Agency Flashcards
general principles
Someone who is working with a real estate licensee but not represented by that licensee. Nor owed the full range of agency responsibilities.
Customer
Usually the party to the transaction who is represented, the client.
Principal
Someone who is represented by real estate licensee. And owed certain agency responsibilities.
Client
Someone in position of trust who owes loyalty to another.
Fiduciary
Someone who acts on behalf of someone else.
Agent
Has broad authority to act for the principal, such as someone who has power of attorney.
Universal agent
Has limited authority to act on client’s behalf, such as a real estate agent or escrow officer. Can’t bind to a contract.
Special agent
When a licensee represents one party, either the buyer or seller in a transaction.
Single agency
the representation of both the buyer and the seller in the same transaction
Dual agency
when a single licensee represents both the buyer and the seller in the same transaction
single license dual agency
when two licensees from a single firm each represent one party in the same transaction
Designated/appointed agency AKA dual license dual agency
a licensee’s _____ ______ include obedience, loyalty, disclosure, confidentiality, accounting, and reasonable skill and care. OLDCAR
fiduciary responsibilities
a legal document that grants legal rights and powers from one person (the principal) to another to make decisions on behalf of the principal
power of attorney
an agency relationship that’s understood and agreed to by the parties, spoken or written words.
express agency
the acceptance after the fact, either through signing paperwork or through the parties’ actions.
ratification
