David Saks: Real Estate Practice : Lesson 2679

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 2679

       #2679

When we consider the term fiduciary when we're talking about a real estate transaction we're always talking about the person that has the legal authority to act in the absence of on behalf of another person when signing a contract or making an offer.

Is this true or false ?

Take your time on this tough question. If you miss it you need to take a refresher course on agency.

The solution is posted below the royalty free wildlife photo.

wildlife

A. The above definition is so false it felt almost illegal creating it. :-)

A fiduciary relationship is the relationship the agent has to the principal.

The principal is the chief party in a real estate deal and the party that the agent is working for in the transaction.

When someone has the authority to act for another this is known as the power of attorney.




David Saks



Time&Temp Memphis

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Comment balloon 2 commentsDavid Saks • April 28 2014 07:57AM

Comments

Hi David, Knowing agency is crucial in our business and refresher course is in order if you missed that one for sure. Thanks for the post!

Posted by Les & Sarah Oswald, Broker, Realtor and Investor (Realty One Group) over 5 years ago

Nice to hear from you, Sarah, Lester.

Posted by David Saks ((retired)) over 5 years ago

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