N4 Agency Flashcards
A relationship created when one person hires another to act on his or her behalf.
Agency
The person who hires an agent is known as either a ___or ___.
Principal, Client
Agent
The person hired to represent someone else.
Customer
A person not represented.
Acronym for the SIX Fiduciary Duties:
CAR LOD or OLD CAR
The Six Fiduciary Duties ARE:
Confidentiality Obedience
Accountability Loyalty
Reasonable Skill & Care Disclosure
Loyalty Confidentiality
Obedience Accountability
Disclosure Reasonable Skill & Care
The fiduciary duty that prohibits an agent from disclosing a client’s motivation.
Confidentiality
The fiduciary duty that requires an agent to place the client’s interest above all other interests.
Loyalty
The duty that requires an agent to follow the client’s instructions.
Obedience
The duty that requires an agent to protect a client from foreseeable harm.
Reasonable Skill & Care
The duty that requires an agent to keep a client fully informed.
Disclosure
Expressed Agency
An agency created through specific instruction to the agent.
Agency created through the acts of an agent.
Implied Agency
A document in which a client authorizes an agent to act and sign documents on the client’s behalf.
Power of Attorney
Attorney In Fact
The person authorized to act under a power of Attorney.
An agent with broad authority to act in Various business matters.
General Agent
An agent who has the authority to represent principal/client in all matters.
Universal Agent
An agent with limited authority.
Specific Agent or Special Agent
The type of agency that occurs when one agent represents two clients in the same transaction
Dual Agency
Independent Contractor
A person who contracts his or her services to another but is not an employee
A person whose work can be controlled on an hour-to-hour basis by an employer.
Employee
An agent’s agent.
Sub-agent
7 ways In which an agency may be terminated:
- ____________________
- ____________________
- ____________________
- ____________________
- ____________________
- ____________________
- ____________________
- Performance
- Mutual agreement
- Expiration of term
- Revocation by the principal or agent
- Destruction of the property
- Bankruptcy of the principal
- Death or serious incapacity of principal or agent
Does death of either party terminate a lease or purchase agreement?
No
