BU231 Study Guide - Midterm Guide: Independent Business
Document Summary
Agent: a person acting for another person in contractual relations with third parties! Principal: the person on whose behalf the agent acts! Dependant agent: an agent who acts exclusively, or mostly, for a single principal! Commission agent: one who sells on behalf of a principal to third parties and receives compensation thought commissions. Independent agent: an agent who carries on an independent business and acts for a number of principals. Agency agreement: the agreement between principal and agent whereby the agent undertakes to act on behalf of the principal. Power of attorney: a type of agency agreement authorizing the agent to sign documents on behalf go the principal. Listing agreement: an agreement by the client of a real estate agent to pay commission on any sale of a property. Power of attorney: a type of agency agreement authorizing the agent to sign documents on behalf of the principal.
