PSI General Portion Content Outline – General Principles of Agency

V. General principles of agency (Salesperson 13%; Broker 11%)

A. Agency and non-agency relationships

  1. Types of agents and agencies
  2. Other brokerage relationships (non-agents)

a) Transactional

b) Facilitators

B. Agent’s duties to clients

  1. Fiduciary responsibilities
  2. Traditional agency duties (COALD)
  3. Powers of attorney and other delegation of authority

C. Creation of agency and non-agency agreements; disclosure of conflict of interest

  1. Agency and agency agreements

a) Key elements of different types of listing contracts

b) Key elements of buyer brokerage/tenant representation contracts

  1. Disclosure when acting as principal or other conflict of interest

D. Responsibilities of agent to customers and third parties, including disclosure, honesty, integrity, accounting for money

E. Termination of agency

  1. Expiration
  2. Completion/performance
  3. Termination by force of law
  4. Destruction of property/death of principal
  5. Mutual agreement
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