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Ch 4: Understanding Agency Relationships & Agreements in Real Estate

About This Chapter

This chapter can help you review the relationships and agreements of real estate agencies. You'll be prepared to answer exam questions about the various relationships that might occur, and their principles, duties, and restrictions on them.

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.

10 Lessons in Chapter 4: Understanding Agency Relationships & Agreements in Real Estate
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.

Fiduciary Duties of an Agent

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.

Terminating Agency Relationships

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.

The Principal-Agent Relationship & Duties in Real Estate

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.

Types of Real Estate Agencies

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.

Dual Agency: Definition, Duties & Restrictions

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.

Types of Agency Agreements: Elements & Disclosures

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.

Non-Agency Relationships & Agreements: Elements & Disclosures

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.

Buyer Representation Agreement: Definition, Purpose & Types

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.

Listing Agreements: Definition & Types

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.

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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