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General Agency
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Law of Agency
Chap 1
| Question | Answer |
|---|---|
| Agency | Relationship exsist when one person acts for another CLient= principle |
| General Agency | - less authority than universial -right to represent in particular types of transactions or business - less authority than universial -right to represent in particular types of transactions or business -ex. (property Manager) -ex. (property Manager) |
| Property Manager | Perseving value of an incestment while generating income -liable and accountable for all actions of the agent |
| Duties of General Agent | 1. securing tenants 2.collecting rents 3.caring forthe premises 4.budgeting and controlling expenses 5.hiring and supervising employees 6.keeping proper accounts 7.making periodic reports |
| Universal agency | Broad Range of authority -act as principle -rare in real estate -ex. (power of attonery over child) -universal agent is allowed to perform all actions that may be legallly carried out by an agent |
| 3 types of agency and what are the factors that determine them | - universal -general -special factiors agent's resonosibility |
| 2 key points to an agency | -principle will count on the agent for specific professional advice. agent is expert -relationships involves money or property agent must work in clients best interest at all times. -fiduciary duty one based on trust |
| client | another name for principle party represented by agent |
| Agents (licesnsees) duties | 1.securing listings from sellers and landlords 2.securing buyer representation agreements brom buyers and tenants 3.marketing listed properties 4.showing properties to buyers 5.perparing offers 6.negotiating offers |
| Broker responisibilites on part of his associates | 1.compliance with fair housing laws 2.compliance with advertising regulations 3.use if promulgated forms 4.compliance with regulations for disclosure 5.compliance with all aspects of the texas real estate license act |
| what would the broker not be responisble for on part of his associates | 1.timely renewal of license 2.completion of continuing education requirements 3/adequate oppurtunies for generating income 4. company car, health insurance, vacation,or disability benefits |
| Speical Agency | -most limited of all -(limited agency) -not allowed to sign or accept any terms or condititons.. -follow insturctions of the prinicple -listing agreement establishes a special agency relationship with the broker - |
| Best way to create agency | IN WRITING express authority principle to agent |
| implied authority | customary to the business -agent can show house during and after normal business hours |
| Ostensible agency | actions misleading your an agent |
| agency by ratification | occurs when an acgents acts without prior authority, and the pricipal upon learning accepts it |
| agency by estoppel | principal inadequately supervises and agent,agent takes on powers beyond his authority |
| agency coupled with an interest | broker is owner of prop. being sold or when broker is interested buying prop. |
| All transactions are said to have two “sides”: | 1. A listing side where the seller retains the services of a broker 2. A selling side where the buyer retains the services of a broker. The agent working with the buyer is referred to as the selling agent. |
| When a property is sold by a brokerage firm, two possibilities exist: | 1. The property is sold by a firm other than the listing firm, which is referred to as a cooperative sale. 2. The property is sold by the listing firm, which is referred to as an in-house sale. |
| HOW IS COMISSION CREATED | The commission charged is negotiated between the seller and the broker, and is not set or recommended by TREC or any other organization. |
| subagency relationship | when one firm sells a property listed by another firm to a buyer that they are not representing, the selling firm represents the seller in a |
| subagency relationship two conditions must both be met: | 1. The sale must be a cooperative sale, and 2. The buyer must be an unrepresented customer. |
| Licensee | A person licensed by the Texas Real Estate Commission (TREC) to act as a broker or salesperson in a real estate transaction. |
| Agent - | 1) A broker who represents a seller, landlord, buyer or tenant. (2) Salesperson or broker licensees who represent the broker with whom they are associated. |
| Subagent | A licensee not associated with the seller’s broker but who is representing the seller through a cooperative agreement, often through membership in a Multiple Listing Service (MLS), with the seller’s broker. |
| Cooperative Broker | A broker selling the listing of another broker. A cooperative broker may complete the transaction as a subagent of the listing broker, or may represent the buyer’s under an agency agreement. Also known as the other broker. |
| Broker licensee | An individual holding a broker’s license issued by TREC. Brokers may act independently in conducting real estate transactions or may engage other broker or salesperson licensees to represent them in the conduct of their real estate business. |
| Salesperson licensee | An individual holding a license issued by TREC - an agent of the sponsoring broker. They may conduct business only through their sponsoring broker. |
| Broker Associate | broker associated with and conducting all of his or her business as an agent of another broker |
| 8. Sales Associate | A salesperson or broker licensee associated with and conducting business as an agent of his or her sponsoring broker. |
| Seller’s Agent | A broker representing the seller in a real estate transaction. Also referred to as a Seller’s Broker, Listing Broker, or Listing Agent. |
| 10. Buyer’s Agent | A broker representing the buyer in a real estate transaction. Also referred to as a Buyer’s Broker, Selling Broker, or Selling Agent. |
| Landlord’s Agent | A broker representing a landlord in a real estate transaction. |
| Tenant’s Agent | A broker representing a tenant in a real estate transaction. |
| Client - | sometimes called a principal, who engages the professional advice or services of another, called an agent, and whose interests are protected by the specific duties and loyalties of an agency relationship. |
| Customer | A person who receives limited brokerage services without establishing an agency relationship. |
Created by:
aberry181