Agency Relationships begin with the fiduciary duties agents owe to their clients. In this video, we will discuss the parties to a real estate transactions, and the duties the agent (licensee) owes to their clients and customers. Key terms discussed in this real estate exam prep videos are:

Agency Relationship – The legal relationship between the principal/client and the agent/licensee.
Fiduciary Duty – Duties that involve trust and confidence. A fiduciary duty is an obligation to act in the best interest of another party.
Agent / Licensee – Someone who holds a real estate license and is authorized to represent another in a real estate transaction.
Client / Principal – Hires another party (Agent/Licensee) to represent them in a real estate transaction
Customer / Unrepresented Party – A party to a real estate transaction that is not being represented by an Agent/Licensee

Best of luck with your studies…

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Paul Vojchehoske
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P.S. Nothing in this video shall be construed as legal or financial advice and is for INFORMATIONAL purposes only! Please consult with a competent attorney, financial advisor, and your broker before implementing anything you’ve learned from this video. Likewise, the issues discussed herein may not be applicable in your state or local jurisdiction.

Paul Vojchehoske

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