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#Duties of transaction broker license

BROKER - While an individual may act in both capacities, and often does, the terms have different meanings. SUBAGENT - An agent of a person who is already acting as agent for a principal (agent of an agent).the buyer or the seller, the party who hires an agent to represent them

PRINCIPAL - (also known as a Client) The primary party in a transaction, e.g.

Their duties consist of accounting and any other Facilitator duties undertaken. Failure to do so could result in a Chapter 93A violation. The Facilitator must disclose all known material defects that exist. They do not represent either party in the transaction. 93A, they do not have a fiduciary relationship with the seller or the buyer.

#Duties of transaction broker license

Although bound by license law and MGL Ch. The Facilitator works to complete the transaction. FACILITATOR - Otherwise known as a transactional broker/salesperson or non-agent.AGENT - the seller with the informed consent of both.DISCLOSED DUAL - Simultaneously representing both the buyer and.Another salesperson in the firm could be designated the agent of the other party without thereby creating a dual agency for the individual agents." The Language of Real Estate DESIGNATED AGENT Individual Agency - "A designated agent is that agent designated to be the agent for the buyer or seller to the exclusion of all other agents in the brokerage (real estate office or firm).CUSTOMER - A buyer or seller who is unrepresented by the real estate licensee.Client relationship = fiduciary relationship.

CLIENT - (also known as a Principal) A person who is represented by an agent.client (buyer/seller) or real estate broker (broker of record). AGENT - "One authorized to represent and to act on behalf of another person (called the principal)." The Language of Real Estate (the principal i.e.Define basic terms in real estate brokerage relationships (use examples of each).This section applies to real estate brokers or salespeople engaged in the purchase or sale of land with a building intended for use as a one to four unit residential dwelling or to the purchase or sale of land on which a building is intended to be constructed for use as a one or two unit residential dwelling. Review history of agency, disclosure form in Massachusetts and its evolution into the 2005 revision.This maxim means that a master is liable in certain cases for the wrongful acts of his servant, and a principal for those of his agent." Black's Law Dictionary Respondeat Superior "Let the master answer. History of Agency: English common law evolved from master-servant relationship.Fundamentals of agency are unchanged for hundreds of years, but application of agency law and other brokerage relationships are constantly changing.