Today we are going to talk about the basic principles of an agency relationship.
An agent is a person who has been legally empowered to act on behalf of another person or entity. This is not the same as having power of attorney, where one person has the power to act as another person for that one act.
Real estate licensees often act on someone else’s behalf in real estate transactions. They are an agent acting on behalf of a “client” or “principal”, so it’s important to understand the Law of Agency that defines the rights, duties, and responsibilities of all legal parties.
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