Chapter 7 - Laws of Agency

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Author:
nleggett
ID:
254070
Filename:
Chapter 7 - Laws of Agency
Updated:
2013-12-21 18:24:48
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Laws of Agency
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  1. Delegates to agent authority to represent principal
    Principal
  2. Relationship between principal & agent
    Agency
  3. Broker representing buyer or seller
    Single Agency
  4. Broker of seller, appoints other brokers to
    assist in carrying out client-based functions on behalf of principal (An agent’s agent)
    Sub-Agency
  5. Care, Obedience, Accounting, Loyalty, Disclosure
    COALD
  6. Authorized to negotiate contracts for another (Property Manager)
    General Agent
  7. Authorized to rep a principal in one specific
    transaction
    Special Agent
  8. Rep both buyer & seller in a transaction, with
    both consent (NOT legal in all states)
    Dual Agency
  9. Buyer Agency Agreement
    Buyer Agency
  10. (Non-agent or Facilitator) May NOT disclose
    confidential information to either party
    Transactional Broker
  11. Appoint agents w/I office to rep principal
    Designated Broker
  12. Broker entitled to commission if after expired listing seller sells to someone agent originally introduced
    Broker Protection Clause
  13. Selling & Buying Brokers work together to bring
    two principals together
    Cooperative Broker
  14. Misrepresentation of facts known to be false w/ intent of deceiving an agent
    Fraud
  15. Opinion or exaggeration that no one relies on
    for decision making
    Puffing
  16. Conspiracy among brokers to set prices for their services rather than negotiating their fees
    Price Fixing
  17. To sell one product only if buyer purchases another product
    Tie-In-Areements

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