Test Drive/Lesson One | Introduction

  Terms

Click on the following important terms from Test Drive to review definitions in the online glossary.

•  agency
•  agent
•  beneficiary
•  commingling
•  default
•  divided agency
•  dual agent
•  encumbrance


•  escrow
•  fiduciary
•  lessee
•  lessor
•  material facts
•  principal
•  trust account
•  trustee


  Learning Objectives

Upon completion of Test Drive, you should be able to:

•  Define agent;
•  Define principal;
•  Describe the various forms of agency relationships;
•  Describe the duties of the principal and agent;
•  Describe the difference between dual agency and divided agency.


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