re agency Flashcards
law of agency
governs agency relationships
- agency relationships are FIDUCIARY relationships
- put clients interest first
universal agency
rep. the clients on all matters
general agency
rep. the client on all matters specific to ONE aspect of their life
special agent**
rep. the client on ONE matter only
- re agents/brokers
- sub-agent= real estate sales person
EXPRESS agency
explicitly stated or in writing (ex. listing agreement)
implied agency
agency not directly stated, bu exists
*equal dignities rule= same formality for services rendered
apparent/ostensible agency
agency seems to exists but does not
“oldcar”
- Obedience= obey lawful instructions
- Loyalty=put clients interest first
- Disclosure- affirmatively disclosure
- Confidentiality=must NOT disclose confidential info
- Account= accountable
- Reasonable care= recommending expert advice & legal counsel
**Triastrams Landing v. Wait
Case law that determines when agents are entitled to a commission in MA
- sets up similar rules as most states
- agents earn a commission when:
- produce a ready, willing and able buyer
- are the procuring clause of sale
interstate land sales disclosure act
- requires the sale of prop developers to register the development with CFPB=Consumer financial protection board
- has >100 lots total
- or are selling >25 lots simultaneously
sheran anti trust act (1890)
-prohibits anti-business practices
-price fixing
-group boycotting
dividing the market
contingent sales (tie-in) arrangements
