2 - Agency Flashcards
Agency
All relationships in which a real estate broker in Georgia acts for or represents another as a client by written authority in a real property transaction
Universal Agent
A person empowered to do anything the principal could do personally
General Agent
One who is authorized by a principal to represent the principal in a specific range of matters
Special Agent
Broker. One who is authorized to perform a single act or transaction.
Find a buyer when rep. a seller.
Or find property for a buyer.
Expressed Agency
Relationship based on a formal agreement between parties. expressed by words.
Implied Agency
Expressed by action. Agency relationship developed by actions.
Power of Attorney
Legal doc. that gives individuals the right to sign legal docs for another. In GA, must be done like a deed.
Obligation a Broker has to a Customer
Honesty.
Termination of Agency Agreement
Expiration Date Death Performance=closing Breach- client feels abandoned Mutual Agreement
Obligation to 3rd Party
Skill Accountability Honesty/Integrity No BS - puffing/fraud Latent/Patent Defects Full disclosure to client, not necessarily to customer.
Latent Defects
Not openly known defects to the house. Termites or hidden things
Patent Defects
Obvious issues with the house.
Exclusive Agency Listing
One company. Client can sell their house if they want to. No commission.
Exclusive Right to Sell Listing
One company. Guaranteed commission no matter who sells it within agreed time.
Net Listing
We want ____ … everything else you can have…. Illegal.
Exclusive Listing Contract Form
- In writing
- Def. date of Exp.
- A copy is given to everyone who signed paper.
Single Agency
You and your company represent ONE client.
Can be a seller, buyer, tenant or landlord.
Dual Agency
YOU rep both clients. Buyer and Seller in ONE transaction.
FULL DISCLOSURE.
Designated Agency
ONE company. TWO agents.
One representing a seller, other repping buyer.
When should I disclose to the parties whom I intend to represent?
Disclosure should be made verbally and in writing to everyone ASAP.
Can I represent a seller and be a subagent?
Nope
What determines if I can be a “buyer’s agent” in GA?
Company policy, procedures and the broker.
According to BRRETA, a listing agent must voluntarily disclose to a buyer/customer.
Latent Defects … Hidden.
Can an agent sign things for the Broker?
YES. Usually made in the “Broker Affiliation Agreement”
