Question

To whom must licensees provide agency disclosures prior to entering into an agency agreement?

Answer 1

A licensee who is operating in the capacity of a party's designated agent must notify any clients of the existence of the agency relationship in writing.

An agency agreement is what?

In a legal contract known as an agency agreement, the first party, known as the "principal," agrees that the activities of the second party, known as the "agent," bind the principal to later agreements made by the agent as if the principal had made them personally.

In law, the ability of the agent to bind the principal is known as authority. A person may be compelled to pay for purchases made by a close relative using their credit card if they provide their credit card to them, which is an example of implied authority generated by an agreement.

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