Concepts Definitions
Agency Relationship: An association formed between a principal and an agent where the agent is authorized to act on the principal’s behalf.
Fiduciary Duty: A legal obligation of trust and confidence that requires an agent to act in the best interests of their principal, showing loyalty, good faith, care, obedience, accounting, and disclosure.
Principal: The client or employer (in this case, the seller) to whom an agent owes fiduciary duties.
Listing Agreement: A written employment contract through which a seller formally employs a broker to sell their real property, establishing an agency relationship.
Leave a Reply
You must be logged in to post a comment.