Laws of Agency

Created by decisions and decrees of judges.

Written State and Federal laws.

A consensual, fiduciary relationship between two parties, where the agent represents the principal with a third party.

A relationship where there is a mutual exchange of trust and confidence

One (agent) who is in a position of trust and confidence with respect to another (principal)

One who retains the services of another (Agent) to represent him/her in legal and/or business dealings with a third parties.

One authorized to perform actions for another called the Principal.

A subagent is an agent of BIC/Company where his/her licenses have been placed

One who is not a party to an agency contract but who may be involved in legal or business dealings because of it. Also, known as a customer.

A buyer/seller that chooses not to establish an agency relationship (contract), but uses the services of a licensee.

A written instrument authorizing a person (attorney-in-fact) to act as the agent on behalf of another to the extent indicated in the instrument.