Real Estate Chapter 7
Subagent
Agent of the Agent. If the agent is considered to be the firm, this would be those agents who work for that firm.
General Agency
Agency which confers a broad scope of authority on the agent, but the authority is not broad as the universal agency and it limited to some particular field
Apparent Authority
Occurs when an agent gives the impression that she has certain authority that a third part might reasonably rely upon, when in fact the agent does not actually hold such authority
Third Party
Party that you do not represent
Agent
Party who acts on behalf of the principal
Principal/Client
Person for whom the agent acts. Typically the party who hires the agents on his behalf and is responsible for compensation to the agent absent any other agreement.
Fiduciary
Relationship based on trust
Agency
Relationship that exists in which one person is empowered to act on behalf of another
Customer
The person the agent does not represent
Express Agency
Duties and responsibilities created by an implied agency are the same as those created by this agency
Facilitator/Transactional Broker
Type of non agency relationship that is NOT allowed in North Carolina in which licensees assists buyers and sellers. in transaction but does not actually represent either party.
Implied/Ostensible Agency
When actions of the principal and agent indicate that they have an agency agreement. Highly Unlikely to occur
Dual Agency Agreement
When firm represents both buyer and seller.
Special/Limited Agency
Agency which is limited to one well-defined task one time. Once task or time period has ended, relationship also ends. Agent does not make decisions on part of principal, but only stands in principal's place to receive information
Universal Agency
Agency which provides for an agent to have all-encompassing powers to make decisions and act on behalf of the principal.
Three General classifications for Agency
Universal, General, and Special Agency