Chapter 7 - Laws of Agency

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Delegates to agent authority to represent principal

Principal
Relationship between principal & agent

Agency
Broker representing buyer or seller

Single Agency
Broker of seller, appoints other brokers to
assist in carrying out client-based functions on behalf of principal (An agent’s agent)

Sub-Agency
Care, Obedience, Accounting, Loyalty, Disclosure

COALD
Authorized to negotiate contracts for another (Property Manager)

General Agent
Authorized to rep a principal in one specific
transaction

Special Agent
Rep both buyer & seller in a transaction, with
both consent (NOT legal in all states)

Dual Agency
Buyer Agency Agreement

Buyer Agency
(Non-agent or Facilitator) May NOT disclose
confidential information to either party

Transactional Broker
Appoint agents w/I office to rep principal

Designated Broker
Broker entitled to commission if after expired listing seller sells to someone agent originally introduced

Broker Protection Clause
Selling & Buying Brokers work together to bring
two principals together

Cooperative Broker
Misrepresentation of facts known to be false w/ intent of deceiving an agent

Fraud
Opinion or exaggeration that no one relies on
for decision making

Puffing
Conspiracy among brokers to set prices for their services rather than negotiating their fees

Price Fixing
To sell one product only if buyer purchases another product

Tie-In-Areements