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Agency Relationships

Concepts of Agency Law

QuestionAnswer
Agency is the foundation upon which real estate brokerage is practiced and is used to describe a legal and ethical relationship that is created between a real estate licensees and a buyer, seller, landlord, or tenant.
Agent
Branch Office location in addition to principal office of which the primary purpose is to conduct the business of real estate.
Broker one who for another, and for a commission, money or other thing of value, promotes the sale, exchange, purchase, option, rental or leasing of real estate or business opportunities.
Business Opportunity the sale or lease of the business and good will of an existing business, enterprise, or opportunity, including a sale of the majority of assets or stocks if the business.
Buyer's Broker/Agent the firm that has entered into a buyer agency agreement with the buyer indicating that the broker will be representing the interests of the buyer. the buyer's agent is the actual person, within the buyer broker firm that procured the buyer.
Cooperating Broker a broker, who works in conjunction with another broker in procuring a buyer for the seller's property.
Customer a person who receives services given on behalf of and for the benefit of a client.
Dual Agency (Multiple Representation) an agent representing two principals in one transaction. dual agency is legal in Wisconsin only with informed written consent of both parties to the transaction.
Dual Compensation Receiving compensation related to the real estate transaction from someone other than the licensee's client without prior written consent from all parties to the transaction.
Exchange a way to defer capital gains tax by exchanging like property for like property.
Fiduciary one who is placed in a position of trust and confidence, normally responsible for the money and/or property of another.
Licensee a term used by the WI Dept. of Regulation and Licensing to refer to any person licensed or registered under state law to practice real estate.
Listing Broker/Agent the listing broker is the firm that the seller has employed under a listing agent is the agent within the employing firm who actually acquired the listing.
Material Adverse Fact that a party indicates is of such significance, or that is generally recognized by a competent licensee as being of such significance to a reasonable party, that it affects the party's decision to enter into a contract or the terms of a contract
Option to Purchase an agreement to keep open, for a set period, an offer to sell or lease real property.
Optionee the purchaser under an option contract.
Optionor the seller under an option contract.
Client the person who employs an agent to perform a service on her/his behalf.
Principal one who has permitted or directed another to act for her/his benefit and subject to her/his direction and control.
Principal Office the location/address where the principal broker is employed and the office on record at the department for the licensee.
Salesperson any person other than a broker who is employed by a broker to perform any act authorized by chapter 452 to be performed by a broker.
Selling Broker/Agent the selling broker is the firm which procured the buyer for a seller. the selling agent is the actual person, within the selling broker's firm, who actually procured the buyer.
Single Agency the practice of representing either the buyer or the seller but never both in the same transaction.
Subagent an agent who works under another agent.
Temporary Site a real estate office which is established for a temporary purpose such as an office in a condominium development.
Tie-In Agreement selling one product only if the buyer agrees to purchase another product as well.
Unlicensed Personal Assistant person not licensed under chapter 452 or licensed but not employed for the purpose of providing services for which a license is required.
Created by: bunkiebaby
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