Who is Agent?

An agent is an individual or entity appointed to act on behalf of another party, known as the principal, in various capacities. The agent has the authority to make decisions, represent, and conduct transactions on behalf of the principal. The relationship between the agent and the principal is based on an agreement, either formal or informal, and it involves a fiduciary duty where the agent is expected to act in the best interests of the principal.

Key aspects of an Agent:

• Representation: An agent represents the interests of the principal. This representation can occur in various fields, including business, law, real estate, insurance, and more.
• Authority: The principal grants authority to the agent to act on their behalf within the scope of the agreed-upon tasks or responsibilities. This authority may be broad or specific, depending on the nature of the agency relationship.
• Fiduciary Duty: Agents owe a fiduciary duty to their principals, which means they must act with loyalty, honesty, and in the best interests of the principal. This duty requires the agent to avoid conflicts of interest.

A Broker is a professional who acts as an intermediary in various industries, helping parties involved in transactions achieve their objectives. The specific roles and responsibilities of brokers can vary based on the industry and the type of transactions they facilitate, whereas, an Agent is an individual or entity authorized to act on behalf of another party, known as the principal, in various capacities. The agent has the authority to make decisions, represent the principal, and conduct transactions within the scope of the agreed-upon tasks.