Ch 1: Agency Relationships

About This Chapter

Expand your comprehension of agency relationships in real estate. When you use the resources in our chapter such as the lessons and the self-assessment quizzes, you will have an excellent shot at succeeding in achieving your goals.

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.

6 Lessons in Chapter 1: Agency Relationships
Test your knowledge with a 30-question chapter practice test
Agency Relationship: Definition, Principles & Problems

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.

Types of Real Estate Agencies

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.

Fiduciary Duties of an Agent

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.

Duties and Responsibilities of a Principal

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.

Tort Liability in Agency Relationships: Definition & Law

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.

Terminating Agency Relationships

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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