Business Law /Agency Creation, Disclosure, Termination
Agency Creation, Disclosure, Termination
This deck covers key concepts related to agency creation, disclosure, and termination in real estate, including definitions of agent roles and types of agency agreements.
someone who acts on someone else’s behalf, at that person’s request
Agent
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Key Terms
Term
Definition
someone who acts on someone else’s behalf, at that person’s request
Agent
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Once you agree to be someone’s agent and vice versa
Client
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a person who’s in a position of trust and owes loyalty to another.
fiduciary
a client—someone who’s represented by a real estate professional. The term may also refer to a party to a transaction (e.g., the buyer or seller, whether or not they’re represented by an agent).
principal
____ are people who are usually just browsing–they may come to an open house and look around quickly, then leave. Or they may visit your office and just take a couple of brochures. Real estate agents have no contact, or very limited contact
Consumers
a licensee who has a unique relationship with a consumer, generally acting as a “middle man” in a transaction.
non-agent—also known as a facilitator or transaction broker
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| Term | Definition |
|---|---|
someone who acts on someone else’s behalf, at that person’s request | Agent |
Once you agree to be someone’s agent and vice versa | Client |
a person who’s in a position of trust and owes loyalty to another. | fiduciary |
a client—someone who’s represented by a real estate professional. The term may also refer to a party to a transaction (e.g., the buyer or seller, whether or not they’re represented by an agent). | principal |
____ are people who are usually just browsing–they may come to an open house and look around quickly, then leave. Or they may visit your office and just take a couple of brochures. Real estate agents have no contact, or very limited contact | Consumers |
a licensee who has a unique relationship with a consumer, generally acting as a “middle man” in a transaction. | non-agent—also known as a facilitator or transaction broker |
you and your client agree to and understand the relationship. may be written or unwritten. | express agency |
You and your client may enter into an agency agreement (aka, listing contract or buyer representation agreement) | employment agreement |
when you act on behalf of a consumer in such a way that the consumer believes you are their agent | implied agency |
An acceptance after the fact, sometimes in contrast to a prior agreement. may occur through contractual paperwork or the parties’ actions | Ratification |
a legal doctrine that says that a person is stopped from asserting rights or facts that aren’t consistent with a previous statement, position, or behavior. | estoppel |