Agency Relationships Flashcards
1
Q
What is a fiduciary?
A
Duty legally obligates one person to act solely in the interest of another person.
2
Q
What is a customer?
A
Interested party who might be dealing with an agent, but who is not being represented by the agent.
3
Q
What is a client/principal?
A
You have an agency relationship with agent, and now that agent has the fiduciary responsibility to you.
4
Q
What is a dual agency?
A
When the agent represents both the buyer and the seller.
5
Q
What is a special agent?
A
An agent hired to perform one specific duty for the client
6
Q
What is a general agent?
A
Can perform any and all acts associated with the principals ongoing business the agent has been appointed to act in.
