A contractual relationship authorising a person or corporation to act on behalf of another person or corporation under specific and limited circumstances
The body of law that defines the rights, duties, and liabilities that arise among the parties when an agent represents a principal in contractual dealings with third parties See also agent and principal
A fiduciary relationship is created under the law of agency when a property owner, as the principal, executes a listing agreement or management contract authorizing a licensed real estate broker to be his or her agent (See agent, fiduciary)