We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little bit lower. Thank you!
Presentation is loading. Please wait.
Published byAlexandra Selfridge
Modified about 1 year ago
© OnCourse Learning Chapter 21 : The Principal-Broker Relationship: Agency
Created when one person delegates to another the right to act on his behalf. General agency – the right to bind the principal to perform a particular act. Principal = Property owner Agent = Broker Client = Principal AGENCY © OnCourse Learning
Written – contractual agreement Implied – custom in the industry Ostensible – conduct of the parties Ratification – agency established after the fact Estoppel – due to principles failure to maintain due diligence over the agent who exercises powers not granted him. ESTABLISHING AUTHORITY © OnCourse Learning
Commission Skills and Knowledge Principal Agent AGENCY RELATIONSHIP © OnCourse Learning
C are O bedience A ccounting L oyalty (Competence and expertise) (Lawful instructions) (For funds received) (Principal’s interest first) BROKER’S OBLIGATION TO PRINCIPAL © OnCourse Learning
COMMINGLING When broker places money belonging to a client or customer in a personal account.
Said without checking the facts Not said and facts not checked Said wrongly to mislead Unsaid in order to mislead A Facts Broker Knows B Facts Broker Does not know DISCLOSURE LIABILITY © OnCourse Learning
“As Is” Puffing Lead-based paint disclosure on homes built prior to 1978 Home Inspections RED FLAGS © OnCourse Learning
The exact opposite theory from the traditional seller representation. Here the principal or client is the buyer! Agent owes the care of agency duties to buyer. BUYER AGENCY © OnCourse Learning
Agency relationships can be created without written agreements and consumers must be informed who the agent represents so there is a clear understanding of the agent’s role in a transaction. Many states now require disclosure forms. AGENCY DISCLOSURE © OnCourse Learning
Seller disclosure statements are a detailed disclosure of property defects (or lack thereof) on a form often produced by a real estate trade association. © OnCourse Learning SELLER DISCLOSURE STATEMENT
Owner disclosure information Interstate land disclosure statements Antitrust laws Price fixing Boycotting Errors and Omission insurance INFORMATION © OnCourse Learning
Key Terms Agent Boycotting Commingling Dual agency Middleman Ostensible authority Price fixing Principal Puffing Third parties © OnCourse Learning
Real Estate Principles Tenth Edition Real Estate: An Introduction to the Profession Tenth Edition.
© 2010 by Cengage Learning Chapter 21 ________________ The Principal- Broker Relationship: Agency.
South-Western Publishing©2002 By Charles J. Jacobus Real Estate Principles Ninth Edition Real Estate: An Introduction to the Profession Ninth Edition South-Western.
Thomson/South-Western©2008 Chapter 20 The Principal-Broker Relationship: Agency _______________________________________.
© 2012 Cengage Learning. The Principal–Broker Relationship: Agency Chapter 20.
©OnCourse Learning. All Rights Reserved.. The Principal–Broker Relationship: Agency ©OnCourse Learning. All Rights Reserved. Chapter 11.
© 2008 by South-Western, Cengage Learning Chapter 19 Charles J. Jacobus Thomas E. Gillett.
Chapter 18. Georgia Real Estate An Introduction to the Profession Eighth Edition Chapter 18 The Principal-Broker Relationship: Agency.
Chapter 5 Brokerage and Agency 2010©Cengage Learning. All Rights Reserved.
Modern Real Estate Practice in Pennsylvania 12th Edition Chapter 16: Agency in Real Estate.
Chapter 4 Agency Real estate is an industry about property, but it’s also an industry about people. The concept of agency is entirely about people, and.
Chapter 2 Law of Agency and Broker Ethics1 New Jersey Real Estate for Salespersons and Brokers By Marcia Darvin Spada Thomson/South-Western Copyright,
REAL ESTATE BROKERS. BROKERS Agent vs. Broker Broker vs. Realtor® Listing agent vs. selling agent Seller’s agent vs. buyer’s agent Dual agency vs. one-party.
Chapter 4: In This Chapter The Real Estate Licensee Compensation Referrals How to Find a Referral Partner Agency How Relationships Are Formed.
Chapter 4 Slide 1 Copyright – David A. McGowan All rights reserved. Revised Chapter 4 REAL ESTATE AGENCY Law of Agency The rights and duties of.
© 2009 by South-Western, Cengage Learning SAMIRLANDER Chapter 4.
Chapter 12 The Broker’s Role in the Transfer of Real Estate.
Chapter 38 Agency Twomey, Business Law and the Regulatory Environment (14th Ed.)
© OnCourse Learning. All Rights Reserved. Laws and Regulations Governing Brokerage Relationships Learning Objectives Define the basic concepts of agency.
Law for Business, 17e, by Ashcroft and Ashcroft, © 2011 Cengage Learning 26.1 Law for Business, 17e by Ashcroft and Ashcroft Chapter 26: Nature and Creation.
In this chapter: >Express and implied agreements >Agency disclosures >Creating agency relationships with buyers >When agency relationships change 3. How.
© 2013 All rights reserved. Chapter 2 Real Estate Agency Disclosure1 New York Real Estate for Brokers, 5th e By Marcia Darvin Spada Cengage Learning.
Law for Business Mr. Bernstein Notes, pp , Agency January 12, 2015.
C O A L I T I O N Corner Agency Disclosure Coalition Corner: Business training tools for HR staff, real estate licensees and other service professionals.
Real Estate Brokerage. The Real Estate Sales Process Listing agreement Marketing the property and qualifying buyers Presentation and negotiations.
The Agency Relationships. Relationship between a salesperson and client is referred to as master/servant relationship An official agent is always.
Florida Real Estate Principles, Practices & Law 38th Edition Linda L. Crawford Copyright © 2015 Kaplan, Inc. All rights reserved.
Real Estate Law Real Estate Brokers Real Estate Law Real Estate Brokers.
Copyright © 2012, Big I Advantage®, Inc., and Swiss Re Corporate Solutions. All rights reserved. (Ed. 08/12 -1) E&O RISK MANAGEMENT: MEETING THE CHALLENGE.
Modern Real Estate Practice 17th Edition 4 Agency “ He who pays the piper calls the tune”
Texas Real Estate Contracts 4 th Edition © 2015 OnCourse Learning.
© 2015 OnCourse Learning Texas Real Estate Brokerage and Law of Agency, 6 th Edition.
Diploma of Financial Services (Banking) FNSACCT404B Make Decisions in a Legal Context Lecture 2.
LAW OF AGENCY. Meaning & Definition of Agency Section 182, “ An agent is a person employed to do any act for another or to represent another in dealing.
Chapter 10 Real Estate Brokerage. The Real Estate Sales Process listing agreement marketing the property and qualifying buyers presentation and.
Comprehensive Volume, 18 th Edition Chapter 39: Agency.
Chapter 8 Real Estate Brokerage The real estate sales process, agency theory, licensing, types of brokerage firms and compensation.
Lecture 17 Brokerage and Leasing. Determining Needs and Wants Qualifying Buyers Searching the Market for Property In-Depth Submarket Analysis Contract.
© 2010 Pearson Education, Inc., publishing as Prentice-Hall 1 AGENCY FORMATION AND TERMINATION © 2010 Pearson Education, Inc., publishing as Prentice-Hall.
1 Real Estate Brokers Real Estate I Mike Brigner, J.D.
Chapters 13 & 14: Brokerage Real Estate Principles: A Value Approach Ling and Archer.
Copyright © 2008 by West Legal Studies in Business A Division of Thomson Learning Chapter 37 Agency Twomey Jennings Anderson’s Business Law and the Legal.
2011©Cengage Learning. All Rights Reserved.. Agency and Broker’s Relationship 2011©Cengage Learning. All Rights Reserved.
Chapter 4 AGENCY AND ITS RESPONSIBILITY 83. I. AGENCY OVERVIEW Agency – is the authority (or power) to act for or in place of another, a principal (person.
2-1 Copyright © 2014 McGraw-Hill Education (Australia) Pty Ltd PPTs to accompany Barron, Fundamentals of Business Law 7Rev This is the prescribed textbook.
QUESTION 1 Can I sell my own listing as a Dual Agent? Next.
1 LAW OF AGENCY HOSPITALITY LAW. 2 Duties of the Agent 1. Exercise reasonable care in performing the duties 2. Cannot delegate tasks 3. Element of Trust.
Modern Real Estate Practice in Illinois Eighth Edition Real Estate Agency.
Lecturer: Rowin Gurusami Sunday 8 th July Lecturer: Rowin Gurusami Agency is a relationship which exists between two legal persons; i.e. the principal.
Overview of Agency. Course Goal To effectively practice real estate, licensees must fully understand their relationships with buyers and sellers. The.
© 2017 SlidePlayer.com Inc. All rights reserved.