When commitments between the parties are expressed verbally/written when the agreement is created, that is an express contract.
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For this assignment you will Provide Citations and reference page APA style for each Chapters the following ch5,6,7,8,9,10. Pdf attached
AGENCY LAW, DUTIES, AND DISCLOSURES
The first thing I have learned from Chapter 5 is that an agent is a person permitted to act or represent another individual in dealings with the parties. Agents are hired by an individual termed the “PRINCIPAL”. Lastly, third parties are people who are associated in a contract with the agent and principal. I believe it’s essential for one to understand these terms since the chapters depend on them.
Chapter six provides the concepts connected to agency duties. For instance, part II offers the agent’s responsibilities to the principal. The duties include reasonable care and skill, loyalty and good faith, and even disclosure of material information . The chapter is more practical since it provides case examples involving these duties. The FSR Brokerage vs Superior Court (Blanca) (1995) is a case that held that brokers are not under nonparties (p-15).The Second concept gleaned from this chapter is how an agency is created. On page 11, the author indicates two ways for this to happen; express agreement and ratification. When commitments between the parties are expressed verbally/written when the agreement is created, that is an express contract. On the other hand, by ratifying an agent’s conduct, a principal gives tacit approval to such actions even if the agency acted without proper authorization.
CONTRACT LAW AND REAL ESTATE CONTRACTS
The topic of Chapter 7 is Contract Law. The chapter covers five primary elements of Contract Law. These include contract classifications, contract formation, performance and breach of contract, discharge of a contract and the remedies for a breach of contract. Chapter 8 of the book covers Real Estate Contracts. The chapter begins with Part I on the basics of the cost approach through Part V, which covers the options. All these chapters cover key concepts essential to real estate contracts.
I have learned from Chapter 7 that a contract is an agreement between two or more parties to do or not do a sure thing that the court enforces . A contract can be express or implied, unilateral or bilateral and executed or executory. A contract in real estate is enforceable when it has four primary elements: capacity to contract, consideration, mutual consent and a lawful purpose. Again, the purpose of any real estate contract must be legal.
The concept I learned from Chapter 8 is that a “Listing agreement” is used to state the sales price, which sellers are willing to accept. Sellers can refuse all offers that do not match the terms without being liable for any commission. Ideally, it is an employment contract between brokers and sellers. It is often completed by the seller, together with other forms such as seller’s advisory, disclosure regarding Real Estate agency relationships and wire fraud and electronic funds transfer advisory.
ALTERNATIVE DISPUTE RESOLUTION
< The third critical concept learned was how a neutral third party can help both sides of a disagreement learn more about the issue before moving forward with formal proceedings. A third person listens to both parties' arguments and then offers an impartial assessment of the merits of each side. Resolution attempts can move forward based on that assessment and the intermediary's judgment of the evidence and contested issues.
