Test Drive/Lesson One—Agency | Introduction

  Terms

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

  Learning Objectives

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

•  Define agent;
•  Define principal;
•  Define advance fee;
•  Describe the various forms of agency relationships;
•  Describe the duties of the principal and agent;
•  Describe the difference between dual agency and divided agency;
•  Describe the agency disclosure form;
•  Explain the reasons for agency disclosure confirmation;
•  Describe the Power of Attorney agency relationship;
•  Define buyer brokerage.

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