Sentences with phrase «common law of agency»

This requirement to disclose is nothing new, because the common law of agency has always demanded that agents (if they are not being paid by their own clients) must disclose who is paying them and how much.

Brokers are no longer subjected to court proceedings in which the common law of agency comes to haunt them through their fiduciary obligations.

As with any contractual agency relationship, the courts would expect a licensee acting as a designated agent to perform his / her obligations in a manner that is consistent with the contract and the common law of agency.

Traditionally, most states relied upon the common law of agency to define the scope of the agency relationship, but in recent years some states have adopted the «transactional brokerage model» where the agency relationship is defined by statute.

The Clients argued that because they had never received the statutorily required disclosure form, the common law of agency governed their transaction.

The court first considered whether transaction brokerage had supplanted the common law of agency in the state.

The Sellers argued that since the listing agreement had expired when the Brokerage showed the property to the buyer, the Brokerage was a transaction broker and thus could not seek indemnification under the common law of agency.

Thus, the court ruled that the relationship between the Sellers and the Brokerage was governed by the common law of agency.

The Sellers first argued that the Brokerage's indemnification lawsuit was barred by Colorado's adoption of statutory non-agency real estate brokerage relationships, which replaced the common law of agency with specific duties defined by statute.

Under the common law of agency, an agent can seek indemnification for losses incurred while acting on behalf of its principal, subject to certain limitations.

The requirements of the common law of agency, the Rules and privacy legislation all apply to brokerages and their related licensees in the course of conducting business.

The two parties later agreed that the company would act as a transaction broker, under which the brokerage's duties and responsibilities are defined by statute instead of the common law of agency.

At the heart of the issue is the common law of agency, which is defined as the fiduciary relationship that results when a buyer or seller hires an agent or broker to act on their behalf.

Hence, in the common law of agency, duty and obligation are one and the same.