TREC Outline RELE 2201 Law of Agency
Agency Concepts
Disclosure of Agency; relationship between Principal and Agent
What is Agency? The License Act – Statute & Rules
Roles People Play in Agency Relationships – Client or Customer?
Why Study Agency
Relationship between Principal & Agent
Basic Agency Relationships, Disclosure and Duties to the Client
Relationship between Principal & Agent; Authority of Agent
Agency Defined
Authority of Agent
Classifications of Agency
Fiduciary Duties and Responsibilities
Information About Brokerage Services – Disclosure of Representation
Duties and Disclosures to Third Parties
Fiduciary and Other Duties of an Agent
Non-Fiduciary Duties
General Duties of Honesty & Fairness
Define Third Party/Obligations to Third Party
Avoiding Disclosure and Misrepresentation Problems
Section 5.008 of the Texas Property Code (Seller’s Disclosure)
Stigmatized Properties
Seller Agency
Disclosure of Agency; Listing or Buying Representation Procedures
Listing Agreements
Exclusive Seller Agency
Benefits of Seller Agency Relationships
Sub Agency
Disclosure Issues
Buyer Agency
Disclosure of Agency; Listing or Buying Representation Procedures
Buyer Representation Agreement
Deciding to Represent the Buyer
The Creation of Buyer Agency
Benefits of Buyer-Agency Relationships
Written Notification of Compensation to Broker
Buyer’s Broker Disclosures
Representing More than One Party in a Transaction: Intermediary Brokerage
Listing or Buying Representation Procedures; Agency Disclosure
The Path from Dual Agency to Intermediary Brokerage
Representation of More than One Party in a Transaction
Intermediary Brokerage
Specialized Intermediary Applications
Intentional versus Unintended Dual Representation
Creation and Termination of Agency
Termination of an Agent’s Authority
How and When Agency is Created
How Agency is Terminated
Duties of Agency that Survive Termination
Clarifying Agency Relationships
Disclosure of Agency
Disclosure Policy
Understanding a Brokerage Company’s Policy
Employment Issues
Employment law
Independent Contractor Agreements
Employment Law
Employment Relationships between Brokers and Principals
Employment and Compensation of Personal Assistants
Relationships between Brokers and Agents
Compensation Issues
Agency, Ethics, and the Law
An Agent’s Duties; including fiduciary duties
Distinctions between Law, Ethics, and Morals
Federal and State Law Relating to Conduct
TRELA and Rules of the Commission (Ethics)
Professional Codes of Ethics
Minimum Ethical Standards
Deceptive Trade Practices and Consumer Protection Act
Deceptive Trade Practices
Fraud versus Misrepresentation
Deceptive Trade Practices and Consumer Protection
Damages
Defenses
Ethical and Legal Concerns
Implementation and Presentation
The Broker Working for/with the Seller
The Broker Working for/with the Buyer
A Practical Guide to Everyday Practice
Other Considerations
Risk Management