Creating Agency Relationships Flashcards
What is Express Agreement?
Created when the licensee and principal “express” their intentions, either orally or in writing, to enter into an agency relationship.
What is implied agency?
Establishes an agency relationship through actions of the two parties.
What is an agency estoppel?
When a person makes a representation to a third party, whether by words or conduct that another person is their agent - subsequently the third party deals with that person as an agent.
What is ratification?
Occurs when the principal “ratifies” or approves and adopts, an act which has already been done in his name and on behalfy by another person (Like real estate licensee) Who, in fact, has no actual authority to act on behalf of the principal.
What is agency necessity?
Arises when one party makes a decision on behalf of another person who is unable to do so.
What is agency coupled with an interest?
Situation in which an agent has some kind of interest in the property that’s being sold.
Who does a listing agreement involve?
Sellers
