Wk2. Agent Broker Flashcards
SALESPERSON - BORKER/SALEPERSON
Agent to the broker they work for
May be Special or General agent of broker depending on contract
May be called Buyer’s or Seller’s agent representative
AGENT
Someone who represents the interest of another
Primary Agent
Broker to Client
Salesperson or Broker/Salesperson to Broker
Types of Agents
Primary … Secondary
Secondary Agent
Salesperson or Broker/Salesperson to client
LICENSEE
Only in NV
Salesperson or broker/salesperson represents their broker’s client
In NV, Broker may assign different licensees in same office to represent differnt clients
SUBAGENT
Someone who REPRESENTS a broker’s client one of two ways OUTSIDE Nevada
SUBAGENT BROKER
A broker from another firm who represents the listing brokers client
SUBAGENT SALESPERSON - BROKER/SALESPERSON
A salesperson or broker/salesperson relationship to their broker’s client
Ask yourself ?
“Can you, the real estate agent, do a transaction with the client directly.”
YES … You are a BROKER in all 50 states
NO … You are a SUBAGENT in all states outside of Nevada
In Nevada, you are a licensee of the client
BROKER
An agent to their client or principal from each of the following groups
A listing or buyer’s agent
A single or dual agent
A special, general or universal agent
LISTING AGENT
Represents Sellers
BUYERS AGENT
Represents Buyers
SINGLE AGENT
Represents only buyer or seller in transaction, never both in the same transaction
DUAL AGENT … NATIONALLY
Broker represents buyer and seller in same transaction with written request
DUAL AGENT … NEVADA
Only if licensee appointed by broker represents buyer and seller on a signed form called … Consent to act by all parties confirmed in writing
DUAL AGENT … NATIONAL and NEVADA
Limited fiduciary - cannot discuss motivation of either party or price and terms
SPECIAL AGENT
Agent does one act or series of acts on behalf of client
e.g. Property Management
GENERAL AGENT
Agent authorized to do everything, usually has unlimited power of attorney … makes agent attorney in fact
Types of AGENT RELATIONSHIPS
Third Party/Customer … Client/Principal
THIRD PARTY/CUSTOMERS … Relationship
Responsibility Only
Created by any licensed agent who talks real estate with seller, buyer, exchanger, exchangee, lessor, lessee
Parties owed FHD … FAIR, HONEST, DISCLOSURE OF ALL MATERIAL FACTS
CLIENT/PRINCIPAL … Relationship
Responsibility and Representation
Created by any agent who signs an agency or dustier owed with seller, buyer, exchanger, exchanger, lessor, lessee
Owed FIDUCIARY
Care, Confidentiality, Obedience, Accounting, Loyalty, Diligence, Disclosure, Agency
AGENCY
Mutual consensual agreement between client and broker
In Nevada called … DUTIES OWED
Types of AGENCY
EXPRESSED … IMPLIED
EXPRESSED AGENCY
WRITTEN or VERBAL and DEFINITIVE by nature e.g. listing agree
Ratification … Clint agrees to be bound by Agent’s acts
Agency coupled with an Interest … Cannot be broken, agent has interest in the listed realty outside of ownership
IMPLIED AGENCY
Actions create agency … Leave brokerage sign up after listing expires
Ostensible … You lead someone to believe you are their agent
Estoppel … Third party believes agent represents client without clients denial
Necessity … e.g. fixing broken windows to clients home when client gone and client reimburses