Agency refers to the legal relationship between a principal and an agent whereby the principal employs the agent to perform certain acts on their behalf. This relationship is founded on a contract that outlines the duties, responsibilities, and limits of authority delegated to the agent.
An 'Agency Coupled with an Interest' type of relationship in which the agent possesses a beneficial interest in the subject property. This interest allows the agent to control the property and protect the agency relationship against outside interference, in addition to representing the interests of the principal.
Imperative necessity refers to the legal principle that grants an agent the authority to take necessary and immediate action in case of emergencies, even if it means disregarding the principal’s instructions, to protect the interests of the principal.
An Incentive is an added inducement or reward for successful performance. It is generally offered to better align the interests of an agent or employee with that of the principal or employer in a real estate context.
A Power of Attorney (POA) is a legal document that grants one individual (the agent or attorney-in-fact) the authority to act on behalf of another person (the principal) in legal or financial matters.
