The relationship between a person (the Principal) and another person (the Agent) who was appointed, selected, empowered, given authority by the Principal to represent the interests of the Principal in …
Agency by Estoppel (Ostensible Agency)
An agency relationship created by the actions, behavior or statements of the Principal and/or the Agent upon which a third party relies. Ostensible Agency may be found by a court where no agency …
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Agency By Necessity
An agency relationship where the authority to represent is imputed to the Agent as a result of an emergency situation to protect the interests of the Principal. …
Agency By Ratification
Agency by ratification refers to a situation in which a principal, typically a property owner or a party in a real estate transaction, explicitly or implicitly approves and accepts the actions of an …
Agency Closing
The process by which a lender uses a title company or other firm as an agent to complete a loan. …
Agency Disclosure
Laws in most states require agents who act for buyers or sellers to disclose who represents whom in a real estate transaction. Laws vary widely by state. …