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"Implied agency" is a term used in real estate to describe a relationship that is not written down but is created by the actions and representations of either the agent or the principal. This means that even if there is no formal agreement, the actions of the parties involved can create an agency relationship.
For example, if a homeowner tells a real estate agent to sell their house but they do not sign a formal written agreement, an agency relationship may still be created if the agent begins to act on behalf of the homeowner, such as by advertising the property or negotiating with potential buyers.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
Implied agency, what could it be?
It's not written down, for all to see.
It's like a secret, between two friends,
A relationship, that never ends.
In real estate, it happens sometimes,
When an agent or principal, cross a few lines.
They act like they're working, hand in hand,
Even though there's no agreement, written in the sand.
For example, a homeowner wants to sell,
And hires an agent, to ring the bell.
But they don't sign a paper, to say they're a team,
They just act like it, like in a dream.
The agent advertises, the house for sale,
And talks to buyers, like they're setting sail.
Even though there's no paper, to say,
They're creating an agency, day by day.
It's like a friendship, that grows and grows,
An agency relationship, that nobody knows.
It's not written down, but it's still true,
And it's important to remember, for me and you.
So when you're in real estate land,
And you're working with an agent, so grand,
Remember that implied agency, can be,
A relationship, that's hard to see.