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Unformatted text preview: and any service fees or cost of getting the loan. 6. Explain how you have served as an agent in the past. a. (student's personal answer - anytime you were paid for your work.) 7. What are the obligations (responsibilities) of agents to principals? Principals to agents? a. read in the chapter. agents must be loyal, obedient, honest, accountable, etc.; b. principals must compensate, reimburse, indemnify, communicate, etc. 8. What is the difference between an employee agent and an independent contractor agent? a. independent works for, or can work for, several different principals at the same time. 9. When and how are agencies terminated? a. read in the chapter. same as termination of any type of contract. most often due to completion of the job....
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- Spring '10
- Business Law