About This Chapter
Roles of Agencies in Real Estate - Chapter Summary
Real estate agencies are more than just storefronts offering a desk and a chair for each agent. Finding the right agency can really support and enhance your career as a real estate professional. In this chapter you'll learn the value of an agency and its responsibilities to both its agents and its clients. you'll explore topics like:
- Types of agencies
- The relationship between agent and principal
- Understanding the difference between customers and clients
- Dual agency
- The role and duties of sub-agents and transaction agents
Pick a topic and work at your own pace as you complete this chapter on real estate agencies. Our knowledgeable instructors provide clear definitions and lots of examples in engaging video and text lessons, making the material easy to learn and remember. Use the written transcripts for study or review, and use the Timeline feature to watch specific topics in a video. Your Dashboard will track your progress, and remember, if you have any questions along the way, just message one of our subject experts. They are there to help! Finally, use the self-assessment quizzes found with each lesson test your retention of the subject material.
1. 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.
2. 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.
3. 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.
4. Differences Between Real Estate Customers & Clients
What is the difference between real estate customers and clients? Although the words are often used interchangeably, in real estate they signify very different roles, so it is important to be able to distinguish between the two. In this lesson, we will review what determines if someone is a customer or client in real estate.
5. 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.
6. The Role of Subagents in Real Estate Transactions
Just because a real estate agent is helping you find a house, doesn't mean the agent is working in your best interests. In this lesson, you'll learn about subagents and their role in real estate transactions.
7. 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.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the Real Estate Exam Prep course
- Forms of Property Ownership
- Encumbrances in Real Estate
- Land Use & Regulations
- Land Descriptions & Surveys
- Transfer of Real Property
- Fair Housing & Consumer Protection
- Contracts In Real Estate Transactions
- Property Valuation & Appraisal
- Real Estate Investment & Analysis
- Disclosures of Property Conditions
- Real Estate Financing
- Real Estate Closing & Settlement Procedures
- Leases & Property Management
- Principles of Practicing Real Estate
- Real Estate Ethics & Professional Responsibility
- Real Estate Exam Prep Flashcards