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22 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Client
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The party for which professional services are rendered. those entered into a written,agency agreement. |
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Subagent |
an agent appointed by another agent. |
BIC appoints an agent agent of an agent
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Power of Attorney |
written document, legal instrument authorizing one to act as anothers attorney or agent to extend contracy |
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Attorney in fact |
an attorney or agent who may or may not be a lawyer who is given written authority to act on anothers behalf. |
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Common Law |
body of law that is based on custom and general principles and embodied in case law and that serves as precedent or is applied to situations not covered by statute. |
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Single Agency |
When an agent represents 1 client in same real estate transaction. (either buyer or seller) |
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DUAL AGENCY |
when the agent represents the 2 clients in same real estate transaction. |
both buyer and seller. and IS LEGAL> |
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PROXY |
an agent legally authorized to act on behalf of another party. ( client) |
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SELLER AGENCY |
the practice or real estate agent only representing the seller in a real estate transaction. |
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BUYER AGENCY |
only representing the buyer. |
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DESIGNATED AGENCY |
when an agent may designate an individual associated licensee to act solely on behalf of a client. |
Designated agency has a duty to promote the best interest of their client, including negotiating a price. The broker in charge will remain the dual agent. (in writing, both to be in agreement.) |
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TRANSACTIONAL BROKER neutral or intermediary |
only perform ministerial acts for both parties. There is no agency relationship or fiduciary responsibilities, do not provide any representation for either parties. JUST BROKER a deal. |
Not legal in SC
SC IS AN Agency STATE.
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AGENCY RELATIONSHIPS ARE |
FIDUCIARY OR LEGAL IN NATURE IN WHICH A PRINCIPLE ENTERS INTO A CONSENTUAL WRITTEN RELATIONSHIP W AGENT FOR LEGAL REPRESENTATION. |
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6 FIDUCIARY DUTIES AGENT OWES THE PRINCIPLE |
TRUST AND CONFIDENCE ARE PARAMOUNT |
1-OBEDIENCE 2-FULL DISCLOSURE 3-LOYALTY 4-REASONABLE CARE AND DILIG 5-ACCOUNTING 6-CONFIDENTIALITY |
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CLIENT OWES AGENT FUDUCIARY |
1-GOOD CONDUCT 2-REIMBURSEMENT 3-INDEMNITY 4-OPPORTUNITY 5-COMPENSATION 6-GOOD FAITH |
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OBEDIENCE |
AGENTS MUST OBEY ANY AND ALL INSTRUCTIONS FROM THEIR PRINCIPLE SO LONG AS LEGAL AND MORAL. |
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FULL DISCLOSURE |
THE LAWS OF AGENCY REQUIRE AGENTS TO DISCLOSE ALL INFO LEARNED OR OBTAINED FROM THEIR PRINCIPLE. |
FOR THIS REASON THE LAWS OF AGENCY REQUIRE AGENTS TO DISCUSS AGENCY AGREEMENTS AT FIRST SUBSTANTIAL CONTACT. |
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LOYALTY |
KEEP BEST INTEREST AT HEART |
AGENTS ARE REQUIEED TO PROVIDE, ADVICE, OPIONS, AND DUE DILIGENCE TO ALL PRINCIPLALS, WHICH MEANS PUTTING THE INTEREST OF THE PRINCIPLAL FIRST Ahead of all other interest. including theirs. |
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Accounting |
account for all monies received by the principal. agents must account for paper work also. |
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reasonable care, knowledge and diligence |
handling of offers, counter offers and multiple offers |
delivered promptly and in a manner that the principal understands the offer. |
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CONFIDENTIALITY |
PARAMOUNT IN AGENCY RELATIONSHIPS. LASTS BEYOND THE TERMINATION OF THE AGENCY RELATIONSHIP WHICH MEANS IT CAN NEVER BE DISCLOSED TO ANYONE OTHER THAN THE AGENT BIC. |
ONLY 3 TIMES PERMISSABLE 1-WHEN PRINCIPAL GRANTS PERMISSION 2-REQUIRED BY LAW TO DISCLOSE INFO. 3-WHEN REQUIRED TO DEFEND ONESELF AGAINST ACCUSATIONS of wrongfull conduct |
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Dual agency Issues
Legal in SC with informed written consent from both buyer and seller. |
3 fiduciary duties are limited 1- obedience 2- loyalty 3- disclosure
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3 not limited
1-confidentiality 2-accounting 3-Reasonable care |
