Unit 9- Real Estate Agency Flashcards
Subagent
Agents working for broker
Agency
Fiduciary between principal and agent
Fiduciary
Trust from principal
3 laws that govern agency
Common- court rule
Statutory- recorded law
Admin- RE commission
Non Agent
Doesn’t represent anyone. Just help fill out forms
Transactional Broker / agent / facilitator / intermediary
Latent defect
Hidden defect in property
Stigmatize property
Branded undesirable
Due to criminal, or tragic situations
Of event of published
3 types of agency laws
Common- judge decision
Statutory- written law
Admin- RE Commission
Megan’s law
Child protection
Have to let someone know when someone is a sexually offender in area
Stigmatized law
Fiduciary duties
Care Obedience Loyalty Disclosure Accounting Confidentiality
Agent
Represents another person
Fiduciary
Agent holds trust with principal
Agency
Form a fiduciary relationship with principal and agent
Subagent
Working under broker
2 types of agency
Express - written contract
Implied agency- did action to make person think you have agency
3 types of agency relationship
Universal- can do anything principal can, POA
General- property manager, has many jobs
Special- has todo a set list of things, RE agent
Single agency
One client
Dual agency
Reps both buyer and seller
Notice of agency/ disclosure law
Form to claim agency with client
Agency with coupe interest
Can’t be revoked by principle even by death - property manger collect rent - comingled money you get back- must be written
Nonagenarian
Facilitator/ intermediary / transactional broker: contract broker
