BUL-3310 Chapter Notes - Chapter 24: Liability Insurance, Fiduciary, Proper Records
10 Nov 2017
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Introduction: the nature and extent of the duties imposed on agents and servants are governed largely by the contract of employment. Imposes on the agent a duty to give the principal all information that materially affects the interest of the principal: duty not to be negligent. It is an implied condition of employment contracts, that the employee has a duty to act in good faith and to exercise reasonable care and diligence in performing tasks. Duties of principals: duty to compensate: in general. In the absence of an express agreement, the real estate broker earns a commission: If he/she finds a purchaser who is ready, willing, and able to meet the terms outlined by the seller in the listing agreement. They are limited to factual situations in which the servant is not at fault and his/her liability results from following the instructions of the master.
