Chapter 7
Special or limited agency
Limited to one task one time. Once the task or time is over the agency relationship does not exist
Facilitator or transactional broker
Not allowed in North Carolina, non-agency relationship
Apparent Authority
Occurs when an agent gives the impression that she has certain authority that a third-party might responsibly rely on when in fact the agent does not hold such authority
Express agency
Oral or written agreement establishing a trust relationship between principal an agent
agent
Party who acts on behalf of the principal
principal
Person for whom the agent acts
Customer
Person in the agent does not represent
Estoppel
Prevention of a person for making a statement contrary to a previous statement
Universal Agency
Provides for an agent to have all encompassing powers to make decisions and act on behalf of the principal
agency
Relationship that exists where one person is empowered to act on behalf of another
third party
The party you do not represent
Implied authority
Based on custom and may be the result of an expressed agreement
Fiduciary
Based on trust
General agency
Broad scope of authority on the agent but the authority is not as broad as universal agency
Buyer agency agreement
Contract in which the buyer engages an agent to act on the buyers behalf in purchasing a property
Dual agency agreement
Firm is representing both buyer and seller
Sub-agent
Those agents who work for that firm