Real Estate Agency

by | Oct 17, 2024 | Analysis

 

 

1. Who is considered the Principal in a real estate relationship? Define ‘agency’ as according to the California Civil Code. Explain what is a Fiduciary Relationship, how is it created and how does it obligate the agent?

2. Name and ‘Define’ the 3 ways a real estate agency is created, be specific. Which one of the three is the most common?

3. Explain the difference between an independent contractor and an employee of a real estate office.

4. Can a real estate agent represent both the buyer and seller on the same transaction at the same time? Why or why not? Name three occasions when the Disclosure Regarding Real Estate Agency Relationships Form must be completed.

5. What is a “Trust Account’ ? What is ‘commingling’ ? What three (3) choices does a real estate agent have to make with a buyer’s deposit within 3 business days (if the buyer did not ask to have the check held uncashed)?

 

Sample solution

Dante Alighieri played a critical role in the literature world through his poem Divine Comedy that was written in the 14th century. The poem contains Inferno, Purgatorio, and Paradiso. The Inferno is a description of the nine circles of torment that are found on the earth. It depicts the realms of the people that have gone against the spiritual values and who, instead, have chosen bestial appetite, violence, or fraud and malice. The nine circles of hell are limbo, lust, gluttony, greed and wrath. Others are heresy, violence, fraud, and treachery. The purpose of this paper is to examine the Dante’s Inferno in the perspective of its portrayal of God’s image and the justification of hell. 

In this epic poem, God is portrayed as a super being guilty of multiple weaknesses including being egotistic, unjust, and hypocritical. Dante, in this poem, depicts God as being more human than divine by challenging God’s omnipotence. Additionally, the manner in which Dante describes Hell is in full contradiction to the morals of God as written in the Bible. When god arranges Hell to flatter Himself, He commits egotism, a sin that is common among human beings (Cheney, 2016). The weakness is depicted in Limbo and on the Gate of Hell where, for instance, God sends those who do not worship Him to Hell. This implies that failure to worship Him is a sin.


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God is also depicted as lacking justice in His actions thus removing the godly image. The injustice is portrayed by the manner in which the sodomites and opportunists are treated. The opportunists are subjected to banner chasing in their lives after death followed by being stung by insects and maggots. They are known to having done neither good nor bad during their lifetimes and, therefore, justice could have demanded that they be granted a neutral punishment having lived a neutral life. The sodomites are also punished unfairly by God when Brunetto Lattini is condemned to hell despite being a good leader (Babor, T. F., McGovern, T., & Robaina, K. (2017). While he commited sodomy, God chooses to ignore all the other good deeds that Brunetto did.

Finally, God is also portrayed as being hypocritical in His actions, a sin that further diminishes His godliness and makes Him more human. A case in point is when God condemns the sin of egotism and goes ahead to commit it repeatedly. Proverbs 29:23 states that “arrogance will bring your downfall, but if you are humble, you will be respected.” When Slattery condemns Dante’s human state as being weak, doubtful, and limited, he is proving God’s hypocrisy because He is also human (Verdicchio, 2015). The actions of God in Hell as portrayed by Dante are inconsistent with the Biblical literature. Both Dante and God are prone to making mistakes, something common among human beings thus making God more human.

To wrap it up, Dante portrays God is more human since He commits the same sins that humans commit: egotism, hypocrisy, and injustice. Hell is justified as being a destination for victims of the mistakes committed by God. The Hell is presented as being a totally different place as compared to what is written about it in the Bible. As a result, reading through the text gives an image of God who is prone to the very mistakes common to humans thus ripping Him off His lofty status of divine and, instead, making Him a mere human. Whether or not Dante did it intentionally is subject to debate but one thing is clear in the poem: the misconstrued notion of God is revealed to future generations.

 

References

Babor, T. F., McGovern, T., & Robaina, K. (2017). Dante’s inferno: Seven deadly sins in scientific publishing and how to avoid them. Addiction Science: A Guide for the Perplexed, 267.

Cheney, L. D. G. (2016). Illustrations for Dante’s Inferno: A Comparative Study of Sandro Botticelli, Giovanni Stradano, and Federico Zuccaro. Cultural and Religious Studies, 4(8), 487.

Verdicchio, M. (2015). Irony and Desire in Dante’s” Inferno” 27. Italica, 285-297.

Real Estate Agency Relationships

1. Principal and Agency

In a real estate relationship, the principal is the person who hires the agent to represent them. The agent is the person who acts on behalf of the principal. According to the California Civil Code, an agency is a relationship between two persons, by which one person (the agent) is authorized to act for another (the principal).

A fiduciary relationship is a special type of agency relationship where one party places trust and confidence in another to act in their best interests. In a real estate agency relationship, the agent has a fiduciary duty to the principal. This means that the agent must act honestly, fairly, and in the best interests of the principal.

Real Estate Agency Relationships

1. Principal and Agency

In a real estate relationship, the principal is the person who hires the agent to represent them. The agent is the person who acts on behalf of the principal. According to the California Civil Code, an agency is a relationship between two persons, by which one person (the agent) is authorized to act for another (the principal).

A fiduciary relationship is a special type of agency relationship where one party places trust and confidence in another to act in their best interests. In a real estate agency relationship, the agent has a fiduciary duty to the principal. This means that the agent must act honestly, fairly, and in the best interests of the principal.

2. Creation of Agency

A real estate agency can be created in three ways:

  1. Express Agency: This occurs when the principal and agent explicitly agree to the agency relationship, either orally or in writing.
  2. Implied Agency: This occurs when the principal’s actions or words imply that they have authorized the agent to act on their behalf.
  3. Apparent Agency: This occurs when a third party reasonably believes that the agent has authority to act on the principal’s behalf, even if the principal has not given express or implied authority.

The most common way to create a real estate agency relationship is through an express agency. This is typically done by signing a listing agreement or buyer’s agency agreement.

3. Independent Contractor vs. Employee

An independent contractor is a person who works for another person or entity but is not an employee. They have more control over their work and are not subject to the same employer-employee relationship as employees.

An employee is a person who works for another person or entity under a contract of employment. Employees are generally subject to the employer’s control and supervision.

4. Dual Agency

A real estate agent cannot represent both the buyer and seller in the same transaction at the same time unless both parties agree in writing. This is known as dual agency.

The Disclosure Regarding Real Estate Agency Relationships Form must be completed in the following three situations:

  1. When a buyer or seller is represented by an agent.
  2. When a listing agent represents the seller and also acts as a buyer’s agent for a buyer who is interested in the listed property.
  3. When an agent represents both the buyer and seller in the same transaction with their written consent.

5. Trust Account and Commingling

A trust account is a separate bank account used by real estate agents to hold funds belonging to their clients. Commingling is the practice of mixing client funds with the agent’s personal funds. This is illegal and unethical.

Real estate agents have three choices for handling a buyer’s deposit within three business days:

  1. Hold the check uncashed: If the buyer requests that the check be held uncashed, the agent must comply.
  2. Deposit the check into the trust account: The agent can deposit the check into the trust account and hold it until the transaction closes.
  3. Disburse the funds: If the agent is authorized to disburse the funds, they can do so in accordance with the terms of the purchase agreement.

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