About This Chapter
Agency Relationships - Chapter Summary
The lessons that are organized in this chapter have been compiled to help you learn all about agency relationships. Our lessons will concentrate on:
- Problems with agency relationships
- Different types of agencies
- Three fiduciary duties of an agent
- Duties of the principal such as compensation
- Material about tort liability
- Ways to terminate agency relationships
When you study with us, you will have access to our instructors who are experts in their fields. They will present the lesson's material to you in an educational and fun manner. As you work your way through every lesson, you will have support the whole time. If you get stuck on a certain concept or lesson, our instructors are here to help you by answering any questions you might have.
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. 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.
4. Duties and Responsibilities of a Principal
Agency relationships require both a principal and an agent. Each of these parties owes certain duties and obligations to the other. This lesson explains the obligations principals owe to their agents.
5. Tort Liability in Agency Relationships: Definition & Law
In certain circumstances, a principal will be held liable for his or her agent's torts. This lesson explains the liability of a principal for an agent's torts, including the doctrine of respondeat superior.
6. 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 North Carolina Real Estate Broker License: Study Guide course
- Types of Contracts
- Real Estate Contracts
- Real Property Ownership
- Land Use: Restrictions, Regulations & Government Control
- Finance & Financing in Real Estate
- Government Oversight in Real Estate
- Real Property Measurement & Valuation
- Conveyance of Real Property
- Marketing Regulations in Real Estate
- Property Management & Tenant Rights
- Real Estate Calculations
- North Carolina Real Estate License Law
- General Real Estate Topics
- North Carolina Real Estate Broker License Flashcards