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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 has fiduciary duty to seller not agent

1.2.3. Principle and Sub-agent principal is responsible for acts of sub-agent agent has no liability

1.2.4. If agent appoints a sub-agent agent remains liable

1.3. creation of an agency

1.3.1. Express Agreement oral and written

1.3.2. Implied Agreement by conduct

1.3.3. Ratification approved after the fact

1.3.4. estoppel 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 not frivolous seller tells agent not present after close of escrow

1.6. Agent's rights

1.6.1. compensation find qualified buyer Secure a binding contract if exact terms of seller are met commission is due 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 tort / civil criminal actions R. commissioner discipline Seller may be subject rescission 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 in writing

1.9.4. failure to disclose disciplined rescind loss of commission

1.9.5. Disclosure of acting as principle relative licensee as principle 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 broker, seller, buyer

1.11.2. Mutual Consent

1.11.3. Destruction

1.11.4. Expiration