Howard wants to purchase a vacation property. He decides to use the expertise of a real estate professional. One of his business associates recommends Jose. Howard explains to Jose that he wants Jose to only represent his purchasing interest, and a contract is signed. Who is the agent? Who is the principal? What is their relationship? What is Jose's role?

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Business

Aliya Reese

27 December, 18:11

Howard wants to purchase a vacation property. He decides to use the expertise of a real estate professional. One of his business associates recommends Jose. Howard explains to Jose that he wants Jose to only represent his purchasing interest, and a contract is signed. Who is the agent? Who is the principal? What is their relationship? What is Jose's role?

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Bradley Daugherty · Answer 1

1. Jose is the agent; Howard is the principal; they have an agency relationship; Jose is a special agent.

2. Jose is the agent; Howard is the principal; they have a fiduciary relationship; Jose is a special agent.

extra info: Jose is an agent who is empowered to contract to represent the interest of someone called a principal, in this case, Howard. The relationship between the agent and the principal is an agency relationship with Jose being a special agent who is handling one transaction for Howard.