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KES Arizona RE Agenc

the statutes and rules governing AZ Agency

QuestionAnswer
AZ The Law of Agency Agency law in Arizona is a relationship in which one person has the legal right to act for another. Based on common law and case law
Common Law Agency Law and concepts that grew out of the English judicial system. Agency derived from this.(augmented by legislation)
Statutory Agency defined by statute in AZ Designated Agency, Facilitator, Transaction Broker are defined by statute.
Special Agency Limited agency granted by principle. finite duration defined by contract. (listing contract)
General Agency principle authorizes any and all acts associated with on going operations. (property manager)
Limited Agency in AZ real estate Dual Agency is an example of limited agency. Agent has responsibilities to both parties in a transaction; represents both
Difference between Negligent and Fraudulent Missrepresentation intent
E&O Insurance Professional Liability Insurance. In RE it covers Agents against suites.
Implied Agents not in writing, acting like an agent, principal thinks real estate licensee is his/her agent
Accidental Agents not in writing, agency escalates from customer
Listing Agents usually under a personal written services employment agreement. with seller
Selling Agents represents buyer or agent acting as Dual Agent
Buyer Broker Agents represents buyer in transaction
Dual Agents must be in writing disclosed and consensual. represents both parties in transaction
Ostensible Agency an association of to parties that reasonable leads to conclude one party is acting as agent for the other. (agent working for employing broker)
Estoppel principle causes third party to believe someone is acting as agent and third party deals with agent. principle cannot deny agency relationship exists.
Easement By Perscreption acquired easement by continuous use, open, hostile and notorious use without consent of owner for 10 years
Easement in Gross right to use land of another. is not appurtenant (not attached to land) Personal is not transferable
Exclusive Agency seller agrees to compensate seller except if seller finds buyer on their own
Exclusive right to sell seller agrees to compensate no matter who brings in buyer.
Open Listing compensate only if licencee brings in buyer.
Net Listing seller wants to net an amount and agent takes as much as they can get
types of listing agreements Exclusive Right to Sell, Exclusive, Net, Open
32-2151.02.Real estate employment agreements 1. Be written in clear and unambiguous language. 2. Fully set forth all material terms, terms of broker compensation. 3. Have a definite duration or expiration date inception and expiration. 4. Be signed by all parties
44-101. Statute of frauds in writing and signed by the party to be charged
Bilateral Contract A promise for a promise
MLS advertise. intends to offer cooperation and compensation to members co-broke
Co-Broke share percentage of commission set by listing broker/agent (MLS)
Flood Maps 100 year flood plain
remediation The correction of something bad or defective.
CARLOD Confidentially, Accountability/Accounting, Reasonable Care, Loyalty, Obedience, Disclosure
AZ oral contract only enforceable if executed within one year.
Novation replacing obligation, adding obligation, replacing party
accord and satisfaction the settlement of a disputed debt or obligation for less than the full amount claimed
Filtering down the occupation of a residential neighborhood by progressively lower income individuals over time.
waiver the relinquishment of a right or claim
Universal Agent Has full power to act on behalf of a person or business.
Attorney in Fact Authorized to perform certain acts under power of attorney.
Created by: KimSchroeder
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