Course Video #2--Agency Basics and Introduction
Travis Everette・2 minutes read
Understanding the key concept of agency in real estate is crucial, as it involves representation, advice, and protecting the best interests of clients. Differentiating between fiduciary brokers and transactional brokerage is essential, as fiduciary brokers prioritize clients' interests, while transactional brokerage focuses on closing transactions without advice or representation.
Insights
- Agency in real estate is about representation, advice, and protecting the best interests of those who hire you, emphasizing the crucial role of agents in transactions.
- The distinction between fiduciary brokers who represent clients and transactional brokerage focusing on transactions is vital, with North Carolina prioritizing fiduciary relationships.
- Understanding the roles of agents, sub agents, clients, and customers is essential in real estate transactions to ensure proper representation and adherence to legal guidelines.
- Real estate agents must prioritize their clients' best interests, even if it means advising against a transaction or sacrificing a commission, highlighting the fiduciary duty and ethical responsibilities agents uphold.
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Recent questions
What is the role of an agent in real estate?
Agents represent clients' best interests in transactions.
What is the difference between clients and customers in real estate?
Clients hire agents, while customers have not.
What is fiduciary brokerage in North Carolina?
Fiduciary brokers prioritize client interests over customers.
What is transactional brokerage in real estate?
Transactional brokerage focuses on closing deals without advice.
What are the responsibilities of sub agents in real estate?
Sub agents work under the main agent representing a party.
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