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Agency - PowerPoint PPT Presentation


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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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Presentation Transcript
law of 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
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.
termination of agency
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
types of agency agreements
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
single agency
Single Agency
  • Seller or buyer may be principal
  • Subagency – very dangerous and not used much any more
dual agency
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
customer level services
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?
some things to consider
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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