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WRA Chapter 2 vocabulary Questions & answers with Complete solutions | Latest edition
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WRA Chapter 2 vocabulary Questions & answers with Complete solutions | Latest edition
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WRA Chapter 2 vocabularyAgency agreement
An employment agreement for personal services based on a fiduciary
relationship of trust and confidence in the firm.
Buyer Agency Agreement
A buyer would use this to hire a firm to negotiate an ownership interest in a
property.
Damages
The non-breaching party can sue the breaching party in court and request a
judgement for actual damages resulting from the breach of contract.
Exclusive agency listing contract
A seller hires a firm to represent the seller in the sale of a home. A listing firm
earns commission unless the seller finds the buyer.
Exclusive right to sell listing contract
The exclusive right to sell listing contract is the state-approved form that a
licensee must use when listing a seller's property.
Express agency
An agency relationship based on a formal agreement between the parties. This
can be formal or written.
Fee-splitting
The payment of a real estate commission by a real estate licensee to a
non-licensee is fee-splitting, which is illegal under Wisconsin law.
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