1- Start Here-Agency Terms-Agency Law Protecting Your Clients
Please purchase the course before starting the lesson.
Click Here for Orientation
Receiving Continuing Education (CE) Credits after you have successfully completed this course, you will receive three continuing education credit hours on your real estate license renewal transcript. To receive credit for the course, you must achieve 80 percent or better on each of the chapter quizzes and the final exam. If you do not pass a quiz or the exam, you will be given another quiz with new questions.
Course Completion Time
A Student has one year to complete any course from the date the student first started the course. After one year, the student’s privileges to access that course shall expire. Once you complete your course and have been certified, you will no longer have access to that course.
Certificate of Completion
Issued Immediately Online: upon completion of each course.
9 CREDIT HOURS PER DAY (MAX)
The Arizona Department of Real Estate will not allow a student to take more than 3 courses per day (9 hours of credit). Therefore, a student who completes 3 courses in a calendar day will not have access to their other courses until 12:00 a.m., which starts the next calendar day. You can only work on one course at a time, therefore, once you start a course, you must complete that course before you have access to your other courses.
Upon the successful completion of any course
You will receive a Certificate under your name, exactly as it appears when you first created your student account. Your certificate will be available to you immediately after passing your final exam by clicking a link. It is the student’s responsibility to then print the certificate from your computer. We do not fax or mail certificates to students.
If you need a replacement certificate at a later date, duplicate certificates are also available online. In your student account, accessible to you with your username and password, you can access your course history and get class names and dates of completion.
There is no charge to create a Student Account. This gives you the ability to order courses from us. However, once you order courses, there shall be no refunds of monies paid. All sales of classes are final. Dodd’s School Of Real Estate will refund any fees for courses if the course is discontinued by the school, preventing the student from completing the course.
About the Instructor
Shane is an Active Designated Broker and is dedicated and committed to helping you succeed as a Realtor in today’s marketplace. He has been developing and instructing professional and business development courses since 2007. Shane and his staff regularly update these courses to help ensure students are receiving the latest in training and development. We sincerely hope that you enjoy your training experience as you go through this course. If you have questions about course content, would like to provide feedback to help improve the course, or experience any technical difficulty while in the course, you are welcome to contact us by clicking the “Help”.
Linda is an active Associate Broker and is also dedicated and committed to helping you succeed as a Realtor® in today’s market. Linda has been a mentor since 2007. Held a position as Managing Broker and has been developing and teaching new agents to be able to navigate their journey from the beginning to their first successful transaction and all the aspects in between from lead generating, searching, negotiating, accounting and the closing. Teaching has always been her passion.
The Orientation part of this course is not part of the ADRE Continuing Education Requirement. This section is for informational purposes only regarding this website and information on the instructors.
You must complete the fill-in-the-blanks below to start the quiz.
Important Terms and Definitions
Agency: Agency is a legally binding relationship between a principal and an agent, whereby the agent acts on behalf of the principal when dealing with third parties. This relationship is governed by fiduciary responsibility.
Agent: This is the person who is given the authorization to represent the interests of another. Real estate brokerage agents are the agents identified in an agency contract.
Broker: An agent who exchanges a fee or commission in return for producing a buyer in the completion of a real estate transaction. Brokers have gone through more education than that of an agent.
Buyer Agreement: A buyer agent agreement is employment/agency contract between a buyerand a broker.
Dual Agency: Under dual agency, an agent represents the interests of both the seller principal and the buyer principal whether it is one or two agents under the same brokerage.
Exclusive Agency: A listing contract where the seller gives only one broker the authority to find a buyer; however, under this agency, the seller (principal) also maintains the right to find a buyer as well. (In this event, the broker is NOT entitled to a commission.)
Exclusive Right to Sell: A listing contract where a seller gives only one broker the authority to find a buyer. Under this agency, in the event the seller (principal) finds a buyer, the broker is entitled to a commission from that sale.
Fill in the Blank:
A buyer agreement is the agency contract between a and a .
Listing Agreement: A contract between a seller of real estate and a broker who is authorizing a broker to secure a buyer for the property based on specific terms. In exchange for the successful completion of the sale of the property, the broker receives a specific fee or commission as stipulated in the agreement.
Open Listing: This type of listing provides compensation to a brokerage when the brokerage can show that the sale took place as a direct result of its efforts. Under this listing, a seller may list with one or more brokerages.
Principal:The seller or the buyer in an agency relationship is called a principal.
Real Estate Agents: In real estate brokerages, the buyers or sellers are the principals themselves and the broker or his/her salesperson who represents each Principal is his/her, Agent.
Subagent: A subagent is an agent who has received authority to act on behalf of another agent.
For example, there is also an agency relationship between a broker and the broker’s agent. Here the salesperson is the broker’s agent. To the broker’s principal, (seller or buyer), a salesperson representing the broker would be a subagent.
Third Party: If an agent is representing a seller, the seller is the first party, the agent is the second party and anyone with an interest in the real estate is a third party including the buyer – the person outside of the agency relationship. Depending on the situation, the third party could be a lien holder (mortgage company), a broker, a buyer, a seller, a sub-agent or other.
Fill in the Blank: The nor the buyer in an agency relationship is called a .
Warning Please Read:
You must complete the fill-in-the-blanks above in order to start the quiz below. It is required for the timer to run out before submitting the quiz for grading.