David Saks: February 2012

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 1546

                                                    #1546

Any time a seller or buyer wants to create an agency relationship with a broker all the principal has to do is agree to the agency relationship orally.

It actually doesn't have to be in writing.

Is this true or false ?

Take your time. The solution is posted below the wildlife photograph.

(don't blow this one)

 wildlife

A. True

It's possible, and legal, to create an agency agreement by either oral or written means.

Some rule of evidence must be applied to confirm the agency relationship if it's an oral agreement.

Make sure that you and your client understand what your relationship will be and what the firm will do for your client.

You may want to have a written agreement. 

There are firms that are willing to represent and assist a client as a buyer's agent without a written agreement.

If the client decides to make an offer to purchase, the agent must obtain a written agency agreement.

If the client doesn't sign it, you can't represent and assist the buyer and you may not be required to keep information about the client confidential.

If a client later purchases property through an agent with another firm, the agent who first showed the buyer the property may seek compensation from the other firm.

Make sure your client reads and understands any agency agreement before they sign it.

Always consult with competent legal authority and an attorney if you have questions.




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • February 27 2012 12:52PM
Real Estate Practice : Lesson 1546
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#1546 Any time a seller or buyer wants to create an agency relationship with a broker all the principal has to do is agree to the agency relationship orally. It actually doesn't have to… more
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