1. Modern Real Estate Practice 17th Edition 4 Agency “ He who pays the piper calls the tune”

2. Modern Real Estate Practice 17th Edition 4 Agency

3. Modern Real Estate Practice 17th Edition Real Estate Agency  Common-law history  Definitions:  Agent  Subagent  Principal  Agency  Fiduciary  Client  Customer  Nonagent

4. 4 Agency Modern Real Estate Practice 17th Edition Fiduciary Duties of an Agent  Care  Obedience  Loyalty  Disclosure  Accounting  Confidentiality

5. 4 Agency Modern Real Estate Practice 17th Edition Creation  Express Agency  Implied Agency Termination  Completion, performance or fulfillment  Death or incapacity  Destruction or condemnation of the property  Expiration  Mutual agreement  Breach  Operation of law

6. 4 Agency Modern Real Estate Practice 17th Edition Limitations on Authority

7. 4 Agency Modern Real Estate Practice 17th Edition Types of Agency Relationships  Single Agency  Subagency  Seller Representation  Buyer Representation  Owner as Principal

8. 4 Agency Modern Real Estate Practice 17th Edition Types of Agency Relationships  Dual Agency  Disclosed Dual Agency  Designated Agency  Undisclosed Dual Agency  Disclosure Laws  Nonagency  Agency Statutes

9. 4 Agency Modern Real Estate Practice 17th Edition Customer-Level Services  Reasonable care and skill in performance  Honest and fair dealing  Disclosure of all facts the licensee knows (or should be expected to know) that materially affect the value or desirability of the property  State law may require additional services or disclosures

10. 4 Agency Modern Real Estate Practice 17th Edition

11. 4 Agency Modern Real Estate Practice 17th Edition Property Conditions  Latent Defect  A hidden structural defect that would not be discovered by ordinary inspection  Stigmatized Property  Properties branded “undesirable” because of actual or rumored criminal, tragic or scandalous events that occurred on the property