REE-3043 Chapter Notes - Chapter 12: Family, Discount Brokerage, Buyer Brokerage
31 Jan 2017
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Chapter 12: real estate brokerage and listing contacts. What do brokers do: connect buyers and sellers, connect commission for a successful transaction. Difference between required price and actual price: prices and terms in current market, marketing approaches that work, legal obligations of buyers and sellers, properties in market, potential customers and their needs, procedures and requirements of transaction. Law of agency and agents: law of agency governs a relationship between a principal (client) and someone (cid:272)harged to a(cid:272)t o(cid:374) pri(cid:374)(cid:272)ipal"s (cid:271)ehalf, rights and obligations of agent, rights and obligations of principal. Power to act for principal in all matters: general agent. Power to act within limits of a business or employment relationship: special agent. Power to act in a specific event or transaction. Being completely open and honest: accounting. Keeping principal informed about financial aspects of assignment: obedience. Following instructions of the principal fully: loyalty. Never subordinating the best interest of principal: skill and care.
