Ch 8: Real Estate Agencies & Agency Relationships

About This Chapter

This engaging chapter consists of fun lessons and mini quizzes you can use to improve your understanding of real estate agencies and agency relationships. If you're studying for a test, this chapter can confirm your knowledge and readiness to excel.

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.

5 Lessons in Chapter 8: Real Estate Agencies & Agency Relationships
Test your knowledge with a 30-question chapter practice test
Types of Real Estate Agencies

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.

Agency Relationship: Definition, Principles & Problems

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.

The Principal-Agent Relationship & Duties in Real Estate

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.

Real Estate Transaction Agents: Definition & Duties

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.

Terminating Agency Relationships

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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