Larson Unit 11

one who delegates authority to another to act on one's behalf

one who is authorized to act on the principal's behalf

a relationship created when the principal delegates to an agent the right to act on the principal's behalf in business transactions and to exercise some degree of discretion while so acting

a relationship of trust and confidence between a principal and agent

an agency created when an agent is authorized to represent, without the ability to bind, a buyer or seller

an agency created when a principal grants the power of attorney to an agent

the illegal act of creating a fiduciary relationship with both the buyer and seller

the authorized agency relationship in which the broker has a fiduciary relationship with either the buyer or seller

the authorized agency relationship that is presumed to exist in the absence of an agreement to the contrary

a bilateral listing agreement in which the broker is paid regardless of who sells the property

a unilateral listing agreement in which the broker is entitled to compensation only if the broker finds a buyer