Home
Flashcards
Preview
Laws of Agency
Home
Get App
Take Quiz
Create
Common Law
Created by decisions and decrees of judges.
Statues
Written State and Federal laws.
Agency
A consensual, fiduciary relationship between two parties, where the agent represents the principal with a third party.
Fiduciary Relationship
A relationship where there is a mutual exchange of trust and confidence
Fiduciary
One (agent) who is in a position of trust and confidence with respect to another (principal)
Principal
One who retains the services of another (Agent) to represent him/her in legal and/or business dealings with a third parties.
Agent
One authorized to perform actions for another called the Principal.
Subagent
A subagent is an agent of BIC/Company where his/her licenses have been placed
Third Party
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.
Customer
A buyer/seller that chooses not to establish an agency relationship (contract), but uses the services of a licensee.
Power of Attorney
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.
Author
batkinson
ID
219094
Card Set
Laws of Agency
Description
Session One
Updated
5/11/2013, 7:17:53 PM
Show Answers
Home
Flashcards
Preview