About This Chapter
Real Estate Agencies & Agency Relationships - Chapter Summary
Building a quality understanding of real estate agencies and agency relationships is a simple process using this chapter's study tools. Review short lessons to get a better understanding of real estate transaction agents, the principal-agent relationship and related topics. Upon completion of this chapter, you should be able to:
- Identify and discuss different types of real estate agencies
- Define the agency relationship and discuss its principles and potential problems
- Describe duties of the principal-agent relationship in real estate
- Explain the responsibilities of real estate transaction agents
- Outline the process of terminating agency relationships
All the study materials you'll need to build your knowledge of real estate agencies and agency relationships are available in one convenient location. In addition to the lessons, multiple-choice quizzes and a comprehensive practice test are available anytime to assess your understanding of primary concepts. Subject-matter experts can help you clarify any details presented in the lessons that you don't fully grasp. Feel free to access these materials anytime using your preferred smartphone, tablet or computer.
1. 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.
2. 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.
3. 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.
4. Real Estate Transaction Agents: Definition & Duties
In this lesson we will define and discuss the role of a transaction agent. Special attention is given to the differences between transaction agents and traditional real estate agents.
5. 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 Indiana Real Estate Broker Exam Study Guide course
- Introduction to Real Property
- Public & Private Land-Use Control
- Estate Ownership, Rights & Interest
- Deeds & Property Transfers
- Property Titles
- Property Value & Appraisal
- Introduction to Real Estate Contracts
- Listing Agreements & Property Management
- Fair Housing & Consumer Protection
- Risk Management in Real Estate
- Property Disclosures
- Introduction to Real Estate Financing
- Real Estate Lender Requirements
- Federal Real Estate Financing Regulations
- Closing & Settlement Real Estate Transactions
- Real Estate Investments
- Indiana Real Estate Commission & Licensing
- Indiana Real Estate Law
- Real Estate Business Procedures