Please respond to makayla with 150 words

The Introduction to Agency Law is found in Chapter 5. Chapter 5 describes the interaction between real estate brokers, salespeople, and customers. The California Real Estate Law also imposes obligations in relation to licensing, trust fund accounts, and record keeping. The focus of Chapter Six is Agency Duties and Disclosures (for clients and customers). Additional responsibilities for sellers and agents to disclose important information are covered in chapter 6. In a transaction, an agent has obligations to both parties.
Key Concept from Chapter 5
A glance at the agent of the future is presented in chapter five. An “agent” is a person who has been given permission to represent or act on behalf of another person (the principal) in negotiations with third parties, as I discovered in chapter 5. (pg. 157). The ability to attribute the agent’s knowledge to the principal is a key aspect of an agency relationship. A principle is someone who delegates authority to another person (an agent) to act on his or her behalf while interacting with third parties. Other parties to a contract with the principal and agent are referred to as third parties.
Key Concept from Chapter 5
In chapter 5, I also learned about licensing, which is a crucial idea. First of all, you must be at least 18 years old, finish three real estate classes, and pass the salesperson exam in order to become a real estate salesman(pg.168). Every four years, real estate licenses must be renewed. Anyone who represents another party in a real estate transaction and receives compensation or anticipates receiving compensation for their services must hold a current real estate license. Without a license, a person who engages in sales or brokerage activity faces a maximum penalty of $10,000 in fines and up to six months in jail.
Key Concept from Chapter 6
My favorite chapter 6 concept is the section on the agent’s obligations to the principal (pg. 208). Diligence, good faith, and loyalty are the obligations of the agent to the principal. I made a commitment to live by these values in my current life, thus this topic interests me.  A real estate agent owes their clients loyalty, good faith, and diligence. An agent must exert a reasonable amount of diligence to accomplish the objectives of the principles. Being loyal requires the agent to prioritize the interests of the principal over all other interests, including their own. Any significant information that an agent is aware of and that has an impact on the agency’s subject matter must be disclosed to the principal. Noisy neighbors are included in this.
Summary
Since I intend to work as a real estate agent, Chapters 5 and 6 provide a realistic glimpse into the near future. I learned some really useful ideas from both chapters. Numerous court decisions were addressed for future reference, including Shapiro v. Sutherland (1998), a landmark decision that required sellers to disclose the existence of noisy neighbors as a material fact.