Learning Objectives
– Identify the reasons why an agent may be used
– Define agency and dual agency
– List and explain the three major ways in which a licensee can provide trading services in British Columbia
– Explain the model of designated agency and its use in the real estate industry in British Columbia
– Explain the prohibition/ban on dual agency and why such a decision was made
– Describe the narrow exception for the practice of dual agency
– Discuss the use and value of standard forms in the real estate industry in British Columbia
– Describe how an agency relationship is created and terminated
– Explain the various types of agency authority
– Discuss how and when an agent becomes personally liable to a third party
– Explain the duties an agent owes to his or her principal and apply them to a real estate agency relationship
– Discuss the two ways in which a conflict of interest between
two of a licensee’s current clients may be addressed
– Explain the duties a principal owes to his or her agent
– Identify the sections in the Rules that deal with a licensee’s duties to clients and others
– List and explain the three key disclosures relating to the agency relationship in British Columbia
– List and explain the two key disclosures relating to the remuneration of a licensee in British Columbia
– Describe the purpose of the disclosure of interest in trade, the disclosure of latent defects, and the notice relating to contract assignments
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