Laws of Agency
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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.
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.
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