Types of Agencys Flashcards

Types of Agency's Flashcards Implied Agencymay be without anything in writing or even verbalAct on behalf of a consumer in a way that the consumer believes you are their agent Dual-license dual agency/ Designated Agency broker assumes role of dual agent and designates two agents one to rep seller and one to rep buyer. Two agents are designated and broker is dual Sub-agencywhen a licensee from a competing firm works under the listing agentsome firms forbid it Single-license dual agencywhen 1 license represent both buyer and seller. Agent and broker is a dual agent Dual Agencyreal estate brokerage firm and all the brokers and agents can act in for both the buyer and seller in a same transaction Most transactions you act as...a special or limited agent - act as a liaison Intra-Company Agents (ICA)when broker designates two team members in dual license dual agency Special Agentlimited authority to act on behalf of your client Intra-Company Agentlicensee appointed by the brokerages broker to represent one party in a in-house transaction Universal Agentempowered to do anything the principal could do personallyhas the MOST authority - unilimitedCourt Appointed guardian General Agentresponsible for all dealingproperty managerpower of attorney Ministerial Actsprocessing paperworkarranging a home inspectionassisting with a loan applicationassists in pre and post closing Express Agencyclient agree to and understandmay be written or not