A real estate broker or salesperson operates as a special agent, which is the most common type of agent for a real estate salesperson or broker. A special agent is one who is granted only limited authority to act on behalf of the principal. In real estate, agency laws define the rights and responsibilities that exist between all legal parties. A special agent in real estate is an agent engaged to perform a specific obligation for a client, and the agency relationship with the client terminates once the obligation is fulfilled.
A special agent is a real estate agent hired to perform a specific task or a specific job for the client or principal. Special agents are hired to perform a specific task for a client. This is the standard agency relationship for an accountant who does your taxes, as well as for a real estate agent who assists you in a transaction. A real estate agent's authority is limited to a specific task.
For example, when you get an offer to sell, you are hired for the sole act of finding a buyer for the listed property. Once that act is completed, the agency relationship ends. You were authorised to perform one act, so you were a special agent. The agent is the broker who is hired by a buyer or seller (principal) to help him or her sell or buy a property.
A real estate agent who performs the act of bringing parties together to rent, buy or exchange real estate for a fee is said to be a broker. Special real estate agents also show properties, discuss terms of sale, lead negotiations and draw up contracts of sale. A general agent can perform all the functions and tasks for which the client has appointed him/her, in relation to real estate. There are a couple of different types of client-agent relationships when it comes to the sale of real estate.
To check the prerequisites in your state, visit the website of the state's real estate regulatory authority or real estate commission. Generally, a special real estate agent is only hired to perform a specific task, after which he or she is no longer employed by the client. The best thing to do before you become a real estate agent is to get pre-approved. Buying and selling real estate is complicated enough, but add more specific terms like special agent or universal agent and you could be talking about a whole new language.
A special agent in real estate is a real estate agent hired to perform a specific task or job, as opposed to a general agent, which is a real estate agent who can perform any task assigned to him or her. And although in common parlance the label of agent is reserved for salespersons to distinguish them from their supervising brokers, technically brokers are also special agents. Basically, the main difference is that general agents in real estate have a more limited scope to act or perform their service. To make this even clearer, let us review how the functions of other real estate agents differ from those of a special agent.
Most estate agents have many clients who are at different levels of the buying process and cannot handle all the small administrative tasks. If a buyer purposely chooses to act as a buyer's agent on his or her own behalf, he or she must enter into an agreement with a real estate agent. The special agent's authority is limited to this specific duty and, once completed, the agent's legal liability to the client is also completed.