Online: Agency in Michigan
Agency is the special relationship between a real estate licensee and a client. As a licensee, it’s important for you to fully understand the duties you owe to clients as well as customers, and the duties you can perform for others without breaching the obligations you owe to your clients. Knowing what to disclose, when to disclose it, what to keep confidential, and all of the other detailed requirements built into agency relationships are crucial for a successful and legal real estate practice.Agency may be created only through the permission of both parties. However, you can inadvertently become an "implied agent" of a customer through your actions, so you'll want to be careful to avoid that. In addition, we’ll discuss how agency is terminated. Finally, we'll look at the duties that survive agency; these are duties you owe your clients even after the agency agreement is terminated.