Level 4: Real Estate Brokerage and Law of Agency

Test Q? An agent has obtained a buyer representation agreement with a new client. Who owes the client fiduciary duties?

only the broker the broker and all sponsored agents in the brokerage * only the sponsored agent only the broker and the one, personally involved sponsored agent Correct Because special agency is created at the broker level, this means that the broker and all of that broker's sponsored agents owe the client fiduciary duties.

General Public Roles: Third Party A third party is ANY person involved in a real estate transaction with you who is not your client.

Explanation: While similar to a customer, "third party" is a more encompassing term that includes all non-clients in a transaction. Third Party Examples: Any customer as well all real estate professionals in a transaction (inspector, title officer, loan officer).

The Sherman Antitrust Act also outlaws the practice of boycotting a competitor.

If a meeting should take place between two license holders, brokers or sales agents, and one person said to the other, "Let's stop showing that agent's listings and let's not let him show ours," that would be a violation of the law. Once again, this illustration shows that the Antitrust Act serves to increase competition, not suppress it.

Test Q?

an individual who authorizes an agent to represent their interests a major party who is a part of a real estate transaction correct Select the word that matches the list of facts. Customer Third Party Principal * Client

Universal Agency: The Most Broad Type of Agency

Universal agency is the most broad type of agency. Universal agency gives agents the power to act on behalf of their principal and make decisions on behalf of the principal. Under universal agency, an agent is given the general power of attorney — this means the agent has the actual power to sign legal documents on behalf of their principal.

Test Q?

an individual who has signed an agency agreement with an agent or broker to represent them in a real estate transaction correct Choose the category that best matches this description Customer O O Third Party O O Principal O O Client * O O

Test Question - The agency relationship is recognized because of the actions of the two parties.

correct Choose the category that best matches this description Non-agency O O O O Gratuitous Agency O O Express Agency * O Implied Agency O O

Test Q?

an individual who authorizes an agent to represent their interests correct Choose the category that best matches this description Customer O O Third Party O O Principal * O O Client O O O

An agency relationship is created when an individual authorizes another party to represent them and act in their best interest

The person who does the representing is the agent, and the person who is being represented is the client. A license holder should NOT be referred to as an agent until they intend to establish an agency relationship.

Agency relationships are generally formed between which two people?

broker and salesperson principle and second salesperson and agent agent and client * Correct An agency relationship is created when an individual authorizes another party to represent them and act in their best interest. In the context of real estate transactions, the agent is a licensed representative of the client: a seller, buyer, landlord, or tenant and facilitates transactions for others.

Test Question - The real estate agent works for free and receives no commission.

correct Choose the category that best matches this description Non-agency O O O O Gratuitous Agency * O O Express Agency O Implied Agency O O

Test Question - License holders do not give advice or opinions.

correct Choose the category that best matches this description Non-agency * O O O O Gratuitous Agency O O Express Agency O Implied Agency

Setting a Floor vs. Price Fixing

A broker can also (sort of) fix prices inside their own office. For instance, the broker could announce that the company will not take any listings with a commission rate lower than 3%, which isn't actually considered price fixing as much as setting a price floor. The broker would make sure that the agents knew that the commissions are always negotiable and that the commission could always be negotiated upwards.

Agent or License Holder?

A license holder should not call themselves an agent until they are actually representing a client. However, the word agent has become so synonymous with license holder that few people know the difference — but you do!

Representation Disclosure

A license holder who represents a party in a proposed real estate transaction shall disclose, orally or in writing, that representation at the time of the license holder's first contact with: (1) another party to the transaction; or (2) another license holder who represents another party to the transaction.

A principal has two meanings:

A major party who is a part of a real estate transaction (buyer, seller, landlord, tenant). An individual who authorizes an agent to represent their interests as a client in a real estate transaction.

Gratuitous Agency (cont.)

A sales agent may want to help out a family member by working without pay. However, the agent should talk to their broker first, because the broker may still want their cut of the commission. And it should be noted that when a license holder works for free, all fiduciary duties still have to be given to the client and all liability applies if the agent does not take care of the client.

Agent to Agent

Agents must also disclose their agency relationships to other agents. For example, a license holder might contact a listing agent for more information on a listing. The caller has to disclose whether they are working as a buyer's agent or a subagent.

Listing agent V.. Buyer's agent

An agent representing a seller is oftentimes known as a listing agent, and an agent representing the buyer is known as a buyer's agent.

Agency by Ratification

Another term that needs to be understood is agency by ratification. A phrase to link with ratification is "after the fact." This occurs when a broker or sales agent has done something on behalf of, but without prior authorization of, a principal.

Boycotting: Another Entity

Before moving on, it's worth noting that group boycotts can also happen against an entity other than a brokerage, such as a website or newspaper. If two or more agents/brokerages talk about how they don't like the prices of a place that does their advertising and decide not to use them anymore, that is a group boycott and a per se antitrust violation.

Special Agency: Brokers and Clients The most common example of a special agency relationship is the relationship between a real estate broker and their clients.

Brokers are authorized to act on behalf of their clients via listing agreements, buyer/tenant representation agreements, etc. Through those agreements, clients grant their agents (brokers) the ability to perform specific acts.

Non-Texan

But here in Texas, the courts have decided that The Real Estate License Act is an agency law, so when a license holder is involved in a transaction, they are representing someone. If there is no buyer agency agreement, the default is that the license holders in the transaction are representing the seller.

Test Question - License holders do it sometimes to help a friend or relative. correct

Choose the category that best matches this description Non-agency O O O O Gratuitous Agency * O O Express Agency O Implied Agency O O

Price Fixing - how do we apply this to real estate?

Consider the fact that someone could accuse real estate agents of price fixing if all the agents in an area charged the same commission fee. But just because brokerages charge the same amount, doesn't mean they participated in price fixing. Brokers can talk about commission fees with their agents, but cannot talk about it with anyone who doesn't work in their office. Agents should also avoid calling it a "standard commission" because this could imply that the commission has been "fixed."

Because special agency is created at the broker level, this means that not only does the broker owe the client (principal) fiduciary duties, but ALL of that broker's sponsored agents also owe that client fiduciary duties.

Example: Broker Natalie sponsors 15 sales agents. One of her agents, Audrey, gets a seller to sign a listing agreement. Who owes that seller fiduciary duties? Well, because agency is created at the broker level, broker Natalie and ALL of her 15 sponsored sales agents owe the seller fiduciary duties. All for one and one for all!

Chapter 1: The Law of Agency You've heard of Law and Order. But what about Law of Agency? Well if you haven't, you will after this chapter! After completing Chapter 1, you'll be able to:

Explain how agency is formed. Explain the different ways agency can be created Identify that agency is created on the broker level Identify the different types of agency (special, general, and universal agency)

Seller's Disclosure

First, the seller typically informs the buyer about any negative conditions concerning the property and its improvements. This is done through the use of a seller's disclosure form (both TREC or TAR have seller's disclosure forms).

Broker Responsible for Sales Agent Actions Whereas special agency is limited, general agency:

Gives agents more power AND Holds the principal (broker) responsible for actions performed by their agent In a general agency relationship, the principal (broker) is responsible and beholden to their agent's (sales agent) actions. Brokers give sales agents the ability to perform general actions ("represent sellers") and are responsible for their sales agents actions. If a sales agent poorly represents the interests of their clients, the brok

Examples of Non-agency

Here are some examples of non-agency: The seller could have their home marketed and placed on the multiple listing service (MLS) The buyers could be shown homes without the sales agent being available to negotiate on their behalf The tenant could be shown a rental unit and then the sales agent could do the paperwork The landlord could receive the paperwork None of these people could receive advice or opinions from the license holders, but instead would be on their own. Should you ever find yourself in this position as a license holder, DO NOT give advice or opinions. This could create an agency relationship.

License Holder as Intermediary: Say What?

Here it says that a broker may appoint one of their license holders to communicate with and carry out instructions of one party to a real estate transaction, and another one of their license holders to communicate with and carry out instructions of any other party to the transaction. This can only be done with the written consent of the parties and written notice of the appointment to all parties involved in the real estate transaction.

Limitations Set by Brokers

Inside their own office, a broker can limit the geographical market without violating the Sherman Antitrust Act. The sales agents could be instructed that, in order to save gas and time, they should only market on the west side of town. The broker could also say to their agents that the company down the street does not play fair, so the new policy is that you will not show their listings and they are not allowed to show ours. There is a part of the REALTOR® Code of Ethics that essentially says that the broker may avoid another office if it is in the best interest of the client.

Special Agency: For Specific Actions In a special agency relationship, the client grants their agent the authority to act on their behalf for specific actions. Specific actions such as...

Listing their home on the MLS Representing their interests as a buyer at an open house Example: Broker Amanda and her client Melissa have a special agency relationship.

Intermediary

Oh yeah, you're probably wondering what intermediary means! When a broker represents both sides (buyer and seller or landlord and tenant) of a real estate transaction, they are acting as an intermediary. There are limitations to providing advice and opinions in some intermediary representation relationships as well as disclosure and written consent requirements. But regardless of who is being represented, a license holder is required to treat all parties fairly and honestly.

Principal or Client?

Principal: A major party to a real estate transaction (e.g. buyer, seller, landlord, tenant) or an individual who authorizes an agent to represent their interests as a client. Client: Someone who has entered into an agency relationship with you (your principal).

Best Value for a Client Did you notice I said get the "best value" for the client, rather than simply the highest or lowest price?

Representing the client's best interest does NOT simply mean getting the highest price on the seller's side, or the lowest price on the buyer's side. That undervalues what an agent's duties are to their clients. Yes, the sales price is often the primary consideration when marketing or making an offer on a home, but it is almost never the only consideration to make. Time on the market, closing period, financing involved, concessions requested by the other party — all of these can factor in as well. So, an agent's duty is to produce the highest value for their client, and not just the highest or lowest price.

Signature Not Required- IABS

Some agents fail to deliver the IABS Notice to people. Their worry is that since the notice has a place for a signature, the customer may find it to be off-putting, as if the agent is being seen as "pushy." Don't be bothered by this! Simply explain to the customer that the notice is required by law. (However, while the delivery of the notice is legally required, the signature is not. Always give it to your clients to read over and ask them to sign it for your records if they're willing.)

Power of Attorney (cont.)

Some lenders, however, will not accept anyone signing under a power of attorney at a closing. So, while there is no law or rule preventing the agent from having a power of attorney for the client, there is possible liability. For that reason, many brokers have a company policy against sales people having a power of attorney in a transaction that the office is involved in.

Non-agency

Some states have made non-agency a part of their laws and the practices of real estate. In non-agency, the broker or the sales agent would have a contract with someone (either a seller, buyer, tenant, or landlord) and would only give services that do not require fiduciary duties. When a broker writes up their policy and procedures manual in a state that allows this type of agency, non-agency could be included in the options for the sales agents. But keep in mind, non-agency is NOT allowed in Texas.

Three Agency Types: Special, General, and Universal There are three different types of agency relationships:

Special Agency (broker-client) General Agency (sales agent-broker) Universal Agency (child-parent as executor of will)

Price Fixing

The Sherman Antitrust Act outlaws the practice of price fixing. Without this Act, business owners could go to their competitors and illegally agree to set the price of their products or services at the same level — essentially eliminating competition. The Sherman Antitrust Act is designed to keep competition high, keep the quality of services and products at the highest level, and allow capitalism to work the way it is supposed to.

The Law of Agency establishes a fiduciary relationship.

The agent is a fiduciary in this relationship, meaning they have a legal and ethical responsibility to act in their client's best interest.

Here are four steps to use to determine if agency by ratification has taken place:

The license holder must have done something on behalf of, but without the prior authorization of, a principal. The principal learned of the act after the fact The principal had capacity to contract at the time of the action The principal accepts the action of the license holder after the fact

Test Q?

The people you will work for as a sales agent whom you as a sales agent owe fiduciary duties as you must represent their interests in the transaction an individual who has signed an agency agreement with an agent or broker to represent them in a real estate transaction correct Select the word that matches the list of facts. Customer Third Party Principal Client *

Remember that only the broker will be called an intermediary.

The sales agents appointed to the clients will be referred to as appointees or delegates, or simply as the listing agent and the buyer's agent.

power of attorney for a client.

There is not a TREC Rule that prevents the agent from being the person with a power of attorney for a client.

Universal Agency Example: Son and Father

Universal agency gives a very broad and general scope of power to the agent to act on behalf of and for the principal. An adult son who has been authorized by his elderly father to take care of his well-being and finances in his advanced age would be an example of universal agency.

Customers vs. Clients

When a sales agent first meets someone, that person is not their client and is not owed fiduciary duties. If a license holder refers to someone as a customer, it means that person does not have an agency relationship with the license holder. It would be to the advantage of both the agent and the customer if they formed an agency relationship. By doing so, the customer would be turned into a client. The client then authorizes the agent or broker to act on their behalf while they are being represented.

Information About Brokerage Services- IABS

When a sales person first meets a customer, that person may wish to stay a customer. At this point, it is a good idea to give them the Information About Brokerage Services Notice. This notice is often abbreviated to IABS. It's a written statutory statement that explains how agency is performed in real estate and the duties of a broker representing one of the parties or acting as an intermediary. First, it explains how the license holder operates if they become the agent for the seller. Then, it explains how the sales person will function if they are representing the buyer. And, finally, it explains in a simplified manner how the company will function if it represents both the seller and the buyer.

Information About Brokerage Services Notice (commonly referred to as the IABS) at the first substantive dialogue and explains situations in which the form is not needed.

Which law requires the Information About Brokerage Services Notice to be provided at the first substantive dialogue? CFPA TRELA * Property Code RESPA Correct

Test Q?

a major party who is a part of a real estate transaction correct Choose the category that best matches this description Customer O O Third Party O O Principal * O O Client O O O

Test Q?To a client, what is a broker considered to be?

special agent * universal agent general agent supervisory agent Correct To a client, a broker is considered to be a special agent.

Sherman Antitrust Act is a law

that was passed in 1890 that prohibits trusts, contracts, combinations, or conspiracies "in the restraint of trade or commerce." Essentially, it made monopolies a no-no in the United States. It's a federal law, and lots of important state laws are based around it. In Texas, we have the Texas Fair Enterprise & Antitrust Act of 1983, a law that investigates and prosecutes things like price-fixing, bid-rigging, monopolies, cartels, group boycotts, and anti-competitive mergers and acquisitions.

Test Q?

the people who have signed an agency agreement with the other license holder correct Choose the category that best matches this description Customer * O O Third Party O O Principal O O Client O

Which of these is an example of a general agency relationship?

agent and seller broker and buyer broker and seller broker and sponsored agent * Correct A broker and a sponsored agent is an example of a general agency relationship.

License Holder as Intermediary (cont.)

(b) A license holder may be appointed under this section only if: (1) the written consent of the parties under Section 1101.559 authorizes the broker to make the appointment; and (2) the broker provides written notice of the appointment to all parties involved in the real estate transaction. (c) A license holder appointed under this section may provide opinions and advice during negotiations to the party to whom the license holder is appointed.

Representation Disclosure (cont.)

(b-1) At the time of a license holder's first substantive communication with a party relating to a proposed transaction regarding specific real property, the license holder shall provide to the party written notice in at least a 10-point font that: (1) describes the ways in which a broker can represent a party to a real estate transaction, including as an intermediary; (2) describes the basic duties and obligations a broker has to a party to a real estate transaction that the broker represents; and (3) provides the name, license number, and contact information for the license holder and the license holder's supervisor and broker, if applicable.

Representation Disclosure (cont.)

(c) A license holder is not required to provide the notice required by Subsection (b-1) if: (1) the proposed transaction is for a residential lease for less than one year and a sale is not being considered; (2) the license holder meets with a party who the license holder knows is represented by another license holder; or (3) the communication occurs at a property that is held open for any prospective buyer or tenant and the communication concerns that property.

License holders do not actually have to have an agreement in writing to price fix

. Any type of verbal agreement to fix prices is a violation of antitrust laws. If an agent happens to overhear a conversation about price fixing, it is the agent's duty to loudly exclaim, "I wouldn't talk about commissions outside the office!" and then quickly leave the vicinity.

Special Agency Note: Between the Broker and Client

Agency is created on the broker level, not the sales agent level. So when a client signs a listing agreement with a sales agent, they are actually signing an agency relationship with the sales agent's broker, not the sales agent. Recap: In regards to a principal (seller, buyer, tenant, landlord), the broker is a special agent.

Disclosures

License holders must disclose ALL material defects that they're aware of regarding the property and its condition. This one is extremely important. If you as an agent notice something that should be disclosed on the Seller's Disclosure Notice but isn't, it's your job to advise the sellers they need to disclose the condition. If they refuse, you should stop working with them. Any agent working with a buyer who fills out a contract form to make an offer on a property must also tell the buyer to get an abstract of title and a title policy. (This is easy to do since the form has a blank to fill in and lenders require an abstract and a policy.)

Implied Agency

The opposite of express agency is implied agency. Implied agency means there is nothing in writing. The agency relationship is recognized (or implied) because of the actions of the two parties. When the sales agent goes to show a home because they have a verbal agreement to do so, the action of showing that home indicates there must be an agency relationship. When the owner opens the door and allows the agent to show the home to a prospective buyer, the act of allowing the agent and the buyer in implies that there is agency. Implying agency is, for obvious reasons, not as clear as express agency.

Test Q- For real estate license holders, who is considered "your principal"?

broker third party client * customer Correct Your client is your principal (to remember, think of your client as your pal, as in "princiPAL").

Test Q- According to the Texas Real Estate License Act, when must the written statement providing the Information about Brokerage Services be provided?

first face-to-face meeting first contact at open houses first substantive dialogue * Correct All licensed agents are legally required to present all parties with a statement of agency disclosure at the first substantive dialogue, which is the first communication that involves a substantive discussion relating to a specific property

Test Q? Broker Bob is the intermediary for Buyer B and Seller C. Buyer B comes to Broker Bob requesting advice on negotiations. Which one of the following actions may Broker Bob perform?

-Broker Bob can give the buyer advice, as long as he tells the seller that he gave Buyer B this advice. -The only option if the parties want advice is to break the intermediary relationship and have both parties obtain their own agents. -Broker Bob can appoint a sponsored sales agent to the buyer and another to the seller, and the license holders can give advice to the parties. -Broker Bob can give the buyer advice, as long as he makes certain that advice is in Buyer B's best interests. Answer - An intermediary broker with more than two sponsored associates can make appointments to each of the parties (one to the seller and one to the buyer), which will allow the appointed associates to legally provide advice and opinions.

General Agency: Broker and Sales Agent The classic example of a general agency relationship is the relationship between a broker and a sales agent. And their general agency relationships can be a little confusing

. Principal: The broker is the principal of the agent. Agent: The sales agent is the agent of the broker. Role Explanation: The sales agent represents the broker in their relationships with clients. Sales agents help the broker fulfill their fiduciary duties to their clients, and in this way, the sales agents are general agents of the broker.

Test Question - he buyers could be shown homes without the sales agent being available to negotiate on their behalf.

Choose the category that best matches this description Non-agency * O O O O Gratuitous Agency O O Express Agency O Implied Agency O O

A client is an individual who has signed an agency agreement with you or your broker to represent them in a real estate transaction.

Explanation: Clients are the people you will work for as a sales agent — they're the people with whom you sign agency agreements and the people you represent. A client is "your principal." Client Example: Jami signed an agency agreement with you to represent her in the sale of her home, 6602 Castle Drive. Jami is your client, and you owe her fiduciary duties as you must represent her best interests in the transaction.

Express Agency

Express agency is created by a written or oral agreement between the principal and the agent. The agreement will outline the relationship and the duties of each party to the listing agreement. All details are clear and definite in express agency. (They are clearly expressed, get it?) The client and the broker both know exactly what has been agreed to. It is possible to have an express agency that is clear, definite, and verbal, but it is doubtful that the memory of the two parties would last very long. Written agreements are always the way to go.

Test Q?

all real estate professionals in a transaction any person involved in a real estate transaction with you who is not your client correct Select the word that matches the list of facts. Customer Third Party * Principal Client

Test Q?

an individual who authorizes an agent to represent their interests correct Choose the category that best matches this description Customer O O Third Party O O Principal * O O Client O

Principal Example 1&2

1. Consider Jami and Jenna. Jami recently sold her home, 6602 Castle Drive, to Jenna. As the seller and buyer, Jami and Jenna are considered the principals of the 6602 Castle Drive transaction. 2. Jami is looking to sell her home, 6602 Castle Drive, and has entered into an agency relationship with Broker Betty. Jami is Broker Betty's principal.

Exceptions to IABS Notice- three exceptions as to when the notice does not have to be given.

1. The first exception is if the transaction has to do with a residential lease for less than a year and a sale is NOT being considered. 2. when the license holder meets with a party they know is represented by another license holder. 3. when the first meeting is at an open house — as long as the communications between the license holder and the party are about that property.

General Public Roles: Customer A customer is a person on the other side of the transaction with whom the license holder does not have an agency relationship.

Explanation: Customers are the people on the other side of the transaction. They're the people who have signed an agency agreement with the other license holder. Customer Example: If you are representing the seller in a real estate transaction, the buyer who has signed an agency agreement with another license holder is on the "other side of the transaction" and is considered a customer to you.

The Fiduciary Duties

Fiduciary duties are not just ethical or moral obligations; they are required under the law of agency and there can be serious penalties for failing to carry them out. And the way we remember the 6 fiduciary duties throughout this course is with the acronym OLD CAR: Obedience Loyalty Disclosure Confidentiality Accounting Reasonable Care

When It's Okay to Be an Intermediary- Brokers can act as an intermediary, representing both parties to a real estate transaction. This is okay as long as:

(1) The broker gets written consent from each party. (2) That written consent clearly says who's paying for any compensation the broker will earn. (3) The intermediary treats all parties fairly. The agreement needs to specify in bold or underlined print the actions that are prohibited by law.

License Holder as Intermediary ASSOCIATED LICENSE HOLDER ACTING AS INTERMEDIARY.

(a) A broker who complies with the written consent requirements of Section 1101.559 may appoint: (1) a license holder associated with the broker to communicate with and carry out instructions of one party to a real estate transaction; and (2) another license holder associated with the broker to communicate with and carry out instructions of any other party to the transaction.

Allocation of Markets

A third area of the antitrust laws that might affect real estate license holders is the allocation of customers or markets. This is how the conversation on this conspiracy might go down: "You stay on the north side and I'll stay on the south side," or, "You take the listings over one million dollars and I'll take the ones below that amount." Once again, this type of practice between competitors limits competition.

Test Question -The broker or the sales agent would have a contract with someone and would only give services that do not require fiduciary duties.

correct Choose the category that best matches this description Non-agency * O O O O Gratuitous Agency O O Express Agency O Implied Agency O O

Test Questions- created by a written or oral agreement between the principal and the agent

correct Select the word that matches the list of facts. Non-agency Gratuitous Agency Express Agency Implied Agency

Test Question - The agency relationship is recognized because of the actions of the two parties. There is nothing in writing.

correct Select the word that matches the list of facts. Non-agency Gratuitous Agency Express Agency Implied Agency *

Test Question - NOT allowed in Texas

correct Choose the category that best matches this description Non-agency * O O O O Gratuitous Agency O O Express Agency O Implied Agency

Test- When should agency relationships be disclosed?

by phone only after discussing a buyer's budget only in writing at an initial meeting * in a follow-up email after the first meeting Correct Agency relationships should be disclosed at initial meeting, and can be expressed in writing or orally.

Test Question-The real estate agent works for free and receives no commission. License holders do it sometimes to help a friend or relative.

correct Select the word that matches the list of facts. Non-agency Gratuitous Agency * Express Agency Implied Agency

The broker or the sales agent would have a contract with someone and would only give services that do not require fiduciary duties. License holders do not give advice or opinions. NOT allowed in Texas The buyers could be shown homes without the sales agent being available to negotiate on their behalf.

correct Select the word that matches the list of facts. Non-agency * Gratuitous Agency Express Agency Implied Agency

Test Q?

the people you will work for as a sales agent correct Choose the category that best matches this description Customer O O Third Party O O Principal O O Client * O O O

The section on the IABS Notice about intermediary relationships is necessary because...

to explain that it is possible that the real estate brokerage may end up representing both the seller and the buyer in the same transaction. This form is attempting to inform the customer that it could happen. However, this type of transaction is less common than other kinds. Why? Because it would require the listing agent and the buyer's agent to be from the same brokerage.

Test Q?-A license holder who represents a party in a proposed real estate transaction should disclose that representation at the first contant with another party to the transaction, and what other time?

when they make an offer on behalf of their client only after the contract is signed whenever their broker specifies in their brokerage manual the first contact with another license holder representing someone in the transaction Correct A license holder should disclose representation at the time of the license holder's first contact with both other parties to the transaction and license holder representing other parties to the transaction.

Test Q?

whom you as a sales agent owe fiduciary duties as you must represent their interests in the transaction correct Choose the category that best matches this description Customer O O Third Party O O Principal O O Client *

Gratuitous Agency

worked for free and received no commission. License holders do it sometimes to help a friend or relative. You're the one giving the gratuity!