Chapter 15: Real Estate Brokerage and Agency

*   Business organizations

*   Independent business

*   Franchise

*   Company store

*   Licensing

Sales Agents

*   Independent contractors

*   Must hold license

*   Generally remuneration based upon commission

*   Draw against future earnings

Real Estate Brokerage As a Profession

*   Compensation

*   Co-brokering

*   Splits

*   Hours and Times

*   Earnings

*   Numbers Game

Law of Agency

*   Types of agency

*   Universal agency (unlimited power of attorney)

*   General agency--partnership

*   Specific agency (listings)

*   Seller’s agency

*   Buyer’s agency

*   Dual agency

Agents Obligation to Principal

*   Faithful performance (obedience)

*   Loyalty to principal

*   Keep principal informed

*   Protect and promote owner's interest

*   Reasonable care

*   Duty to account for funds

*   Commingling

Brokers Obligation to Third Parties

*   Honesty

*   Disclosure

*   Duty to account