Express agency
An agency relationship based on a formal agreement between the parties
Implied agency
If the actions of the parties imply that they have mutually consented to an agency relationship, an implied agency relationship is formed
Express agreement
An oral or written contract in which the parties state the contract’s terms and express their intentions in words
Listing agreement
A contract between an owner (as principal) and a real estate professional (as representative of the owner’s real estate on the owner’s terms, for which service the owner agrees to pay a commission or other form of compensation
Buyer representation agreement
A principal-agent relationship in which the real estate professional acts on behalf, usually as an agent, with fiduciary responsibilities to the buyer
Implied agreement
A contract under which the agreement of the parties is demonstrated by their acts and conduct
Buyer agent
A real estate professional who is under contract to locate property for a buyer and represent the buyer’s interests in a transaction
Fiduciary relationship
A relationship of trust and confidence, as between trustee and beneficiary, attorney and client, or principal and agent
Express agency
An agency relationship may be created by an oral or written agreement between parties
Implied agency
An agency relationship may also result from the parties behavior
The state may require the real estate license to make
A written disclosure of the possible agency relationship to a prospective client or customer
And stipulate the relationship that will be in
Effect
In a document signed by
Both the licensee and the client
The principal and the agent may enter in to a contract ___ in which the parties formally express their intention to establish an agency and state its terms and conditions
Express agreement
The agreement may be oral or written unless
Required by law to be written
The employment agreement to broker and sales associate
Must be in writing
An agency relationship between a real estate seller and broker is generally created by a written employment contract called a
Listing agreement
Even though a written agreement is preferred, some states uses a ___ in some circumstances
Oral statement
But the agreement needs to be ___ for court
Writing
An express agency relationship between a buyer and broker is created by
A buyer representation agreement
The buyers representation agreement ___ activities and responsibilities buyers expects from the broker
Stipulates
An agency may be created by
Implied agreement
Neither the real estate professional nor the represented party may have consciously planned to create an agency relationship ___ b their actions
Unintentionally, inadvertently, or accidentally