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Responsibility

Responsibilities of the agent to Principal

TermDefinition
Trust,Loyalty,Skill Must be trustworthy and loyal to Principal. Notify principal of any information. Not give legal advise, avoid puffing.
Care and Obedience Special agent must exercise authority with care. For sale signs,advertising,yard sign must be authorized
Accounting for funds Must account for all funds received, keep separate from personal money, must hold self at highest level of ethical behavior
Exclusive right to sell The broker is employed as the sole agent of the principal and is promised a fee regardless of who procure is
Exclusive agency listing Gives broker sole right to sell property, however, owner reserves right to sell without paying a commission
Open Listing Broker is under contract is not sole agent. Broker must be the one to sell property.
Net listing Broker is permitted to sell or buy for the client at a set price. Illegal in Michigan
Protection clause A clause inserted in a listing aimed at protecting broker if buyer that was found by broker returns to purchase property after expiration date.
Agency Relationships with buyers Agent is hired by buyer to assist in locating property. Created by singing buyer agency contract. Broker becomes agent,salesperson becomes sub-agent
Agency Disclosure Form must be provided to all parties in advance to make them aware of fact
Psychology impacts Murder,drug activity, suicide.. Disclosure is recommended but not required under Michigan Law.
Capital Gains Result from sale of capital assets such as real estate
Interest Deduction IRS allows homeowners to itemize interest deductions on interest payed to finance a principal residence as well as second vacation home.
Tax Shelter A paper loss allowed decreasing yearly profit generated from use of rental or business property.
Created by: Jgjg