Laws of Agency

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Laws of Agency
2013-05-11 15:17:53

Session One
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  1. Common Law
    Created by decisions and decrees of judges.
  2. Statues
    Written State and Federal laws.
  3. Agency
    A consensual, fiduciary relationship between two parties, where the agent represents the principal with a third party.
  4. Fiduciary Relationship
    A relationship where there is a mutual exchange of trust and confidence
  5. Fiduciary
    One (agent) who is in a position of trust and confidence with respect to another (principal)
  6. Principal
    One who retains the services of another (Agent) to represent him/her in legal and/or business dealings with a third parties.
  7. Agent
    One authorized to perform actions for another called the Principal.
  8. Subagent
    A subagent is an agent of BIC/Company where his/her licenses have been placed
  9. 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.
  10. Customer
    A buyer/seller that chooses not to establish an agency relationship (contract), but uses the services of a licensee.
  11. 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.