BU231 Lecture Notes - Lecture 25: Real Estate Broker, Estoppel, Fiduciary
Document Summary
Dependent agents act exclusively for a single principal: functions of agency and. Agent employment may be entirely separate, ie. an agent need not be an employee just as an employee need not be an agent. Principal and acts on behalf of several principals or clients. Real estate agent can also act on behalf of buyer and seller which creates a. Note: once a person begins to act as an agent in a particular transaction, that person is bound by conflict of interest all the duties of a contractual agent. Parties to the relationship: agent and principal. Relationship between agent and principal is expressed in the form of an agency agreement: principal and third party. Agent makes contracts between these two parties on principal"s behalf: an agent"s power to contract on behalf of her principal is limited to the capacity that the principal possesses.
