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Agency
| Question | Answer |
|---|---|
| Fiduciary relationship | a legal relationship that creates a position of trust and confidence |
| Law of Agency | the rights duties and responsibilities of all legal parties |
| Agency relationship | a relationship in which an agent is authorized to perform certain acts on behalf of a principle. If the agency relationship changes at any time during the transaction, the change must be disclosed in writing, and the party must consent to the change. |
| An Agent | a party acts for and in place of a principle. A person can be a universal, special, or general agent. |
| Universal Agent | one who has given full power to act on behalf of a person or business. |
| General Agent | Authorized by the principle to perform any and all acts associated with the on-going operation of the job or business. (a real estate licensee acting in the capacity of a property manager is a general agent to the owner.) |
| Special Agent | Has limited authority granted to him or her through a principal. The relationship with the principle is not expected to be continuous. ex: a listing contract. relationship ends when the terms have been fulfilled. |
| An Attorney in fact | is a person authorized to perform certain acts for another person, under power of attorney. |
| A principal | is any person involved in a contract, such as a seller, buyer, principal broker, or an owner who has hired an agent as a property manager. |
| A client | is a party who has signed an agreement with an agent, and this agreement creates a fiduciary relationship. |
| A customer | uses the services of a real estate licensee but has not signed an agreement with an agent. |
| When you list a property you are ? | representing the seller. |
| When a real estate broker enters into a contract with a buyer, the buyer becomes the client and the seller becomes the customer. | fact |
| Dual agency | If another agent from the same brokerage secures a buyer, that agent would be a buyer's agent and the brokerage firm would be a dual agent, or if a single agent secures both parties |
| Transaction broker | provides the buyer and seller with necessary paperwork to transfer the property. The buyer ans seller negotiate the sale without the broker. also known as (non-agent, a facilitator, or an intermediary |
| undisclosed agency | created when an agent deals with a third party, and the third party has no knowledge that the agent is acting on a principal's behalf. |
Created by:
Smithhannah236
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