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Ch 1-2 Relationship

Agency rel

TermDefinition
Express Agency Created by the express consent of the principal and agent; expressed in words, either written or oral.
Implied Agency Created by the actions or conduct of the agent and principal.
Agency by Ratification Created by a party ratifying (agreeing to) the unauthorized actions of the other party after the actions have already occurred.
Agency by Estoppel Created when no agency relationship actually exists, but the principal causes a third party to believe that someone is their agent.
Agency by Necessity Circumstances prevent the agent from obtaining the principal's consent to act; Agent exceeds or disobeys the limit of authority allowed by the principal.
Gratuitous Agent An agent who is not paid by a principal; has to abide with the principal’s instructions once they undertake to act as an agent.
Single Agency An agent represents only one principal in a transaction, either the buyer or seller.
Disclosed Limited Agency Agent acts concurrently for two principals in the transaction, the seller and the buyer, or two buyers competing for the same property, giving diminished service to each.
Created by: userjoe