AGENCY Flashcards
An agent does what?
Is hired by the principle to act on their behalf.
Define agency.
fiduciary relationship in which the agent is held in a position of special trust and confidence by the principal.
The client in real estate can also be receded to as?
The principle
What makes a customer different from a client in real estate?
A customer is the nonrepresented party for whom some level of service is provided and who is entitled to fairness and honesty.
Define non-agent and give the other names they may go by.
They assists one or both parties with the transaction without representing either party’s interests and often is subject to specific statutory responsibilities.
Aka: facilitator, intermediary, transactional broker, transactional coordinator, or contract broker
What is BRRETA?
The statute in Georgia that governs real estate relationships. Stands for brokerage relationships in real estate transactions act.
How many states require agency disclosure.
All of them.
What is the difference between express and implied agency?
Expressed is based on a formal agreement between the parties. Implied is based on the actions of the parties.
Can agency be determined by source of compensation?
No. the agent may be compensated by someone other than agent’s client, and
agency can exist even if no compensation is involved—gratuitous agency.
