General Principles of Agency
Agency governs the duties licensees owe to the people they represent. Fiduciary duties are central to ethical and legal practice.
Fiduciary Duties
An agent owes the client duties often summarized as care, obedience, loyalty, disclosure, confidentiality, and accounting. Loyalty requires placing the client's interests first, and confidentiality protects the client's private information. Agents must never obey unlawful instructions.
Creating and Ending Agency
Agency is usually created by an express agreement authorizing the licensee to act. It terminates by completion of the transaction, expiration, mutual agreement, revocation, or operation of law such as death or bankruptcy. Ordinary use of the property by the client does not end the relationship.
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