TN 3.0 hours Avoiding Common Mistakes Course Syllabus
3.0 Elective Hours
Managing risk is a necessity for a real estate professional. There are some basic reasons why you, as a real estate professional, should have a firm understanding about agency relationships. Agency laws deal with the legal rights of the public in dealing with licensees. Most states take these rights very seriously.
In turn, many states have very specific laws and statutes regarding the responsibilities and duties of real estate licensees when they enter into an agency relationship. These laws are strictly enforced and penalties and fines can be imposed.
These laws often define the duties of a licensee, the duration of an agency relationship, how notices should be handled, vicarious liability, and dual agency. They also define the duties that a licensee has to their principal.
Mastering the laws relating to agency can reduce misunderstandings and litigation, especially in the areas of commissions through procuring cause, conflicts of interest, and representation.
Agency relationships determine who you are representing and who you owe fiduciary duties. Agency law is taken very seriously in most states and disclosures and the timing of these disclosures are very important. Penalties and fines can be imposed when agency laws are not followed.