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Texas Real Estate2

Agency

QuestionAnswer
The responsibilites a broker has to customers or third party including honest, fairness and disclosure of material facts Public responsiblities
The responsibilities a broker has to clients in an agency realtionship includes placing the interest of clients first, disclosure of facts, giving advice and opinions Fidicuary responsibilities
An agency relationship created by an oral or spoken agreement Oral Agency
Agency as a result of customary usual or typical conditions;Nothing formal has been said or written down, the agent and principal act as if they have a relationship Implied Agency
Agency as a result of the actions of an agent and the response of others to those actions;When a relationship appears to exists when it does not Ostensible Agency
Agency established when an agent acts without permission of the principal and the principal accepts or ratifies those actions Agency by Ratification
A principal fails to maintain due diligence over his agent and as a result the court prevents the principal from denying the agency relationship Agency by Estoppel
A principal gives an agent power to transact matters of all types for him Universal Agency
A principal gives an agent the power to bind him in a particular trade or business General Agency
A principal gives an agent the power to perform specific acts, but not to bind the principal-also called limited agency Special Agency
A principal gives an agent the power to perform specific acts, but not to bind the principal-also called special agency Limited Agency
An agnet owes his client obedience, loyalty, disclosure, confidentiality, accounting and resonable care (old car) Duties of an agent
A principal owes his agent compensation, reimbursement, idemnification and performance Duties of a principal
An advertisement that does not clearly indicate the licensed status of the party placing the ad-real estate licensees are prohibited from placing blind ads Blind Ad
Created by: Shirilyn