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Some other states have recently eliminated the salesperson's license, instead, all licensees in those states automatically earn their broker's license. The term "agent" is not to be confused with salesperson or broker. An agent is simply a licensee that has entered into an agency relationship with a client. A broker can also be an agent for a ...
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]
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.
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While both insurance brokers and insurance agents help you get insurance, there’s a significant difference in who brokers vs. agents represent. Not all states have brokers, and in some states, a ...
The Buyer Agent owes fiduciary duties to the Buyer under this relationship and agreement, including fidelity, honesty, dedication to purpose, acting in the Buyer's best interests, etc. [5] The commission to be paid to the Buyer's Agent in the Buyer Agency Agreement, though ultimately the Buyer's obligation, is generally offset in whole or in ...
There are two types of insurance agents, and both work slightly differently than insurance brokers. Captive agents are professionals employed by one insurer, meaning the policies they sell are ...
Common examples of this relationship include corporate management (agent) and shareholders (principal), elected officials (agent) and citizens (principal), or brokers (agent) and markets (buyers and sellers, principals). [4] In all these cases, the principal has to be concerned with whether the agent is acting in the best interest of the principal.