Which body of laws governs agency practices developed through custom and case law?

The law of agency is specifically designed to address the relationships and responsibilities that arise in agency practices, which are often shaped by customs and decisions made in court cases. This body of law outlines the duties and obligations of agents to their principals and comes into play in various professional fields, including real estate.

By establishing guidelines based on customary practices and judicial rulings, the law of agency helps ensure that both agents and their clients understand their rights and responsibilities within the agency relationship. This framework is particularly important in real estate, where agents frequently represent buyers, sellers, landlords, and tenants.

Statutory law refers to laws enacted by legislative bodies, while common law is based on judicial decisions and precedents rather than written statutes. Regulatory law involves rules created by governmental agencies to enforce statutes, but does not specifically focus on the nuanced relationships of agency practices. Thus, the law of agency is the most accurate term to describe the set of practices governed by both custom and case law in the context of agency relations.