Types of Agency Relationships Ch. 4 Flashcards

Types of Agency Relationships Ch. 4 Flashcards designated agentperson authorized by the broker to act as the agent of a specific principal general agentrepresents the principal in a broad range of matters related to a particular business or activity; agent is general agent of broker or a broker could be general agent to high profile client dual agencyagent represents two principals in the same transaction with both parties consenting in writing; this is illegal in some states nonagentalso called a transactional broker, facilitator, coordinator, or contract broker is not an agent of either party but simply helps both the buyer and seller with paperwork and formalities involved in transferring ownership of real property; the b and s negotiate the sale without representation.property managementwhen an owner employs a broker to market, lease, maintain or manage an owner's property; has same fiduciary responsibility to client-owner universal agentlike a conservator; empowered to do anything the principal could do personally; very rare for real estate licensee disclosed dual agencywhen the principals in a transaction agree to representation by one broker; this must be carefully explained to the parties in order to establish informed consent designated agencya process that accommodates an in-house sale in which two different agents are involved; not legal in all states, and does not apply to a single agent who represents both parties undisclosed dual agencyviolates licensing laws and can result in the recission of the sales contract, forfeiture of commission, lawsuit for damages and possible license problems.special agentaka limited agent is authorized to represent the principal in one specific business transaction only; this is the usual for a real estate broker or agent single agencythe agent represents only one party in any single transaction