Real Estate Glossary

Agency

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Richard Wilson
Written by Richard Wilson

This refers to any legal relationship between a principal and an agent. In real estate, the principal is typically the seller, while the agent is the broker. In this kind of relationship, the principal assigns the agent the right to act on their behalf in business transactions and to exercise judgment in doing so. The agent owes the principal the duties of accounting, loyalty, and respect.

This refers to any legal relationship between a principal and an agent. In real estate, the principal is typically the seller, while the agent is the broker. In this kind of relationship, the principal assigns the agent the right to act on their behalf in business transactions and to exercise judgment in doing so. The agent owes the principal the duties of accounting, loyalty, and respect.

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Richard Wilson

Richard Wilson

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