Lesson_06 - Printable Lesson Materials Print these...

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Printable Lesson Materials 13218 NE 20th Street Bellevue, WA 98005 425-747-7272 800-221-9347 www.rockwellinstitute.com Print these materials as a study guide This portion of your printable materials consists of dozens of frames that summarize the content in this lesson. The frames are arranged on the page to make it easy for you to study the material and add your own notes from your textbook or the online course. Graphic Summaries Many students learn best from sets of questions, and this multiple choice quiz allows you to focus your review of the material to important topics. Quizzes These printable materials allow you to study away from your computer, which many students find beneficial. These materials consist of two parts: graphic summaries of the content and a multiple choice quiz . © 2009 Rockwell Institute
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1 California Real Estate Law © Copyright 2007 Rockwel Publishing, Inc. Lesson 6: Agency Law © Copyright 2007 Rockwel Publishing, Inc. Introduction to Agency In this lesson, we’ll discuss: l agency law and the real estate profession l agency relationships l agency authority and liability l creation of an agency relationship l termination of an agency relationship © Copyright 2007 Rockwel Publishing, Inc. Introduction to Agency Agency relationship : when one person (agent) acts as the legal representative of another person (principal or client) Third party : someone outside the agency relationship l someone the agent usually interacts with on the principal’s behalf
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2 © Copyright 2007 Rockwel Publishing, Inc. Introduction to Agency Principal can empower agent to do almost anything principal can do. Legally, act of agent is treated as act of principal. © Copyright 2007 Rockwel Publishing, Inc. Introduction to Agency Example: Seller lists her home with a real estate broker. l Broker = agent l Seller = principal/client l Prospective buyer = third party © Copyright 2007 Rockwel Publishing, Inc. Introduction to Agency Agency relationship is a fiduciary relationship : l special position of trust l agent owes special duties to principal that he doesn’t owe to others l agent should put principal’s interests before all others, including his own Fiduciary relationship
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3 © Copyright 2007 Rockwel Publishing, Inc. Introduction to Agency Body of law that applies to agency relationships is called general agency law . l originally developed as common law; later codified in Civil Code Additional CA statutory provisions specifically address agency relationships in real estate transactions. General agency law © Copyright 2007 Rockwel Publishing, Inc. Agency Relationships in Real Estate In real estate transactions: l buyer and seller may each have own agent l sometimes only one agent for both l “real estate agent” refers to either broker or salesperson Common issue: buyer considers licensee “my real estate agent” even when no agency has been established Real estate transactions © Copyright 2007 Rockwel Publishing, Inc.
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This note was uploaded on 01/29/2012 for the course REAL 10 taught by Professor Murford during the Spring '11 term at Chabot College.

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Lesson_06 - Printable Lesson Materials Print these...

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