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what is law of agency in real estate

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The Law of Agency is a real estate-related statute. It is provided herein for informational purposes only. The Louisiana Real Estate Commission does not have regulatory authority for the enforcement of this statute. See Chapter 37 of the Commission Rules and Regulations and Louisiana Revised Statute 37:1467 for agency-related matters that are …

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  • What is the definition of agency in real estate?

  • Definition of Agency. The real estate industry bases the agency definition on the relationship between a real estate agent and the client they represent. Agency relationships have a fiduciary element to them that is underlined by law, which impresses a level of trust and confidentiality between the two parties.

  • What is an agency in real estate in Louisiana?

  • 3891. Definitions (1) 鈥淎gency鈥?means a relationship in which a real estate broker or licensee represents a client by the client鈥檚 consent, whether express or implied, in an immovable property transaction. (2) 鈥淏roker鈥?means any person licensed by the Louisiana Real Estate Commission as a real estate broker.

  • What is the law of agency in Louisiana?

  • The Law of Agency is a real estate-related statute. It is provided herein for informational purposes only. The Louisiana Real Estate Commission does not have regulatory authority for the enforcement of this statute.

  • What is an agency relationship?

  • With this understanding, agency relationships is a fiduciary relationship between a broker or agent and a principal based upon trust and is solidified with a contract. When studying for your real estate exam, do not make this harder than it needs to be!