BU231 Chapter Notes - Chapter 17: Mortgage Broker, Bridge Loan, Independent Business
Document Summary
A person acting for another person in contractual relations with third parties. An agent who acts exclusively or mostly for a single principal. Agent who carries on an independent business and acts for a number of principals. One who sells on behalf of a principal to third parties & receives compensation through commissions. Agreement between principal and agent whereby the agent undertakes to act on behalf of the principal. Type of agency agreement authorizing the agent to sign documents on behalf of the principal. An agreement by client of a real estate agent to pay commission on any sale of a property. Authority given expressly or impliedly to the agent by the principal. Authority that a third party is entitled to assume that the agent possesses. Representing by words or conduct that a person is one"s agent or has particular authority. Subsequent adoption by proposed principal of a contract made by an agent acting without authority.
