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By Matt Carter and Andrea V. Brambila Republished with permission from Inman News. Homebuyers sometimes gripe that their real estate agent seems more interested in closing a sale and collecting a ...
In a dual agency situation, the same real estate agent represents both the buyer and the seller of a home. This arrangement can be risky for buyers, since agents are paid based on how much the ...
An agency is coupled with interest when the agent himself has an interest in the subject-matter of the agency, e.g., where the goods are consigned by an upcountry constituent to a commission agent for sale, with poor to recoup himself from the sale proceeds, the advances made by him to the principal against the security of the goods; in such a ...
The term "agent" is not to be confused with salesperson or broker. An agent is simply a licensee that has entered into an agency relationship with a client. A broker can also be an agent for a client. It is commonly the firm that has the actual legal relationship with the client through one of their sales staff, be they salespersons or brokers.
If one agent from the brokerage has a business listed and another agent from that brokerage has a buyer-brokerage agreement with a buyer who wishes to buy the listed business, dual agency occurs by allowing each agent to be designated as "intra-company" agent. Only the principal broker himself/herself is the dual agent.
The agent must have been held out by someone with actual authority to carry out the transaction and an agent cannot hold himself out as having authority for this purpose. [6] The acts of the company as principal must constitute a representation (express or by conduct) that the agent had a particular authority and must be reasonably understood ...
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The undisclosed principal concept often arises in the context of real estate transactions, where a buyer risks a seller being less inclined to sell land, risks a seller demanding a higher price, or risks a seller becoming a holdout if the seller knows or can guess the identity of the buyer or the buyer's intended purpose for the land which would afford the land a higher value.