Flashcards in Title 24 Deck (23):
Under common law agency, the buyer had no representation. The salesperson they worked with represented the seller.
Pros of Buyer's Agency
Agents represented the party they worked with.
Buyer had representation.
Cons of Buyer's Agency
Enforcing buyers agency contract
Changes Since Statutory Agency was Adopted
Abolished common law agency in residential.
Got rid of dual agency problem
Got rid of vicarious liability problem
Agent no longer a fiduciary
Easy to explain
Buyer's agents only paid if "procuring cause" of transaction.
Higher degree than a salesperson.
Only Associate Brokers can become Brokers.
Works under a Broker
Works for Brokerage
Principal in statutory / common law agency relationship
Delaware Real Estate Commission
Competitive Market Analysis.
Comparable market analysis
Broker price opinion or Broker's market analysis.
Consumer Information Statement.
Lays out buyers relationship in easy terms.
Disclosure required by 2938.
Hasn't entered into statutory or common law agency with a licensee
Licensee appointed by the Broker working with a client as a statutory agent.
Delaware Division of Professional Regulation
Licensee who represents both buyer and seller
Broker, Associate Broker or Salesperson
Performing tasks for client according to brokerage agreement (ex. arranging an inspection).
Assisting others (ex. info to Mortgage Broker).
Property Management Services
Works with tenants etc
Homicide, Suicide or other Felony.
Except Arson & AIDS/HIV and other diseases.
Real Estate Service Provider
Licensee who is providing Real Estate Services
Real Estate Services
Includes marketing / advertising of properties for sale or lease etc
Works under a Broker.
Holds license from the Commission.