As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings. [1993, c. 679, §1(NEW).]
1.Affiliated licensee. "Affiliated licensee" means a licensee who is authorized to engage in brokerage activity by and on behalf of a real estate brokerage agency. [2005, c. 378, §13(AMD); 2005, c. 378, §29(AFF).]
2.Appointed agent. "Appointed agent" means that affiliated licensee who is appointed by the designated broker of the affiliated licensee's real estate brokerage agency to act solely for a client of that real estate brokerage agency to the exclusion of other affiliated licensees of that real estate brokerage agency. [2005, c. 378, §13(AMD); 2005, c. 378, §29(AFF).]
3.Brokerage agreement. "Brokerage agreement" means a contract that establishes the relationships between the parties and the brokerage services to be performed. [2005, c. 378, §13(AMD); 2005, c. 378, §29(AFF).]
4.Buyer agent. "Buyer agent" means a real estate brokerage agency that has entered into a written brokerage agreement with the buyer in a real estate transaction to represent the buyer as its client. [2005, c. 378, §13(AMD); 2005, c. 378, §29(AFF).]
5. Client. "Client" means a person who has entered into a written brokerage agreement with a real estate brokerage agency that has agreed to represent that person and be bound by the duties set forth in section 13272 on behalf of that person. [2005, c. 378, §13(AMD); 2005, c. 378, §29(AFF).]
6.Designated broker. "Designated broker" means a broker designated by a real estate brokerage agency to act for the real estate brokerage agency in the conduct of real estate brokerage. [2005, c. 378, §13(AMD); 2005, c. 378, §29(AFF).]
7.Disclosed dual agent. "Disclosed dual agent" means a real estate brokerage agency representing 2 or more clients whose interests are adverse in the same transaction with the knowledge and informed consent of the clients. [2005, c. 378, §13(AMD); 2005, c. 378, §29(AFF).]
8.Material fact. "Material fact" means a fact that relates to the transaction and is so substantial and important as to influence the client to whom it is imparted. [2005, c. 378, §13(AMD); 2005, c. 378, §29(AFF).]
9. Ministerial acts. "Ministerial acts" means those acts that a real estate brokerage agency performs for a person who is not a client and that are informative or clerical in nature and do not rise to the level of active representation on behalf of the person. [2005, c. 378, §13(AMD); 2005, c. 378, §29(AFF).]
10.Real estate brokerage agency. "Real estate brokerage agency" means a person or entity providing real estate brokerage services through that person's designated broker, affiliated licensees, associates or employees and licensed by the commission as a real estate brokerage agency. [2005, c. 378, §13(AMD); 2005, c. 378, §29(AFF).]
11.Seller agent. "Seller agent" means a real estate brokerage agency that has entered into a written brokerage agreement with the seller in a real estate transaction to represent the seller as the real estate brokerage agency's client. [2005, c. 378, §13(AMD); 2005, c. 378, §29(AFF).]
12. Subagent. "Subagent" means a real estate brokerage agency engaged by another real estate brokerage agency to perform brokerage tasks for a client. [2005, c. 378, §13(AMD); 2005, c. 378, §29(AFF).]
13.Third party.[2005, c. 378, §13(RP); 2005, c. 378, §29(AFF).]
13-A. Transaction broker. "Transaction broker" means a real estate brokerage agency that provides real estate brokerage services to one or more parties in a real estate transaction without a fiduciary relationship as a buyer agent, a seller agent, a subagent or a disclosed dual agent. [2005, c. 378, §13(NEW); 2005, c. 378, §29(AFF).]
14. Undisclosed dual agent. "Undisclosed dual agent" means a real estate brokerage agency representing 2 or more clients whose interests are adverse in the same transaction without the knowledge and informed consent of the clients. [2005, c. 378, §13(AMD); 2005, c. 378, §29(AFF).]
1993, c. 679, § 1 (NEW) . 1999, c. 129, § 15 (AMD) . 1999, c. 129, § 16 (AFF) . 2005, c. 378, § 13 (AMD) . 2005, c. 378, § 29 (AFF) .