Agency
In Connecticut, the term 'implied agency' refers to an agency relationship that arises:
AFrom a written contract
BFrom the conduct and actions of the parties, without a formal written agreement✓ Correct
COnly in commercial transactions
DFrom a court order
Explanation
Implied agency is created by the actions and behavior of the parties rather than a written agreement. For example, if an agent regularly provides advice and advocacy for a buyer without a signed buyer's agreement, implied agency may exist.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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