What is one of the first topics that should be addressed in a broker's policy manual?

In a broker's policy manual, addressing agency is crucial as it lays the groundwork for the relationship between the broker, its agents, and clients. Understanding agency principles is essential because they define who represents whom in a real estate transaction. This includes the responsibilities and duties owed to clients and third parties, which are foundational to the practice of real estate.

By establishing clear guidelines about agency, the broker ensures that all agents operate under consistent standards and legal requirements. This not only protects the interests of the clients but also minimizes the risk of misunderstandings and potential legal issues. In essence, a thorough understanding and communication of agency concepts help to build a strong ethical framework for business operations. Other topics, while important, typically fall under the broader umbrella of agency considerations and can be addressed subsequently.