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Ch 1-2 Relationship
Agency rel
| Term | Definition |
|---|---|
| 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. |
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