Section 6, Unit 1: Types of Agents and Agencies Flashcards
someone who acts on someone else’s behalf, at that person’s request
Agent
a person who’s in a position of trust and owes loyalty to another.
fiduciary
s a client—someone who’s represented by a real estate professional.
principal
someone involved in the transaction, but whom you don’t represent
customer
people who are usually just browsing–they may come to an open house and look around quickly, then leave. Or they may visit your office and just take a couple of brochures. Real estate agents have no contact, or very limited contact, with them. Agents don’t owe them any duties. Once they make contact with real estate licensees about anything real estate-related, they become customers.
consumer
a licensee who has a unique relationship with a consumer, generally acting as a “middle man” in a transaction. While some states allow non-agency, the exact nature of the relationship and the duties owed to the consumer vary widely from state to state. ____ doesn’t represent the buyer or seller, isn’t a fiduciary, and can provide only limited services to facilitate the transaction. The _____ assists either or both parties with clerical or ministerial tasks.
non-agent—also known as a facilitator or transaction broker
with responsibility for all of the dealings over a specific piece of your client’s property. ___ does offer continuity of service, because the agent is authorized to conduct a series of transactions.
General Agent
you have limited authority to act on behalf of your client. This means you don’t make any decisions or enter into any contracts on your client’s behalf, but you simply act as an intermediary, liaison, and negotiator, conveying, representing, and advocating for your client’s best interests.
Special Agent
someone who acts in a very limited capacity. An example would be an escrow officer, who is acting on behalf of both parties to a transaction, but in a LIMITED role. The escrow officer doesn’t represent either party. For instance, some licensees will merely post a seller’s listing on the MLS but won’t act in any advisory capacity to a seller.
limited agent
merely acts as a facilitator to a party, basically assisting the parties with paperwork, but not acting as a fiduciary to either. A transactional broker is sometimes referred to as a facilitator, which is an accurate description of this role. In addition, a licensee may represent one party as an agent and assist the other party as a non-agent—helping with the paperwork, but not advising or acting in a fiduciary capacity for the party.
non agent
someone with broad authority to act in all matters. An example of this would be someone who acts in the role of a conservator, or who holds a broad power of attorney.
universal agent
