BUS 23 Lecture Notes - Lecture 10: Real Estate Broker, W. M. Keck Observatory
5 Dec 2020
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Document Summary
Agency - authority to act in place of a principal (empowers an agent) to do specified act for stated period of time. Dual agent = broker acting as agent for both seller and buyer in same transaction, with informed consent of both parties. Principal (client) - person who hires an agent to work for them. Third party - other person in a contractual negotiation, other than principal/agen if agent works for seller, third party = buyer. Agent works for buyer, third party = seller. Agency relationship, broker and other salespeople are required to make certain disclosures about the property they"re selling. Implied or ostensible authority - authority that a 3rd person reasonably believes an agent possesses because of the acts or omissions of the principal. Real estate agent - person licensed by california bureau of real estate (calbre) who holds either a brokers/salesperson license and negotiates sales for other people.
