SECTION 4, UNIT 1: Intro to Agency in Georgia

Agency refers to the type of relationship between a buyer or seller and a real estate licensee.

• True

• False

Someone who has agency representation with the real estate licensee

• Consumer

• Customer

• Client

• Principal

Someone who uses or purchases a product or service

• Customer
• Supplier
• Client
• Consumer

Someone who's working with a real estate licensee, but isn't represented by him

• Client
• Customer
• Tenant
• Visitor

Someone who's a party to a transaction OR the person for whom the agent acts

• Customer
• Principal
• Agent
• Seller

Someone who acts on behalf of someone else

• Agent
• Representative
• Proxy
• Delegate

Someone who's in a position of trust and loyalty

• Associate
• Non Agent

• Agent

• Fiduciary

Someone who represents neither party in the transaction

• Fiduciary

• Non Agent

• Realtor
• Agent

We'd like to introduce Alison, a real estate licensee. Alison just received a call from the Masons. They're interested in putting their house on the market and would like to talk more with Alison about this process. Alison meets with the Masons the next day and is excited about this new prospect. She leaves them with her business card and a promise to call back in two months when they say they’ll be ready to act. In return, Alison leaves with an unsigned agency agreement and contact information for their son, Brent, who's ready to buy his first home.

Are the Masons Alison's clients?

• yes

• no

What is BRRETA

• Brokerage Relationships in Real Estate Transactions Act

• Brokerage Relationships in Real Estate Act

• a term for real estates relationships