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Agency by Mind Map: Agency

1. .

1.1. Nature of Agency Relationships

1.1.1. agent for seller

1.1.2. agent for buyer

1.1.3. dual agent

1.2. Agent and Sub-agent

1.2.1. salesman is agent to seller

1.2.2. Sub-agent is an agent appointed by the seller's agent

1.2.2.1. has fiduciary duty to seller not agent

1.2.3. Principle and Sub-agent

1.2.3.1. principal is responsible for acts of sub-agent

1.2.3.2. agent has no liability

1.2.4. If agent appoints a sub-agent

1.2.4.1. agent remains liable

1.3. creation of an agency

1.3.1. Express Agreement

1.3.1.1. oral and written

1.3.2. Implied Agreement

1.3.2.1. by conduct

1.3.3. Ratification

1.3.3.1. approved after the fact

1.3.4. estoppel

1.3.4.1. previous acts

1.3.5. Necessity or emergency

1.4. Scope of Authority

1.4.1. Actual Authority

1.4.2. Express Authority

1.4.3. Ostensible Authority

1.5. Agent / principle relationship

1.5.1. Disclose all material facts

1.5.2. Present all offers

1.5.2.1. not frivolous

1.5.2.2. seller tells agent not present

1.5.2.3. after close of escrow

1.6. Agent's rights

1.6.1. compensation

1.6.1.1. find qualified buyer

1.6.1.2. Secure a binding contract

1.6.1.3. if exact terms of seller are met commission is due

1.6.1.4. agent must be licensed

1.7. Agent's liabilities

1.7.1. Silence

1.7.2. Lawsuits

1.7.3. Limits on Authority

1.7.4. Misrepresentation by an agent

1.7.4.1. tort / civil

1.7.4.2. criminal actions

1.7.4.3. R. commissioner discipline

1.7.4.4. Seller may be subject

1.7.4.4.1. rescission

1.7.4.4.2. civil suit for fraud

1.8. misrepresentation by seller

1.8.1. broker is entitled to full commission

1.8.2. indemnity from buyer

1.9. Disclosure of Agency

1.9.1. Disclosure

1.9.2. Elect

1.9.3. Confirm

1.9.3.1. in writing

1.9.4. failure to disclose

1.9.4.1. disciplined

1.9.4.2. rescind

1.9.4.3. loss of commission

1.9.5. Disclosure of acting as principle

1.9.5.1. relative

1.9.5.2. licensee as principle

1.9.5.3. Secret profit

1.10. In house sale

1.10.1. cannot offer buyer only agency because they have an agency with seller

1.10.2. most of dual agent

1.11. Termination of Agency

1.11.1. Death of Incapacity

1.11.1.1. broker, seller, buyer

1.11.2. Mutual Consent

1.11.3. Destruction

1.11.4. Expiration