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What is a specific agent in real estate

Discover the role and importance of a specific agent in the US real estate market. Learn how they assist homebuyers and sellers, their qualifications, and the benefits of working with one.

Introduction:

Are you considering buying or selling a property in the US? If so, you may have come across the term "specific agent" in real estate. But what exactly is a specific agent, and what role do they play in the home buying and selling process? In this article, we will delve into the world of specific agents, shedding light on their responsibilities, qualifications, and the advantages they offer to both homebuyers and sellers.

What is a Specific Agent in Real Estate?

A specific agent, also known as a buyer's agent or a seller's agent, is a licensed real estate professional who works exclusively on behalf of either the buyer or the seller in a real estate transaction. Unlike a general real estate agent who represents both parties, a specific agent focuses solely on the interests of their client, providing personalized guidance and support throughout the process.

The Responsibilities of a Specific Agent:

A specific agent wears many hats and takes on a range of responsibilities to ensure their client's

What is a Special Agency? A special agency occurs when a real estate agent is hired by a client, also known as the principal, to perform one specific task or duty. A real estate agent is considered a special agent because they are authorized only in that one job, such as helping someone sell their home.

What is the difference between a general agent and special agent?

General agents: These are agents who perform all actions deemed necessary to manage a particular job or business on an ongoing basis. Property managers are a common example of this form of agency. Special agents: These agents have the authority to perform a single specific action.


What is the most common type of agent in real estate?

Of the common types of real estate agents is the broker. A broker is usually a licensed real estate professional that assists a seller or a buyer of a property.

What are the 3 types of agency?

The most common agency relationships are:

  • Buyer's Agency;
  • Seller's Agency;
  • Dual Agency.


What is an example of a limited agent?

Limited Agent means an authorized person who, while having the written and informed consent of all parties involved in a property transaction, represents both the seller and the buyer. Limited Agent means a broker who solicits offers to purchase, sell, lease, or exchange property.

What's the difference between a special agent and an agent?

An agent has more authority compared to a special agent. Where a special agent is limited to specific tasks, a general agent can conduct multiple tasks.

What is special agency also known as?

Special agency (also called specific agency in some textbooks), which a listing agent has, gives the agent no power to bind the principle/client to a contract. A general agent, such as a property manager, has limited power to binding the principle.

Frequently Asked Questions

What creates a general agency relationship?

An Agency relationship is: � [T]he fiduciary relation which results from the manifestation of consent by one person to another that the other person shall act in his behalf and is subject to his control; and consent by the other so to act.

What is the most common agent in real estate?

A real estate broker or salesperson operates as a special agent which is the type of agent that is most common for a real estate salesperson or broker to be. The special agent is one who is only granted limited authority to act on behalf of the principal.

What is the difference between an agent and a general agent?

People hire agents to perform tasks that they lack the time or expertise to do for themselves. A universal agent has wide authority to act on another's behalf, but a general agent or special agent has more limited and specific powers.

What are general agents sometimes called?

General Agents are also known as commission-only agents. A General Agent is a person that agrees with a company to be their representative for a specified type of insurance product.

What does general mean in real estate?

General Property means those portions of the Township Area that is not capable of private ownership and includes the road and road reserves.

What is a special agent in a contract?

Special Agent

An agent with limited authority to act on behalf of the principal, such as created by a listing contract.

What special agent gets paid the most?

Top companies for Special Agents in United States

  • U.S. Department of State. 4.2 $145,564per year.
  • Federal Bureau of Investigation (FBI) 4.3 $109,946per year.
  • California Department of Justice. 4.1 $100,360per year.
  • BNSF Railway. 3.2 $86,427per year.
  • Oregon Humane Society. 4.1 $83,618per year.
  • Show more companies.

FAQ

Is a sales agent the same as a real estate agent?
In residential real estate, a sales agent may be referred to as an agent or a “realtor” in common language.
Which type of agency role is the most common one for a real estate salesperson?
Special agent

A real estate broker or salesperson operates as a special agent which is the type of agent that is most common for a real estate salesperson or broker to be. The special agent is one who is only granted limited authority to act on behalf of the principal.

In real estate what is a general agent
An example of a general agent would be a property manager who acts on behalf of clients on an ongoing basis. Another example would be a client that wants you to 
What is the difference between a general and a special agent?
General agents: These are agents who perform all actions deemed necessary to manage a particular job or business on an ongoing basis. Property managers are a common example of this form of agency. Special agents: These agents have the authority to perform a single specific action.
What is a special agency agreement in real estate?
Special agency enables an agent to complete tasks for another person to accomplish one specific objective. It doesn't include authority to bind and is unique to one situation, not an ongoing relationship. The power to bind means to commit to any contractual or financial obligations on behalf of the principal.
What is an example of a special agent in business law?
Special agents are authorized to make a single transaction or a series of transactions within a limited period. This is the type of agent most people use from time to time. A real estate agent, securities agent, insurance agent, and travel agent are all special agents.
What makes someone a special agent?
In the United States, a special agent is an official term used to refer to an investigator or detective for a federal or state government or independent agency, who primarily serves in criminal investigatory positions.

What is a specific agent in real estate

What is the difference between an agent and a special agent? An agent has more authority compared to a special agent. Where a special agent is limited to specific tasks, a general agent can conduct multiple tasks.
Why are some agents called special agents? Special Agents are special in the sense their special or particular purpose is to conduct criminal investigations of violations of federal criminal law.
What rank is a special agent? Below is a pyramid representation and typical pay grades: Special Agent (GS-5 to GS-13) Supervisory Special Agent/Group Supervisor/Resident Agent in Charge (GS-14 to GS-15)
What is the general agent? General agent definition

General agent term can refer to an employee who has enough authority to transact legal business of the company entrusted by a principal or to an individual appointed by a life or health insurer to administer its business in a given territory.

What is the role of a general agent? A general agent is a person who is responsible for the process of selling and finding a property in a given area. They are also known as a real estate agent or broker.
Is a general agent a broker? While both agents and brokers act as intermediaries between insurance buyers and the insurance market, and can offer insurance quotes on different policies, there are two key differences between the two: Agents represent insurers, while brokers represent the client.
  • How long does it take to get a real estate license in Ohio?
    • On average, it takes between two (2) – three (3) months to get an Ohio real estate license depending on the pace in which you complete the 120 hours of pre-licensing courses, pass your licensing examinations, the time it takes you to complete the application process and application processing times.
  • Is it good to be a real estate agent in Florida?
    • Data from the Bureau of Labor Statistics shows real estate agents in Florida making a mean wage of $56,460, with agents in the top 90th percentile averaging $96,580. Keep in mind that these figures reflect the averages for all agents, which includes part-time agents.
  • Is the Ohio real estate exam hard?
    • The passing rate for the Ohio Real Estate Salesperson Exam is 70%. This test is purposefully difficult, but not impossible. Be sure to pay attention during your pre-license course and take studying seriously. If you put the proper effort forth, we know that you can pass on your first attempt!
  • How much does average realtor make in Ohio?
    • What is the average salary for a real estate agent in Ohio? The average salary for a real estate agent in Ohio is $32,000 per year. Real estate agent salaries in Ohio can vary between $17,000 to $90,500 and depend on various factors, including skills, experience, employer, bonuses, tips, and more.
  • What is the average fl realtor salary?
    • Real Estate Agent Salary in Florida
      Annual Salary Monthly Pay
      Top Earners $101,463 $8,455
      75th Percentile $81,200 $6,766
      Average $67,204 $5,600
      25th Percentile $52,800 $4,400
  • Who is the general agent in real estate
    • Jan 5, 2022 — A general agent is a person who is responsible for the process of selling and finding a property in a given area.

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