Laws of Agency

The flashcards below were created by user batkinson on FreezingBlue Flashcards.

  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.
Card Set:
Laws of Agency
2013-05-11 19:17:53

Session One
Show Answers: