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