Agency

Definition: Agency is a relationship in which one person is authorized to act for another, the principal, within an agreed scope.

Example

An owner authorizes a broker to act as a single agent in marketing a home.

Keep the distinction clear

In Florida, a real estate license alone does not establish single agency. Transaction brokerage is presumed unless single agency or no brokerage relationship is established in writing.

Related terms

Agent · Single Agent · Transaction Broker

Keep studying

Buyer Agreements and Florida Agency: What Changed?

References: Florida Statutes 475.278: brokerage relationships and duties

Pronunciation (US): AY-juhn-see (capitals show stress)

Pronunciation reference: Merriam-Webster