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Definition
When a person delagates authority to someone to act on their behalf.
Fall within the body of law called Law of Agency |
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Unwritten Law.
Based on usage, general acceptance and custom.
Judge made law manifested in decrees and judgements. |
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| Written Statues and Rules enacted by legislatures and other governing bodies. |
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| A person who delegates authority to another. |
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| A person who accepts the authority and responsibilities, duties and obligations. |
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| Agency relationship of authorization and acceptance created by agency relationship. |
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Definition
Acts in a position of trust or confidence.
Owes complete allegiance to the principal.
NOT AT ARMS LENGTH, TYPICAL IN COMMON RELATIONSHIPS. |
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Definition
| authorized by principal to perform all acts that the principal can personally perform and that may be lawfully delagated to another. |
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Definition
| Authorized by principal to perform acts associated with the continued operations of a particular job or business. Property manager or Sales Associate for example |
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| Authorized by the principal to handle only a specific business transaction or to perform only a specific act. CPA to answer inquires from IRS. |
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Definition
Presumed under Florida Law to be the default relationship unless a single or no brokerage relationship is established in writing with the customer.
Limited representation to a buyer, seller or both in a real estate transaction, but does not represent either party as fiduciary or single agent.
Considered to be a Customer and NOT a principal. |
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Term
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Definition
| Broker who represents, as a fiduciary, either the buyer or the seller, but not both, in the same transaction. Buyer or Seller is the principal and broker is the agent. Sub Agents are persons authorized to assist and represent the agent. C onfidentiality O bedience L oyalty D isclosure |
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Term
| No Brokerage Relationship |
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Definition
Seller or buyer choose not to be represented by a real estate broker.
Deal Honestly and Fairly.
Disclose all know facts.
Account for all funds. |
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Definition
Illegal in Florida.
Broker who represents as fiduciary both the buyer and seller in a transaciton, or single agent. Cannot be committed to both at the same time and not break confidentiality. |
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Definition
| Defined as the sale of improved residential property of four or fewer units, the sale of unimproved property intended for use as four or fewer units or the sale of agricultural property of ten or fewer acres. |
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| 7 Transaction Broker Responsibilities |
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Definition
Deal Honestly and Fairly.
Account for all funds.
Use skill, care and dillgence in the transaction.
Disclose all known facts that materially affect the value of residential property and are not readily observable to the buyer.
Present all offers and conunter offers in a timely manner
Exercise limited confidentially, unless wiaved in writing by a party.
Perform any additional duties that are mutually agreed to with a party. |
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| Designated Sales Associate |
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Definition
Non-residential real estate transaction where buyer and seller have assets of $1 million or more, broker may designate two SA's to act as single agents for the buyer and seller in same transaction.
Broker serves as advisor. |
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Definition
| Brokers must keep brokerage relationship records for five years for all residential transactions that result in writtne contract to purchase. Ch 475.278 FS. |
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| Terminating a Brokerage Relationship |
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Definition
Transaction/Single Agent is terminated when the objectives have been accomplished. Fulfillment
Mutual Agreement
Expiration of terms
Broker renounces single agent
Principal revokes single agent
Death
Destruction
Bankruptcy |
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Definition
Misstatement of fact or the omission or concealment of a facutal matter.
Can lead to Fraud. |
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Definition
| The intent to misrepresent a material fact or to decieve to gain an unfair advantage or to harm another person. |
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