2. Law of Agency
Roles in Agency Relationships
Agent’s Scope of Authority
› Special Agency
› General Agency
Agency Relationships in Real Estate
› Principal - Client
› Agent - Broker
› Third Party – Customer
› Multiple Listing Service (MLS)
3. Obligations and Rights of Agents and Clients
Misrepresentation or Concealment of Material Facts
Duties a Real Estate Agent Owes to a Client
› Fiduciary Duties Owed to Clients
› Statutory Minimum Services to Clients
Duties a Client Owes a Real Estate Agent
Duties a Real Estate Agent Owes to Customers
4. Disclosing Brokerage Services and Agency
Relationships
Disclosure of Representation
› First Substantive Dialogue
› Mandated IABS Verbiage
› When to Offer the IABS Statement
› Using the Information About Brokerage Services Form
Disclosure of the Agency Relationship
› Steps in the Disclosure Process
5. Creating & Terminating Real Estate Agency
Creating a Real Estate Agency Relationship
› Agency Features of Brokerage Agreements
› Express Agency
› Agency by Ratification
› Ostensible or Implied Agency
Terminating an Agency Relationship
Irrevocable Agency
› Full Performance
› Expiration of Its Term
› Agreement of the Parties
› Breach of Contract
› Impossibility of Performance
› Operation of Law
› Death, Incapacity, or Insanity
of the Client or Broker
6. Creating an Intermediary Relationship
Consent
Disclosure
› Can Practitioners Disclaim All Agency?
Appointing Licensees
› Who May be Appointed?
› Are Appointments Required?
