1 - Georgia Brokerage Relationships Flashcards
Someone who has agency representation with the real estate licensee
Client
Someone who uses or purchases a product or service
Consumer
Someone who’s working with a real estate licensee, but who isn’t represented by him
Customer
Someone who’s a party to a transaction, OR the person for whom the agent acts
Principal
Someone who acts on behalf of someone else and who’s in a position of trust and loyalty
Agent
Someone who represents neither party in the transaction
Non-agent
Let’s say you are supervising Alison, a real estate licensee. Alison just received a call from the Masons. They’re interested in putting their house on the market and would like to talk more with Alison about this process. Alison meets with the Masons the next day and is excited about this new prospect. She leaves them with her business card and a promise to call back in two months when they say they’ll be ready to act. In return, Alison leaves with an unsigned agency agreement and contact information for their son, Brent, who’s ready to buy his first home.
Alison can’t decide, are the Masons her clients? As her supervising broker, what would you say?
Yes or No
No
Alison was thrilled to meet with Brent. In a matter of days, she executed (signed) an agency agreement with Brent, searched for properties on the multiple listing service, and had several showings scheduled.
As Alison’s supervising broker you put her to the test and ask her to match the terms to the appropriate party so, who’s who in this scenario?
Agent? Client? Principal?
Agent-> Alison
Client->Brent
Principal->Brent
BRRETA Definitions
Agency relationship between a broker and a client or customer
Brokerage Relationship
BRRETA Definitions
Broker who is working with all parties as customers
Transaction Broker
BRRETA Definitions
Tasks a broker can do for customers
Ministerial Acts
BRRETA Definitions
Agency contract between brokers and their clients
Brokerage engagement
Brokerage Engagement vs. Relationship
Adam decided to list his house with Theo and just signed his brokerage listing agreement.
Brokerage engagement
Brokerage Engagement vs. Relationship
Deidre is looking for a five-acre tract and mentions it to her friend, Laura, who is the listing broker for several rural land listings. Laura shows them to Deidre without having her sign an agreement.
Brokerage relationship
Brokerage Engagement vs. Relationship
McKenna decides she’d like to use a buyer’s agent to find a condo, so she signs an agency agreement with ABC Brokerage.
Brokerage engagement
General or Special Agent
Handles all dealings for a specific piece of client property
General agent
General or Special Agent
Enters into contracts on the client’s behalf
General Agent
General or Special Agent
Acts as an intermediary, but doesn’t make decisions or enter into contracts on the client’s behalf
Special Agent
General or Special Agent
Acts with limited authority on a client’s behalf
Special Agent
Universal or Designated Agent
Holds the most authority of any agent
Universal Agent
Universal or Designated Agent
Considered an uncommon role for a real estate agent
Universal Agent
Universal or Designated Agent
Designated to perform duties to a client
Designated Agent
Universal or Designated Agent
Known also as an appointed agent or assigned agent
Designated Agent
Edwin collects rents, evicts tenants, and enters into leases on behalf of his boss, the property owner. Edwin is a designated agent.
True or False?
False…..(General Agent)
Harriet has just been appointed guardian of her 12-year-old niece, Annabel, whose parents were tragically killed in an automobile accident. Harriet is a universal agent.
True or False?
True
Ingo and Amy both work at the same firm and are involved in the same transaction, in which Amy represents the seller and Ingo represents the buyer. Ingo owes duties to the buyer, and Amy to the seller. Ingo and Amy are designated agents.
True or False?
Ture
Jamie acts as an intermediary, liaison, and negotiator for her client, but she’s not authorized to make decisions on her client’s behalf. Jamie’s primary role is to help her client find and buy a house. Jamie is a general agent.
True or False?
False…Special or Limited agent
An agency relationship that is understood and agreed to by both parties
Express agency
An agency relationship that exists because you behaved in a way that led the consumer to believe you’re their agent
Implied agency
