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Agency

QuestionAnswer
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