Real estate /
Pages: 28 (6801 words) /
Published: Jul 30th, 2012
Assignment 2 (TVET)
STUDENT NAME Daniel Skrzypek OTEN NUMBER N855096
Please read the “Guide to completing and submitting assignments” before you begin this assignment.
What you need to do
To successfully complete this assignment you must answer the following questions to demonstrate your knowledge. The assignment will be granted a result of “Competent” if the learning outcomes are achieved or “not yet competent” if not. If a result of “Not Yet Competent” is achieved you will be given the opportunity to resubmit your assignment.
Question 1: Describe the meaning of the term ‘Agency’ and identify the types of agency relationships that a real estate agent may enter into.
Definition of Agency: "Agency" means a fiduciary relationship between a principal and an agent arising out of a brokerage agreement whereby the agent is engaged to do certain acts on behalf of the principal in dealings with a third party. Duties: A licensee who provides services through a brokerage agreement for a seller, landlord, buyer, or tenant is bound by the duties of loyalty, obedience, disclosure, confidentiality, reasonable care, diligence, and accounting.
A. SELLER AGENCY: A SELLER'S AGENT has the duties, as defined by law, to represent the seller's interest in the sale of the property: this generally means a duty to seek a sale, lease, rent, or exchange at the price and terms stated in the brokerage agreement or a price and terms acceptable to the seller or landlord; present in a timely manner all offers and agreements to and from the seller or landlord; account for client funds; disclose all information relevant to the transaction as required by law to the client and maintain the client's confidentiality. These duties may be modified only by written agreement of the parties.
B. BUYER AGENCY: A BUYER'S AGENT has the duties, as defined by law, to represent the