Tulsa Real Estate Agents | Principal People

Hey tulsa real estate agents, we’re talking today about real estate agency and what it means to practice under the law of agency. The agency is the state of oklahoma, no longer practices agency and it’s kind of a bum deal, because tulsa real estate agents still need to know the laws of agency just to pass the real estate exam. It’s almost not fair, but because this is a national exam that oklahoma uses most states when do practice law of agency. So therefore we have to know what the law of agency isso pretty much the law of agency and whether is expressed in the common law or statutes. It includes some definitions that tells the real estate agents need to know one. You need to know the definition of an agent, and that is just someone who is authorized to represent somebody else’s interest when buying real estate. Then there’s the term principle, which a principle is somebody who hires an agent to represent them and represent their interest. So the broker is actuallythe principal in dealing with sells associates. But if I’m going to listen, buddies house on the soles associate, then the owner of that property would be. The principal agency is just a fiduciary relationship between the principal and the sales associate. So it’s just a relationship. That’s what you need to know about what agency means it’s traditional relationships and we’ll get into detail about what does relationship duties are and client the principal pretty much a client is the principal and it’s the person who hires the broker represent them. Have a customer, so customer would be more like a third party I’m someone you’re, not technically representing let’s say a buyer is asking you for information on one of your listings. Will you represent the selleroh you’re, not representing a buyer at the point at that point, so therefore they are a customer, then there’s also a non agent which a non agent is just someone who have you more like a facilitator, someone who is just handling paperwork or a lot of tulsa real estate agents will call them transaction coordinators. They just work in the background and assist the sales associate and getting all the documents in order making sure everything is signed. So, let’s talk about creating an agency, there is a couple ways that you can create an agency. One is an expressed agency and another one is implied agency so expressed just you no express agreement just is meaning of the contract is when you know the agent enters into a contract with a principal the person who is hiringand, it’s just going to formally express what their intentions are in order to get the property sold, then the implied just dance for your behavior. You can imply to somebody that you want them to help. You sell their house by their actions. It doesn’t necessarily mean that anything is formally done in writing and it could also be done in intentionally intentionally or accidentally, because the agent may assume that person wants to work with them by their actions or maybe buy something that they said so there’s compensation, tulsa real estate agents. Do you expect to be compensated by the principal who hires them remember? The compensation is actually going to the broker in the broker is sharing that conversation with the agent. So now we’re going to talk about, if you did sherry responsibilities, that an agent has with their principal or their clients and the way that I can remember them. I have another acronym:it’s called cold, ac, cold ac, so almost like cold air conditioner, the c stands for care. So as a agent who practices law of agency, the real estate agent tulsa real estate agent with me to exercise a certain amount of care while representing their clients or / principles. So this just means that you need to deliver and disclose certain facts about the property and you just you need to be able to help buyers, locate suitable property and evaluate those properties by pulling cops and as researching and analyzing property disclosures, and also making sure that you are submitting offers and counter-offers in a timely manner. So that’s part of care, the stands for obedience, and that means that you have to obey your principal as long as it’s lawful in legal and you’re, not breaking any laws such as blockbusting steering or anything. That’s going to effects anything such as the fair housing laws, so you have to obey your principal as long as it’s legal that l stands for loyalty, so the duty of loyalty is just saying that the agent is placing the principles interest above everything we are loyal to that principle. We are not going to disclose anything, we shouldn’t disclose to any buyer, and that could include a seller’s motivation to sell and on the buyer side it could be the motivation for the buyer. Why are they wanting to buy? It also means that we’re going to be loyal to our clients, as in we will never tell anybody. What are top or bottom dollar is when it comes to purchasing property is stands for disclosure, so close and kind of material facts that is known agent. Even if the seller is not aware of something we have to offend in the agent becomes aware of a problem with the property, then we have to disclose that to the seller and we have to disclose it to the buyer. Tulsa real estate agents need to know that, no matter what their seller tells them, if the seller says no i, don’t want you to disclose something and it has to do with the property. You don’t have to obey your principal at that time, because it is illegal to not disclose something. If an agent is aware of it and the same thing goes with the buyer, so you always have to disclose everything accounting, a accounting dm agent, is responsible for making sure that we are legally handling money properly and only time that we are going to handle money is if it’s an earnest deposit and by law, we’re supposed to have that earnest deposit put into an escrow account by the third banking day once it goes under contract, so the last sea is called confidentiality.

Confidentiality is part of the beauty that tulsa real estate agents have to have. They cannot disclose personal information. The only time you can disclose personal information is, if your client has given you the okay to do so, or if something becomes of public record and public knowledge to everyone, and therefore you don’t have to have you. Don’t have to uphold the confidentiality law at that point, so there are different types of agencies and there are, let’s see at universal agents. There are general agents and their are special agents, and we will talk about this briefly and universal agent is just someone who’s empowered. You have the ability to do anything that the principal could do personally that normally, if you also think of power attorney-and that would be more of a universal agent, a general agent is what most agents are considered a general agent. They just do a broad range of various activities during the transaction, a property manager or someone who’s. Managing the lease for owner they’re considered a general agent tulsa real estate agents, like I said, are normally fall under the general agent category. There is a special agent category, as that is more of a limited agent. That means you’re only authorized to represent somebody in one specific app so far, an example that could be maybe a seller does not want a tosser real estate agents to fully represent them in a transaction that they just want them to list the house on the mls, but the owner themself would handle all negotiations exedra. That would be considered a special agent or a limited agent, and so we are going to stop there for now talk to real estate agents. Again, this is called real estate agency in law of agency law of agency in oklahoma tulsa. Real estate agents do not practice agency. However, we have to know this in order to pass your exam