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It is the Broker who is the Agent of the Buyer or Seller. The Sub-Agent is an agent of the Broker, works for the Broker, and represents the interest of the Broker. The formal position of a Sub-Agent in the hierarchy of real estate practitioners in the Philippines is equivalent to the rank of Salesperson.
An agent must perform the mandate in person. Except with the principal's express or implied consent, the agent may not delegate duties or engage a sub-agent. [166] Where, however, such delegation is necessary to carry out the agency, or is customary in the ordinary course of business, a tacit agreement to delegate may be inferred. [167]
A listing contract (or listing agreement) is a contract between a real estate broker and an owner of real property granting the broker the authority to act as the owner's agent in the sale of the property. [1] If the broker is a member of the National Association of Realtors, the agreement must include all of the following terms:
Agency law in the United Kingdom is a component of UK commercial law, and forms a core set of rules necessary for the smooth functioning of business. Agency law is primarily governed by the Common law and to a lesser extent by statutory instruments. In 1986, the European Communities enacted Directive 86/653/EEC on self-employed commercial agents.
An agency agreement is a legal contract creating a fiduciary relationship whereby the first party ("the principal") agrees that the actions of a second party ("the agent") binds the principal to later agreements made by the agent as if the principal had himself personally made the later agreements.
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