About This Chapter
Agency Relationships & Agreements - Chapter Summary
As you go through these lessons on agency relationships and agreements, you can verify your knowledge concerning the authority an agent can have when representing a client. You can also expand what you know about conflicts of interest that may exist in non-agency relationships. After completing the chapter, you should be ready to:
- Discuss problems associated with agency relationships
- List different types of agencies and their authority
- Recall restrictions of a dual agency
- Describe the bases of the principal-agent relationship
- Recount the fiduciary responsibilities of agents
- List elements of agency agreements
- Discuss non-agency brokerage relationships
- Explain what's involved in terminating agency relationships
This chapter on agency relationships and agreements is both engaging and informative. Expert instructors guide you through the lessons, offering helpful examples. You can take a short quiz for each lesson to see how well you understand the topics reviewed.
1. Agency Relationship: Definition, Principles & Problems
Agency relationships always involve an agent and a principal, though the agency relationship can arise in various ways. This lesson explains agency relationships.
2. Types of Real Estate Agencies
In real estate agency and brokerage, the agent has the authority to act on behalf of the client. This lesson will help to identify the various types of agencies available in agency relationships and the power of authority an agent can have as a representative of the client.
3. Dual Agency: Definition, Duties & Restrictions
In this lesson, we discuss how a dual agency relationship works in a real estate transaction. You will learn some of the differences in duties instead of each party having their own agent and the additional rules involved.
4. The Principal-Agent Relationship & Duties in Real Estate
The principal-agent relationship in real estate is one built upon trust. In this lesson learn the legal duties an agent and a principal must carry out throughout the time they are engaged in business together.
5. Fiduciary Duties of an Agent
Agency relationships are fiduciary relationships. This means the agent is obligated to act in the best interests of the principal. This lesson explains the fiduciary duties agents owe to their principals.
6. Types of Agency Agreements: Elements & Disclosures
There are appropriate agreements to use for different types of real estate agency, such as net listing, open listing, an exclusive agency listing, and an exclusive right-to-sell listing. Learn which agreement is appropriate for different situation.
7. Non-Agency Relationships & Agreements: Elements & Disclosures
You may run into unusual situations or opportunities to represent both the buyer and the seller. This lesson will help you understand how to handle this situation and ensure the appropriate steps are taken.
8. Terminating Agency Relationships
Many business transactions are conducted using agency relationships. The agent's actions can bind the principal, so it's important to know when the agency relationship ends. This lesson discusses terminating agency relationships.
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Other chapters within the Michigan Real Estate Broker Exam: Study Guide & Practice course
- Property & Land Characteristics
- Air, Mineral & Water Rights in Real Estate
- Liens & Encumbrances in Real Estate
- Types of Property Ownership
- Real Estate Land Use Controls & Regulations
- Property Valuation & Appraisal
- Basic Real Estate Financing Terms & Concepts
- Types of Real Estate Loans
- Lending & Underwriting Processes
- Disclosures of Property Conditions
- Real Estate Sales Contracts
- Leasing & Property Management
- Real Estate Title Transfers
- Real Estate Practices
- Common Real Estate Calculations
- Michigan Licensing & Statutory Requirements
- Michigan Real Estate Laws
- Michigan Real Estate Broker Exam Flashcards