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Terms in this set (23)
Let the buyer beware.
The individual who is authorized and consents to represent the interests of another person
One who is employed by a person already acting as an agent(such a a provisional broker licensed under a broker-in-charge)
the person who hires and delegates to the agent through a brokerage contract the responsibility of representing that persons best interests.
The fiduciary relationship between the principal and the agent
The fiduciary relationship between the subagent and the principal.
A relationship in which the agent is placed in the position of trust and confidence to the principal
The third party for whom some level of service is provided by an agent of another party, but who is not represented by the agent.
Is a person who is empowered to do anything the principal could do personally. There are virtually no limits to the universal agents authority to act on behalf of the principal. An unlimited power of attorney would be an example of universal agency. This type of agency is seldom practiced in a typical real estate transaction.
May represent the principal in a broad range of matters related to a particular business or activity. The general agent may, for example, bind the principal to any contracts within the scope of the agent's authority. This type of agency can be created by a general power of attorney, which makes the agent an attorney-in-fact. A real estate broker typically does not have this scope of authority as an agent for a consumer in a real estate sales transaction. A licensee usually serves as a general agent of their real estate brokerage firm. A property manager may be hired to be a general agent for the landlord in the management of certain properties.
Is authorized to represent the principal in only one specific act ofr business transaction, and under limited, detailed instructions. A real estate broker is usually a special agent. If hired by a seller, the brokers duty is limited to finding a "ready, willing and able buyer" for the property. A special agent for a a buyer has the limited responsibility of finding a property that fits the buyers criteria. As a special agent, the broker cannot bind the principal to any contract. A special power of attorney is another means of authorizing an agent to carry out only a specified act or acts. It is important to remember that a special agency gives limited authority.
Agreement written or oral to ensure all parties have a clear understanding of the agency relationship.
when principal and agent, without formally agreeing to the agency, act as if one exists
Agents fiduciary role
Act under the legal direction and control ofthe principal
Act in the principals behalf
Act in the principals best interest
Termination of Agency
Completion or fulfillment of the purpose
expiration of the terms of the agency
Mutual agreement to terminate the agency
Breach by one of the parties,such as abandonment by the agent or revocation by the principal
By operation of law, such as bankruptcy of the principal
Destruction or condemnation fo the property
Death or incapacity of either party.
The firm/broker exclusively represents either the buyer or the seller in a transaction.The broker never represents both parties in the same transaction.
Or tenant-agency,relationship established by express contract or agreement may be oral initially,but must be reduced to writing no later than the time an offer is extended by any party to the transaction.
The broker/firm represents the buyer and the seller in the same transaction. Dual agency requires that the agent be equally loyal to two separate pricipals at the same time. The challenge is to fulfill the fiduciary obligations to each principal without compromising fiduciary obligations to the other.
Designated Dual Agency
Appointing one or more licensees of a firm to exclusively represent the seller and appointing another licensee of the same firm to to exclusively represent the buyer in the same real estate transaction.Must be done with prior express approval of both parties.the firm continues to act as a dual agent, the individually designated licensees do not. Advantage:Both of the firms clients (buyer and seller)receive a .fuller and direct representation from their respective designated agent
Working with Real Estate Agents
NCREC brochure that must be given to a buyer or seller no later that first substantial contact.
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