This form is an Exclusive Agency Agreement. The form provides that the company and agent have agreed to enter into a contract. The company has agreed to appoint the agent as its exclusive agent for the purposes listed in the form.
Kentucky Agency Agreement - General
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FAQ
A general agency agreement gives more than one agency the right to market your property. You'll sign a separate agreement with each agency, but you should only pay a commission to one agency. The agencies should talk to you if there is a risk of you paying two commissions.
Agency law is concerned with any "principal"-"agent" relationship; a relationship in which one person has legal authority to act for another. Such relationships arise from explicit appointment, or by implication.
Agency agreements are contracts that give you the right to participate in a real estate transaction. Depending on the type, you may represent the seller or the buyer, you may be exclusive, or you may be helping the market without specific responsibility to sell a property.
The most common is the Exclusive Right to Sell or Lease Listing Agreement. The means there is an agency agreement between the seller and the broker, granting the broker the exclusive right to represent the seller in the sale or lease of the seller's property.
An example of an agency agreement is in an employment setting, where a supervisor authorizes a worker to perform a certain project. Here, an agreement may be drafted that details the different duties of the agent.
An agency relationship is formed when the agent and a buyer or seller sign an agency disclosure or agreement form. In many cases, the client does not legally have to agree to sign anything. The agreement or disclosure states that the agent is acting on behalf and in the best interest of the client.
An agency relationship is formed when the agent and a buyer or seller sign an agency disclosure or agreement form. In many cases, the client does not legally have to agree to sign anything. The agreement or disclosure states that the agent is acting on behalf and in the best interest of the client.
DUAL AGENCY: Kentucky law permits a real estate agent and brokerage to represent both the Seller and Buyer in a real estate transaction as long as this is disclosed to both parties and they both agree. This is known as dual agency.
Definition: A general agent is an agent hired who can perform all acts associated with a particular business that a principal has appointed the agent to; these relationships are typically continuous.
The agency agreement must state: the services the agent will provide for you. the amounts of any fees or commission you agree to pay for those services. the circumstances in which the agent is entitled to payment for example, commission is usually payable only when the property is sold.
