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URE-AGENCY

QuestionAnswer
Agency A relationship between two parties wherein the principal hires another person to represent him or her.
Agency by Estoppel The principal seeks to deny an agency relationship, but the court stops him from denying the agency, and thereby confirms it.
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.
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.
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.
Attorney in fact A person who has been given power to sign in behalf of another.
Caveat Emptor The philosophy that says "Let the buyer beware."
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.
Dual Agent (Limited Agent) When the agent is representing both principals in a transaction with their informed consent. (Also known as a limited agent.)
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 implication, or the actions of the parties, rather than through an express agreement.
Ostensible Agency Agency which is created through implication, or the actions of the parties, rather than through an express agreement.
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 sometimes 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.
Fiduciary The word which describes the responsibility of an agent toward the principal, involving trust, loyalty, confidence, care and diligence.
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.
Rule of Obedience The responsibility of the agent to follow all instructions of his principal.
Created by: ryan0099
 

 



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