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Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
show 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.  
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show When principal seeks to deny an agency relationship, but the court stops him from denying the agency, and thereby confirms it.  
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show 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.  
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Agency by Statue   show
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Agent   show
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show A person who has been given power to sign in behalf of another.  
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show The philosophy that says, "Let the buyer beware". It indicates that parties without an agent are responsible for protecting their own interests.  
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Designated Agency   show
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show When an agent is representing both principals in a transaction with their informed consent.  
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Express agency   show
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show The "other party" knows there is a principal, knows who it is, and that there is an agent.  
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General Agent   show
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show Agency which is created through the actions of the parties, rather than through an express agreement. Also called ostensible agency.  
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show Agency which is created through the actions of the parties, rather than through an express agreement. Also called implied agency.  
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Partially disclosed principal   show
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show What an attorney-in-fact holds which authorizes actions in behalf of another person, including signature authority.  
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Principal   show
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Specific or special Agent   show
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show 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.  
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show The "other party" thinks that the agent is the principal and sees no evidence of an agency relationship. It is usually illegal.  
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show An agent hired to do all things for and in behalf of the principal.  
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Created by: Megan07
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