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URE-AGENCY A

TermDefinition
Agency A relationship that exists when a person called a principal, hires another to represent him/her, to act in the principal's best interest, and in everything that is said or done, to take care of the interests of the principal.
Agency by Estoppel When principal seeks to deny an agency relationship, but the court stops him from denying the agency, and thereby confirms it.
Agency by Ratification 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.
Agency by Statue When the law has given rise to the agency, such as a sherif appointed by the court to be the agent of the owner in the foreclosure sale.
Agent The principal broker hired by the seller, buyer, lessor, or lessee. Only a principal broker can be hired as an agent for a member of the public in a real estate transaction.
Attorney in fact A person who has been given power to sign in behalf of another.
Cavet Emptor The philosophy that says, "Let the buyer beware". It indicates that parties without an agent are responsible for protecting their own interests.
Designated Agency When principal (buyer or seller) who is hiring an agent specifies exactly which person will act as agent or sub agent and exercise feduciary care in representing the principals best interest.
Dual Agent (Limited Agent) When an agent is representing both principals in a transaction with their informed consent.
Express agency Agency created through words, written or oral, between the principal and the agent, such as a listing agreement.
Fully Disclosed Principal The "other party" knows there is a principal, knows who it is, and that there is an agent.
General Agent An agent hired by contract to use the agent's expertise to fulfill the objectives of the principal.
Implied Agency Agency which is created through the actions of the parties, rather than through an express agreement. Also called ostensible agency.
Ostensible Agency Agency which is created through the actions of the parties, rather than through an express agreement. Also called implied agency.
Partially disclosed principal The "other party" knows who the agent is, knows there is a principal, but is not told who the principal is.
Power of Attorney What an attorney-in-fact holds which authorizes actions in behalf of another person, including signature authority.
Principal The agent works for this person. This person is also referred to as a client.
Specific or special Agent An agent hired by contract to carry out specifically stated activities.
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.
Undisclosed Principal The "other party" thinks that the agent is the principal and sees no evidence of an agency relationship. It is usually illegal.
Universal Agent An agent hired to do all things for and in behalf of the principal.
Created by: Megan07