Who does the agent bring to the principal in a transaction?
The principal-agent relationship is an arrangement in which one entity legally appoints another to act on its behalf. In a principal-agent relationship, the agent acts on behalf of the principal and should not have a conflict of interest in carrying out the act.
Which of the following is a duty of an agent to a principal?
Generally, a principal owes the following duties to the agent: Duty to Compensate, Duty to Reimburse, and. Duty to Indemnify the Agent.
Which type of agency refers to a scenario where the agent represents one party in a transaction?
“Dual agency” refers to an agent that works with both the buyer and seller of a home. Two agents can work for the same broker on the same transaction, causing a dual agency situation. Single agency refers to an agent or real estate broker that works with only one party in a real estate transaction.
For which firm does a broker’s agent work quizlet?
A broker’s agent is an agent that cooperates or is engaged by a listing agent or a buyer’s agent (but does not work for the same firm as the listing agent or buyer’s agent) to assist the listing agent or buyer’s agent in locating a property to sell or buy, respectively, for the listing agent’s seller or the buyer …
Who is an agent?
An agent, in legal terminology, is a person who has been legally empowered to act on behalf of another person or an entity. An agent may be employed to represent a client in negotiations and other dealings with third parties. The agent may be given decision-making authority.
How is an agents commission typically paid in a residential rental transaction?
In California, it ranges anywhere from 1-6% of the sales price. The standard is 5-6%, but for high-priced properties (i.e. $1+ million) the commission may be more like 4-5%. The amount is negotiated between the seller and listing agent before a contract is signed.
When an agent represents either the buyer or the seller but not both in a transaction the agent is considered what?
Designated agency is when two agents from the same firm are involved in a real estate transaction. One agent represents the buyer as a buyer’s agent, and the other represents the seller as a seller’s agent. I have no problem with this arrangement whatsoever, as each party has representation.
Which of the following housing styles has become one of the most common styles in the United States?
Colonial-Style Homes
Colonial-Style Homes Colonial style—dating back to 1876—is one of the most popular home styles in the United States.
What is a landlord’s agent?
If the Landlord is a natural person but is represented by a person at a hearing other than a licensed lawyer or paralegal (e.g. a family member or friend appearing without charge to the landlord), this person is generally referred to as the Landlord’s Agent in Board publications and orders.
Why use a rental agent when letting a property?
It’s not surprising that many landlords choose to enlist the specialised services of a rental agent when letting a property. Not only can an efficient rental agent assist with the tenant screening process, but they can also help ensure that the landlord receives rent timeously and regularly.
What is the legal representative of a landlord called?
However, if the Landlord is a corporation, the natural person who appears at the hearing to represent the corporate Landlord is generally referred to as either the Landlord’s Legal Representative (if a licensed lawyer or paralegal) as described above, or, as the Landlord’s Agent, as described below.
What happens when you sign a lease with a rental agent?
Once the lease is signed, it is important for tenants who are dealing with rental agents on matters concerning maintenance and repairs to note that the rental agent is essentially there to see to the landlord’s interests and acts on instruction from the landlord.