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The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, who is authorized to act on behalf of another (called the principal) to create legal relations with a third party. [1]
[20] [38] [77] Conflicts between one fiduciary duty and another fiduciary duty arise most often when a lawyer or an agent, such as a real estate agent, represent more than one client, and the interests of those clients conflict. [23] This would occur when a lawyer attempts to represent both the plaintiff and the defendant in the same matter ...
According to paragraph 1.01: "Agency is the fiduciary relationship that arises when one person (a 'principal') manifests assent to another person (an 'agent') that the agent shall act on the principal's behalf and subject to the principal's control, and the agent manifests or otherwise consents so to act." [citation needed]
Some U.S. state real estate commissions – notably Florida's [5] after 1992 (and extended in 2003) and Colorado's [6] after 1994 (with changes in 2003) created the option of having no agency or fiduciary relationship between brokers and sellers or buyers.
Sub-agent (Sub-agency) is a real estate term in the United States and Canada describing the relationship which a real estate broker and his/her agents have with a buyer of a business, home, or property.
The fiduciary standard entails certain obligations on the advisor that a non-fiduciary does not want to be held to. The fiduciary question is one of the most important questions you can ask an ...
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