agency agreement to provide services real estatemeans and includes leaseholds as well as any other interest or estate in land whether corporeal, incorporeal freehold or non freehold, and whether the real estate is situated in this state or elsewhere facilitator (transaction broker)any licensee who assists one or more parties to a transaction who has not entered into a specific written agency agreement representing one or more of the parties or has it written into their agency agreement they can drop down to facilitator status and may advise either or both of the parties to a transaction but can not be considered a representative or advocate of either party personmeans and includes individuals, corporations, partnerships or associations, foreign and domestic customerany party other than a client in a transaction for whom or to whom a licensee provides services affiliate brokermeans any person engaged under contract by or on behalf of a licensed broker to participate in any activity included in subdivision acquisition agenta person who by means of personal inducement, solicitation or otherwise attempts directly to encourage any person to attend a sales presentation for a time-share program brokerany person who, for a fee, commission, finders fee or any other valuable consideration or with the intent or expectation of receiving a fee, commission, finders fee or any other valuable consideration from another, solicits, negotiates or attempts to solicit or negotiate the exchange for any real estate or of the improvements on the real estate or any collects rents or attempts to collect rents, auctions or offers to auction.; also includes any person employed by or on behalf of the owner or owners of lots or

parcels of real estate at a salary, fee, commission or any other valuable consideration, to sell the real estate or any part of the real estate, in lots or parcels or other disposition of the real estate .... etc, includes those who charge advanced fees etc adverse factsmeans conditions or occurrences generally recognized by competent licensees that have negative impact on the value of the real estate, significantly reduce the structural integrity of improvements to real property or present a significant health risk to occupants of the property dual agencyrefers to a situation in which the licensee has agreements to provide services as an agent to more than 1 party in a specific transaction and in which the interest of the parties

are adverse designated agentrefers to a licensee who has been chosen by the licensee's managing broker to serve as the agent of an actual or

prospective party to a transaction to the exclusion of other licensees employed by or affiliated with the broker