Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission 1 Lesson 3 Agency

Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission Lesson 3 Objectives Upon completion of this lesson, each student will be able to: Upon completion of this lesson, each student will be able to: Define and explain dual agency and several dangers involved in its use. Define and explain dual agency and several dangers involved in its use. 2

Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission Lesson 3 Objectives Upon completion of this lesson, each student will be able to: Upon completion of this lesson, each student will be able to: List three duties a licensee has to the client and to a customer. List three duties a licensee has to the client and to a customer. 3

Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission Lesson 3 Objectives Upon completion of this lesson, each student will be able to: Upon completion of this lesson, each student will be able to: Explain informed consent and the duties a licensee has as a dual agent. Explain informed consent and the duties a licensee has as a dual agent. 4

Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission Dual Agency Definition Definition 5

Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission Ministerial Acts Definition Definition Examples Examples 6

Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission Relationships Assumption of representation Assumption of representation Written agreement Written agreement 7

Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission Duties of Licensees to Clients Basic responsibilities Basic responsibilities 8

Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission Duties of Licensees to Clients (cont’d) Showing alternative properties Showing alternative properties 9

Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission Duties of Licensees to Clients (cont’d) Basis of commission due licensee Basis of commission due licensee 10

Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission Duties of Licensees to Clients (cont’d) Providing false information Providing false information 11

Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission Duties of Licensees to Clients (cont’d) Working with mortgage brokers Working with mortgage brokers 12

Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission Duties of Licensees to Customers Fair treatment Fair treatment Ministerial acts Ministerial acts 13

Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission Termination of Agency Relationship No further duties No further duties Confidential information Confidential information 14

Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission Dual Agency Informed consent required Informed consent required Presumed with dual agency form Presumed with dual agency form 15

Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission Dual Agency (cont’d) Duties of a licensee Duties of a licensee 16

Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission Dual Agency (cont’d) What a licensee may not disclose What a licensee may not disclose 17

Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission Dual Agency (cont’d) Withdrawing from dual agency Withdrawing from dual agency 18

Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission Subagency Written agreement required Written agreement required 19

Broker and Agent Responsibilities © 2011 Louisiana Real Estate Commission Vicarious Liability Client not responsible for agent Client not responsible for agent 20