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National 4
N4 Chapters
Term | Definition |
---|---|
Agency | relationship created when one person hires another to act on their behalf |
Fiduciary duties | C Confidentiality A Accounting R Reasonable skill and care L Loyalty O Obedience D Disclosure |
Agents duties to customers (5) | fairness honesty good faith competency disclosure |
Expressed agency | created/understood by specific auth. from principal |
Implied agency | created through actions/statements |
Subagent | appointed by broker to work for client consumer ->broker ->salesperson client -> agent -> sub-agent |
Ways to terminate an agency | performance mutual agreement expiration of term revocation by principal or agent destruction of property bankruptcy of principal death/incapacity of principal or broker |