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