What is meant by sub agent?
A subagent is a real estate agent or broker who brings in the buyer to purchase a property, but he is not the property’s listing agent. The subagent usually earns a portion of the commission.
What is the role of a sub agent?
The sub-agent is responsible for managing that sub-contract, including the management of the sub-contractor, the quality of their work, their productivity, health and safety considerations and so on as well as directing section engineers.
Who can be a sub agent?
191- A “Sub-agent” is a person employed by, and acting under the control of, the original agent in the business of the agency. Thus Sub Agent is appointed by original agent and works under control of original agent. In following exceptional circumstance the sub agent can be appointed by original Agent.
What is a sub agent relationship?
Answer: Sub-agency is one type of brokerage relationship. A defining characteristic of sub-agency is that a listing firm extends its agency relationship with a seller outside the firm’s own agents and authorizes other cooperating brokerage firms to represent the seller in a transaction.
What is a sub-agent example?
: a subordinate agent : an agent (such as a real estate broker) who is authorized by another agent to act in that person’s place In a subagency, the selling broker is a subagent of the seller because the selling broker derives his/her authority from the listing broker.—
What is sub-agent in business law?
A person appointed by an agent to perform some duty, or the whole of the business relating to his agency. Sub-agents may be considered in two points of view.
What is a subagent in contract law?
A “sub-agent” is a person employed by, and acting under the control of, the original agent in the business of the agency.
What is the legal status of a substitute agent?
A substituted agent is only named by the agent but is under the control of the principal. A sub-agent acts under the agent. A substituted agent acts independently for his principal. A sub-agent cannot be held liable by the principal, except in case of fraud.
Who is a sub-agent When may an agent appoint a sub-agent?
When the agent who does not have the authority to appoint the sub-agent appoints the sub-agent, then the agent will be a principal towards the sub-agent. The original agent will solely be responsible to both the principal and third parties for the acts of such person.
What is a subagent in Texas?
A subagent owes the same fiduciary duties to the agent’s principal as the agent does. Subagency usually arises when a cooperating sales associate from another brokerage, who is not representing the buyer as a buyer’s representative or operating in a nonagency relationship, shows property to a buyer.
Who is a sub-agent explain creation of agency?
Section 191 of the Indian Contract Act, 1872 defines a sub-agent to be a person employed by and acting under the control of the original agent in the business of the agency.
What is the definition of sub agency?
Jump to navigation Jump to search. Sub-agent (Sub-agency) is a real estate term in the United States and Canada describing the relationship which a real estate broker and his/her agents have with a buyer of a business, home, or property.
What is a sub agency in real estate?
Sub-agent ( Sub-agency) is a real estate term in the United States and Canada describing the relationship which a real estate broker and his/her agents have with a buyer of a business, home, or property. [citation needed]
What is sub agency commission?
What is a sub agent commission? A subagent is a real estate agent or broker who brings in the buyer to purchase a property, but he is not the property’s listing agent. The subagent usually earns a portion of the commission. Subagents are rare today because of the popularity of buyer’s agents and due to liability concerns.