URE-AGENCY
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| Agency | A relationship between two parties wherein the principal hires another person to represent him or her.
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| Agency by Estoppel | The principal seeks to deny an agency relationship, but the court stops him from denying the agency, and thereby confirms it.
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| Agency by Ratification | The agency is created by implication, or actions, and the principal approves it by agreeing after the agency service has been performed to compensate the agent.
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| Agency by Statute | The law has given rise to the agency, such as a Sheriff appointed by the court to be the agent of the owner in a foreclosure sale.
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| Agent | The person hired by a principal to act for and in behalf of, or to represent the principal, and always acting in the principal's best interest.
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| Attorney in fact | A person who has been given power to sign in behalf of another.
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| Caveat Emptor | The philosophy that says "Let the buyer beware."
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| Designated Agency | The principal (buyer or seller) who is hiring an agent specificies exactly which person(s) will act as agent or subagent and exercise fiduciary care in representing their best interest.
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| Dual Agent (Limited Agent) | When the agent is representing both principals in a transaction with their informed consent. (Also known as a limited agent.)
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| Express Agency | Agency created through words, written or oral, between the principal and the agent, such as a listing agreement.
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| Fully Disclosed Principal | The "other party" knows there is a principal, knows who it is, and that there is an agent.
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| General Agent | An agent hired by contract to use the agent's expertise to fulfill the objectives of the principal.
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| Implied Agency | Agency which is created through implication, or the actions of the parties, rather than through an express agreement.
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| Ostensible Agency | Agency which is created through implication, or the actions of the parties, rather than through an express agreement.
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| Partially Disclosed Principal | The "other party" knows who the agent is, knows there is a principal, but is not told who the principal is.
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| Power of Attorney | What an attorney-in-fact holds which authorizes actions in behalf of another person, including signature authority.
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| Principal | The agent works for this person. This person is also sometimes referred to as a client.
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| Specific or Special Agent | An agent hired by contract to carry out specifically stated activities.
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| Subagent | Anyone who is assisting the agent (principal broker) in the agent's responsibilities. For instance, a sales agent or associate broker in the office, or principal broker with a co-broker agreement.
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| Undisclosed Principal | The "other party" thinks that the agent is the principal and sees no evidence of an agency relationship. It is usually illegal.
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| Universal Agent | An agent hired to do all things for and in behalf of the principal.
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| Fiduciary | The word which describes the responsibility of an agent toward the principal, involving trust, loyalty, confidence, care and diligence.
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| Rule of Disclosure | The responsibility to reveal all material facts to a principal, including mistakes and misrepresentations. Indeed it might be said concerning the fiduciary relationship, what the agent knows, the principal knows.
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| Rule of Obedience | The responsibility of the agent to follow all instructions of his principal.
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