Section 34-27-81 Definitions.
Section 34-27-81
Definitions.
As used in this article, the following words shall have the following meanings:
(1) AGENCY AGREEMENT. A written agreement between a broker and a client which creates a fiduciary relationship between the broker and a principal, who is commonly referred to as a client.
(2) BROKER. Any person licensed as a real estate broker pursuant to Articles 1 and 2 of this chapter.
(3) BROKERAGE AGREEMENT. A specific written agreement between a brokerage firm and a consumer which establishes a brokerage relationship. The brokerage agreement shall contain a statement of the terms and conditions of the brokerage services to be provided.
(4) BROKERAGE SERVICE. Any service, except for rental or property management services, provided by a broker or licensee to another person and includes all activities for which a real estate license is required under Articles 1 and 2 of this chapter.
(5) CONSUMER. A person who obtains information, advice, or services concerning real estate from a real estate licensee.
(6) CLIENT. A person who has an agency agreement with a broker for brokerage service, whether he or she be buyer or seller.
(7) CUSTOMER. A person who is provided brokerage services by a broker or licensee but who is not a client of the broker.
(8) DUAL AGENCY. An agency relationship in which the same brokerage firm represents both the seller and the buyer in the same real estate transaction. Circumstances which establish a dual agency include, but are not limited to, one of the following:
a. When two 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.
(9) 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.
(10) LICENSEE. Any broker, salesperson, or company.
(11) LIMITED CONSENSUAL DUAL AGENT. A licensee who, with the written informed consent of all parties to a contemplated real estate transaction, is engaged as an agent for both the buyer and seller. Circumstances which establish dual agency include, but are not limited to, one of the following:
a. When two 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.
(12) MATERIAL FACT. A fact that is of significance to a reasonable party which affects the party's decision to enter into a real estate contract.
(13) QUALIFYING BROKER. A broker under whom a corporation, partnership, branch office, or lawfully constituted business organization, as the Legislature may from time to time provide, is licensed, or a broker licensed to do business as a sole proprietorship who is responsible for supervising the acts of the company, or proprietorship and all real estate licensees licensed therewith.
(14) REAL ESTATE TRANSACTION. The purchase, sale, lease and rental, option, or exchange of an interest in real estate.
(15) SINGLE AGENT. A licensee who is engaged by and represents only one party in a real estate transaction. A single agent includes, but is not limited to, one of the following:
a. Buyer's agent, which means a broker or licensee who is engaged by and represents only the buyer in a real estate transaction.
b. Seller's agent, which means a broker or licensee who is engaged by and represents only the seller in a real estate transaction.
(16) 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.
(17) TRANSACTION BROKER. A licensee who assists one or more parties in a contemplated real estate transaction without being an agent or fiduciary or advocate for the interest of that party to a transaction.
(Acts 1995, No. 95-211, p. 341, §2; Act 98-618, p. 1359, §1; Act 2008-141, p. 214, §3.)