Real Estate Agency
By Pierre Mouchette | Real Property Experts LLC
A relationship between the parties involved in a real estate transaction requires a wide range of legal and ethical requirements to protect the Seller, the Buyer, and the transaction itself. Agency is the word used to describe this unique relationship governed by common law and statutory law (state statute).
The law of agency defines the rights and duties of the parties in a real estate transaction
Agency is the fiduciary relationship between the Principal and the Agent. The types of agency are:
Types of Agency Relationships
An agent’s enablement to represent the principal depends solely on the authorization to do so.
Termination of Agency
Agency can be terminated for any of the following reasons