Identify who determines and who owns agency agreements in a firm.
Single and designated real estate agency are two of the many representation relationships. As a real estate professional, you must understand what kind of obligations each agency puts you under.
Every type of agency comes with different kinds of strings attached. More specifically, while the differences may be subtle, they can mean the difference between a lawsuit and a satisfied customer. Therefore, it is incredibly important that you are able to identify and understand these types of agencies.
Furthermore, it is also crucial that you understand who owns agency agreements within your own firm. This individual is usually the managing broker. This person calls the shots when it comes to agency relationships within her firm.
As a real estate professional, your career is full of risks and rewards. You must take risks to gain the rewards. It is possible, however, to learn how to lower and manage your risk. More specifically, you can learn how to reduce the risks you face in agency representation relationships by educating yourself on this topic.
RealEstateCE.com offers a lesson on single and designated real estate agency relationships. This lesson will teach you how to manage the risk related to these agencies.
This continuing education lesson begins with a discussion of legal advice. More specifically, if you engage in an exclusive agency agreement, do you need to advise a customer of your firm to seek legal advice? What about if you engage in a general agency agreement?
As a real estate professional, you must be able to identify a situation which requires you to advise customers to seek legal advice. Misunderstanding these requirements is a serious misstep and may land you in legal trouble. Therefore, to safeguard your integrity and your career, you must recognize these situations and respond in kind.
Our real estate continuing education lesson will prepare you for this situation. This initial discussion will give you the information you need to recognize and respond to legal advice situations.
This lesson then continues on to discuss single and designated real estate agency relationships.
The first part of the discussion reviews single agency. Specifically, how single agency relates to the managing broker and dual agency. Furthermore, this discussion also examines the obligations associated with this type of agency.
Perhaps you work at a firm which operates under single agency. You are representing a client's property when you find an interested customer. What should you do if this customer wants to seek representation? What are your obligations to the customer under single agency?
Our continuing education lesson discusses these types of situations. Once you complete this lesson, you will have the knowledge you need to understand your obligations associated with single agency.
The next part of the discussion reviews designated agency. This type of agency involves the managing broker in a different way than the single agency. This difference is the focus of the discussion. Designated agency also has a different relationship with dual agency.
Imagine that you are representing a client's property. When an interested customer comes to your firm, what are your obligations to this customer? Furthermore, how can you predict your managing broker will handle the situation?
Furthermore, our real estate continuing education lesson includes two reviews of court cases involved single and dual real estate agency relationships.
The review of these court cases will help you apply the information you learn in the lesson to real-world applications. This will ensure that you get the most out of your education!
Agency representation relationships can make your job complicated. However, as a real estate professional, it is crucial that you understand every type of agency representation. RealEstateCE.com can help you master this information.
Take RealEstateCE.com's lesson, Identify who determines and who owns agency agreements in a firm, today!