About This Chapter
Understanding Agency Relationships & Agreements in Real Estate - Chapter Summary
You'll cover all aspects of the agency relationships in this chapter. Our professional instructors have created an easy-to-understood chapter that provides the definition of an agency relationship as well as describes its principles and its problems. You'll review the various types of real estate agencies and look at the types of agency and non-agency agreements, including their elements and disclosures. By the end of the chapter, you should be able to:
- Explain the fiduciary duties of an agent
- Understand how to terminate agency relationships
- Describe the principal-agent relationship and duties
- Define dual agency
- Describe the duties and restrictions of dual agents
- Explain the purpose of buyer representation agreements
- List the types of listing agreements
In these lessons, you'll be able to choose engaging video content, or you can read the text lesson if that is your preferred mode of learning. Either way, you'll find clear content and self-assessment quizzes for each lesson that can help you to progress toward your learning goal. Track your progress on your Dashboard to maximize your learning time.
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. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. Types of Agency Agreements: Elements & Disclosures
There are appropriate agreements to use for different types of real estate agency, such as net listing, open listing, an exclusive agency listing, and an exclusive right-to-sell listing. Learn which agreement is appropriate for different situation.
8. Non-Agency Relationships & Agreements: Elements & Disclosures
You may run into unusual situations or opportunities to represent both the buyer and the seller. This lesson will help you understand how to handle this situation and ensure the appropriate steps are taken.
9. Buyer Representation Agreement: Definition, Purpose & Types
In this lesson, we'll discuss the types and characteristics of buyer representation agreements. By the end, you will better understand how the contract works and what it does for the buyer and real estate agent.
10. Listing Agreements: Definition & Types
People seeking to sell real estate through a real estate agent need to understand their listing agreement. In this lesson, you'll learn what a listing agreement is and the different types that may be used. A short quiz follows the lesson.
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Other chapters within the Alabama Real Estate Broker Pre-License Exam: Study Guide & Practice course
- Alabama Real Estate Licensure
- Alabama Real Estate Law & Statutory Requirements
- Alabama Real Estate Violations & Disciplinary Actions
- Ethical Conduct & Professional Duties in Real Estate
- Fundamentals of Business Planning
- Human Resource Management for Real Estate
- Real Estate Licensee Training & Supervision
- Real Estate Sales Contracts for Buyers & Sellers
- Property Disclosures in Real Estate
- Closing & Settlement Real Estate Transactions
- Overview of Real Estate Negotiation
- Fundamentals of Real Estate Financing
- Risk Management for Real Estate
- Advertising Laws in Real Estate
- Valuation of Real Property
- Overview of Property Management
- Commercial Real Estate
- New Construction Real Estate
- Alabama Real Estate Broker Pre-License Exam Flashcards