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Flashcards in N4 Agency Deck (24)
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1

A relationship created when one person hires another to act on his or her behalf.

Agency

2

The person who hires an agent is known as either a ___or ___.

Principal, Client

3

Agent

The person hired to represent someone else.

4

Customer

A person not represented.

5

Acronym for the SIX Fiduciary Duties:

CAR LOD or OLD CAR

6

The Six Fiduciary Duties ARE:

Confidentiality Obedience
Accountability Loyalty
Reasonable Skill & Care Disclosure

Loyalty Confidentiality
Obedience Accountability
Disclosure Reasonable Skill & Care

7

The fiduciary duty that prohibits an agent from disclosing a client’s motivation.

Confidentiality

8

The fiduciary duty that requires an agent to place the client’s interest above all other interests.

Loyalty

9

The duty that requires an agent to follow the client's instructions.

Obedience

10

The duty that requires an agent to protect a client from foreseeable harm.

Reasonable Skill & Care

11

The duty that requires an agent to keep a client fully informed.

Disclosure

12

Expressed Agency

An agency created through specific instruction to the agent.

13

Agency created through the acts of an agent.

Implied Agency

14

A document in which a client authorizes an agent to act and sign documents on the client’s behalf.

Power of Attorney

15

Attorney In Fact

The person authorized to act under a power of Attorney.

16

An agent with broad authority to act in Various business matters.

General Agent

17

An agent who has the authority to represent principal/client in all matters.

Universal Agent

18

An agent with limited authority.

Specific Agent or Special Agent

19

The type of agency that occurs when one agent represents two clients in the same transaction

Dual Agency

20

Independent Contractor

A person who contracts his or her services to another but is not an employee

21

A person whose work can be controlled on an hour-to-hour basis by an employer.

Employee

22

An agent's agent.

Sub-agent

23

7 ways In which an agency may be terminated:
1. ____________________
2. ____________________
3. ____________________
4. ____________________
5. ____________________
6. ____________________
7. ____________________

1. Performance
2. Mutual agreement
3. Expiration of term
4. Revocation by the principal or agent
5. Destruction of the property
6. Bankruptcy of the principal
7. Death or serious incapacity of principal or agent

24

Does death of either party terminate a lease or purchase agreement?

No