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Agency

Agency. Law of Agency. Creation of agency Express agency listing agreement or buyer-agency agreement Implied agency Compensation The source of compensation does not determine agency See book for important definitions. Fiduciary Responsibilities. Client vs. Customer Care Obedience

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Agency

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  1. Agency

  2. Law of Agency • Creation of agency • Express agency • listing agreement or buyer-agency agreement • Implied agency • Compensation • The source of compensation does not determine agency • See book for important definitions

  3. Fiduciary Responsibilities • Client vs. Customer • Care • Obedience • Accounting • Loyalty • confidentiality is a big part of loyalty • Disclosure • See the book for comparison between client-services and customer-services.

  4. Termination of Agency • Death or incapacity • Destruction or condemnation of the property • Expiration of the agency agreement • Mutual agreement • Breach • Operation of law • Completion, performance, or fulfillment

  5. Types of Agency Agreements • Universal agent – can do everything the principal could do personally • General agent – represents the principal in a specific business or project only (property manager) • Special agent – represents the principal on one specific project and has no authority to bind the principal in a contract. Must have specific instructions. • Designated agent – recent development

  6. Single Agency • Seller or buyer may be principal • Subagency – very dangerous and not used much any more

  7. Dual Agency • Now the confusion kicks into full gear! • In Alabama – limited consensual dual agency • Disclosed dual agency • Undisclosed dual agency – sometimes created unintentionally through ignorance • See Alabama forms • See book for examples

  8. Customer-Level Services • Reasonable skill and care in performance • Honest and fair dealing • Disclosure of all facts that the licensee knows or should reasonably be expected to know that materially affect the value or desirability of the property • Do you see any potential problems or judgment calls?

  9. Some Things to Consider • Opinion vs. fact • puffing • fraud • negligent misrepresentation • A contract obtained by fraud can be disaffirmed or renounced by the purchaser • Latent defects – sellers can be liable for damages if they don’t disclose – see book • Stigmatized properties – be careful!

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