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Types of listings

Agency Responsibility and services

TermDefinition
A real estate broker operates as An agent of the seller to the buyer
Employment contract Agent must obtain the right of representation by securing an employment contract
Listing agreement When working for the selller
Buyers agency agreement When representing the buyer.
Principal The person who employs the broker. Principal owed fairness and honesty Salesperson employed by the broker is directly an agent of the broker
Sub-agent An agent of an agent
Fiduciary The relationship between an agent and his/her principal
Dual agency Agent that represents opposite parties in a transaction. Both seller and buyer. Is legal with written concept only.
Designated agency Broker may designate individual salesperson as exclusive agent of their clients.
Special Agency Principal has authorized agent to represent him/ her in a specific matter Giving agent limited authority
General agency Agent authorized to represent principal in a range of matters.
Universal Agent One who is authorized to represent the principal in all matters.
Attorney in fact May authorize a person to offer sell,collect monies at a closing on behalf of the owner.
Expressed Agreement Written listing or buyer agency contract
Procuring Clause The effort that an agent contributes that ultimately result in a sale.
Trust , Loyalty and Skill Must be trustworthy obligations to principal Notify principal of any information Not give legal advice, avoid puffing.
Care and Obedience Must exercise authority with care, property for sale advertising,yard sign must be authorized by owner
Power of Attorney Legal document that authorizes a person to act on behalf of another
Attorney in Fact May authorize a person to offer for sale,sell,collect monies at closing on behalf of owner.
Expressed Agreement Written listing or buying agency contract. Verbally stated “ I am your agent”
Agency Disclosure Purpose is to state agents position as to which party is being represented
Created by: Jgjg
Popular Real Estate sets

 

 



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