This course is designed for real estate brokers and salespersons who need to acquire three credits in agency law. In this course, you will identify what agency law is. You will review agency law history including its origin from common law. You will determine the various types of agencies that can be established between agents and principals along with the benefits and limitations of each. And finally, you will identify the basis for which agency relationships are terminated.
Agency is a unique legal relationship that involves specific duties and liabilities of real estate agents. Agency law governs many aspects of an agent’s relationship with clients and customers. This section identifies what agency law is and the types of agency relationships created to meet the needs of sellers and buyers in the real estate transaction process.
Without a definitive understanding of the relationship between an agent, the principal, and others interested in a given real estate transaction the affiliation can be unclear and confusing. This is due in part to the regulation established to protect the seller, the buyer, and the agent. The responsibility for knowing, honoring, and executing the broad range of legal and ethical requirements represented by agency contracts is every agent’s responsibility. The process of understanding the complexities of agency law are based on a framework of specific terms and definitions.
3 Hours Agency Law