eal estate agencies. The overview of agency relationships on the YouTube video “Creating Agency Relationships”.
An express agreement may be an agency contract. The parties to the agreement are either with each other in writing. The most legal form of express agency is a written contract.
Another type of agency relationship is the implied agency, which occurs in the event that an agent and licensee have a common understanding based on their actions , despite the absence of signed agreement.
The principal may send a potential buyer or other the other party to an agent even in the absence of a formal agreement. The result is an agency relationship. The agency contract is often referred to as agency by estoppel.
A second reason is that an agency relation may be created by a person who has ratified an unpublished agreement signed on their behalf by an agent for real estate. The type of relationship exists for that one act.
Other forms of agency relationships are agency by necessity and agency that is accompanied by an interest. This is not the case, and in the latter the agent for real estate holds a stake in the arrangement.