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Ch 1-2: Agent

Agent definitions

Agent One who represents the principal in dealings with third parties.
Universal Agent Represents a principal in all matters that can be delegated by a principal to an agent.
General Agent Represents a principal in a particular business or specified range of ongoing business matters.
Special Agent Limited and specific authority, usually to represent a principal for just a single transaction.
Power of Attorney A seller or buyer may grant authority to another person to sign contracts and closing documents on their behalf.
Attorney-in-fact The person signing under authority of a power of attorney
Sub-agent A broker who receives authority from the principal (the buyer or seller client), but only through the agent (the principal broker).
Broker An agent of the principal broker and a subagent of a buyer or seller.
Third party A person an agent deals with as a representative of the principal; represented by another agent.
Customer Someone who is not represented by an agent.
Created by: userjoe