Chapter 12 - Real Estate Brokerage and Listing Contracts

Gives a broker or salesperson the right to act for a principal in trying to buy or sell a property

In brokerage, the person giving the authority to an agent.

The broadest scope of authority to which a principal delegates the power to act in all matters that can be delegated in place of the principal.

Is delegated by the principal to act within the confines of a business or employment relationship.

The hands his broker

Everyone in the transaction

Establishing education requirements for licensees

The special duties and obligations to a principal required of an agent, including complete loyalty, obedience, disclosure, accounting, care, skill, and due diligence.

This is created between a seller and broker when both parties agree to a listing contract.

The broker uses his or her best efforts to find properties meeting the requirements of the buyer. Buyer pays broker a commission or to share commission to seller's broker.

Sharing of property sale listings by a number of real estate brokers with agreement as to how costs and commissions are to be shared.

The agency role of a broker is extended one or more additional brokers, who also become a fiduciary of the principal and are empowered to act on his or her behalf. They share commissions with original broker.

Special agent.

Unintened dual agency

A situation where a person or a firm has an agency and fiduciary relationship to both parties