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Law of Agency
 Source of Agency Law
› Common Law
› Statutory Law
Agency Positions and Disclosure
 Classification of Agency
› Special Agency
› General Agency
› Universal Agency
 Agent’s Scope of Authority
› Actual Authority
 Roles in Agency Relationships
› Principal - Client
› Agent - Broker
› Third Party – Customer
› Multiple Listing Service (MLS)
Agency Positions and Disclosure
 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
› Performance
› Compensation for Performance
› Reimbursement of Expenditures
› Indemnification
 Duties a Real Estate Agent Owes to Customers
Brokerage and the Nature of the Brokerage Business
 Types of Business Ownership
› Sole Proprietorship
› Partnership
› Corporation
› Limited Liability Company
 Size of the Brokerage
› Small Independent Firms
› Large Independent Firms
› Franchises
 Disclosing Brokerage Services and Agency Relationships
› Disclosure of Representation
› Disclosure of the Agency Relationship
Brokerage and the Nature of the Brokerage Business
 Creating & Terminating Real Estate Agency Relationships
› Brokerage Agreements
› Terminating Brokerage Agreements
› Irrevocable Agency
 Creating an Intermediary Relationship
› Consent
› Disclosure
› Appointing Licensees
Texas Deceptive Trade Practices Consumer Protection
Act
 Exemptions from Liability of the DTPA
› Exempt Transactions
› Exempt Professional Services
› Exceptions to the Professional Service Exemption
 Specific Violations

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Tx law-18 - unit 3

  • 1.
  • 2. Law of Agency  Source of Agency Law › Common Law › Statutory Law
  • 3. Agency Positions and Disclosure  Classification of Agency › Special Agency › General Agency › Universal Agency  Agent’s Scope of Authority › Actual Authority  Roles in Agency Relationships › Principal - Client › Agent - Broker › Third Party – Customer › Multiple Listing Service (MLS)
  • 4. Agency Positions and Disclosure  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 › Performance › Compensation for Performance › Reimbursement of Expenditures › Indemnification  Duties a Real Estate Agent Owes to Customers
  • 5. Brokerage and the Nature of the Brokerage Business  Types of Business Ownership › Sole Proprietorship › Partnership › Corporation › Limited Liability Company  Size of the Brokerage › Small Independent Firms › Large Independent Firms › Franchises  Disclosing Brokerage Services and Agency Relationships › Disclosure of Representation › Disclosure of the Agency Relationship
  • 6. Brokerage and the Nature of the Brokerage Business  Creating & Terminating Real Estate Agency Relationships › Brokerage Agreements › Terminating Brokerage Agreements › Irrevocable Agency  Creating an Intermediary Relationship › Consent › Disclosure › Appointing Licensees
  • 7. Texas Deceptive Trade Practices Consumer Protection Act  Exemptions from Liability of the DTPA › Exempt Transactions › Exempt Professional Services › Exceptions to the Professional Service Exemption  Specific Violations