Law of Agency - No. 1111

This course covers the principal and agent relationship, and the law of agency in general.

Creation of the agency relationship and obligations of the broker to his or her principal and to third parties are discussed. The new concepts of owner disclosure statements and buyer agency are also discussed. We will also take a close look at the agency aspects of the principal-broker relationship, that is, the legal responsibilities of the broker toward the principal and vice versa.

The final portions of the course deal with dual agency and antitrust laws.

Table of Contents

1.  Agency

• Establishing Agent's Authority
• Obligations to Principal
• Reasonable Care
• Accounting
• Commingling
• Obligations to Third Parties
• Disclosure to Third Parties
• Puffing & Nondisclosures
• Owner Disclosure

2.  Agency Types and Rules

• Buyer Representation
• Dual Agency
• Intermediaries
• Disclosure Rules
• Middleman Principle
• Principles Obligations

3.  Antitrust Laws

4.  Deceptive Trade Practice Consumer Protection Act

• Coverage
• Utilization
• Intent Trap
• The Laundry List
• Real Estate & The Laundry List
• Remedies
• Procedural Matters

5.  Errors and Omissions Insurance

The course contains several practice quizzes, exercises and flashcards ,and is completed with a multiple choice exam.