Required Salesperson and Broker Core:
Agency and Broker Relationships
Real estate agents are subject to a broad range of legal and ethical requirements that are designed to protect buyers, sellers and the community at large. Buyers and sellers typically will delegate authority to a real estate broker to act as their agent when conducting real estate business. When this happens, an agency relationship has been created. This relationship falls under the domain of "law of agency".
Real estate licensees are faced with many scenarios that pose the risk of legal pitfalls. Buyers, sellers, regulatory bodies, or even other agents may bring suit or file complaints against brokers and agents for a variety of reasons. Attorneys that deal with real estate transactions report that the most common source of a real estate lawsuit is misrepresentation and nondisclosure.
This course outlines the rules of agency and the standards of practice expected as well as outlining types of misrepresentation and how to avoid legal entanglement.
After completing this course participants will be able to:
- Recognize and implement the broad range of legal and ethical requirements that protect buyers and sellers.
- Be able to describe and integrate the agency relationships that are created during a real estate transaction.
- Understand the legal issues facing real estate brokers concerning misrepresentation and disclosure laws.
Agency and Brokerage Relationships
1. History of Agency Law
2. Relationships in a Real Estate Transaction
3. Kansas Brokerage Relationships in Real Estate Transactions Act
Agency and Brokerage Relationships Case Law
1. Ford v Brooks
2. Woodson v DLI Properties LLC
3. Kasey Inc v Alpine Realty Now Inc
4. Duncan v. Maag
5. KMM Invs., LLC v. Ritchie
6. DeWitt Londre, v. Investment Real Estate Specialists, LLC
7. Auer v Paliath
1. Legal Issues Facing Real Estate Brokers
2. Innocent Misrepresentation
3. Negligent Misrepresentation
4. Fraudulent Misrepresentation
5. Disclosure Laws
6. Kansas Code
7. NAR Examples
Misrepresentation Case Law
1. The Furla v. Jon Douglas
2. Horn v. First Orlando Realty Management Corp
3. Marchese v. Miller, et al.
4. Beckman v. Wells Fargo Bank
5. Raffield v. Hursh
6. D&J Real Estate Servs. v. Perkins
7. Brinkwood Land Equities Ltd v Hilo Brokers Ltd
8. Cardoza v Reed
Course instructors will be available by email or telephone between 9am and 5pm Eastern Standard Time. They will assist you with questions regarding course content.
If you have any questions, please call us at 1-800-727-7104 or send an email to firstname.lastname@example.org. Email responses will usually be returned promptly, but guaranteed within one business day.