The undertaking of real estate transactions is a complex endeavor. Expertise is needed by buyers and sellers of real property in order to assure that profits are maximized while losses are minimized, both of these ends being realized in legal and ethical ways. To gain this expertise, it is common, if not necessary, for buyers and sellers to enter into relationships with those who have expertise in real property issues namely, you.A variety of relationships exist in real estate transactions and they are designed to serve the different means and degrees to which buyers and sellers are represented. These distinct relationship categories are borne of agency law.
Upon completion of this course, the student will be able to:
- Identify and explain the fundamental concepts and terminology used in real estate valuation and appraisal. Know the legislative duties limited-service representation includes.
- Understand competitive and anticompetitive practices and their effects on consumers and the industry.
- Evaluate the conduct of those in the industry who have come under the scrutiny of the Federal Trade Commission and the Department of Justice.
- Formulate a standard of best practices in navigating through new developments within the industry
This course covers the following topics:
- The Agency Relationship
- Designated Agency
- Seller Agency
- Buyer Agency
- Dual Agency
- Customers vs. Clients
- Relationship between Broker and Licensees
- Services Offered to Clients
- Disclosure Requirements
- Agreement to Pay and the Agency Relationship
- Services Offered to Prospective Purchasers without Creating Agency
- Multiple Listing Associations
- Offers of Cooperation and Compensation
- Vicarious Liability and Imputed Knowledge
- Principles of Ethical Behavior
- Defining Ethics
- Generalities about Ethical Behavior
- Two Ethical Theories
- A Model for Ethical Decision-Making
Agency Relationships - NYS Department of State Division of Licensing Services Bureau of Educational Standards
- NYS Department of State Division of Licensing Services Bureau of Educational Standards
- Website URL:
- Email Address:
- 123 William Street
- New York City
End of Course Instructions
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