Agency relationships (national)

Question 1

what are the 4 components of agency?

Answer 1

*hint CARD
C-ontrol of the agent by the principal 
A-cceptance of authority by agent
R-eliance on the agent by the principal 
D-elegation of Authority (someone does something you don't wanna do yourself)

Question 2

what is a Subagent

Answer 2

• Typically an extension of the listing agent
• works for the seller and with the buyer
• A cooperating broker who brings a buyer customer to the transaction

Question 3

single agency

Answer 3

broker represents either the seller or the buyer in a transactions

Question 4

Dual agency

Answer 4

broker represents both seller and buyer in a transaction; broker must have mutual knowledge and written permission by the parties

Question 5

buyer agency

Answer 5

broker represents the buyer through a written agreement

Question 6

designated broker

Answer 6

the broker appoints agents within his officer to represent either buyer or seller

Question 7

Transactional broker

Answer 7

the broker is not an agent of either party, rather the broker is a non agent or facilitator

Question 8

What are listing agreements and buyer representation agreements?

Answer 8

• Employment agreements
• unilateral contracts
• creates a special agency relationship
• are not standardized