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In insurance, a managing general agent is defined legally as "an individual or business entity appointed by an underwriting insurer to solicit applications from agents for insurance contracts or to negotiate insurance contracts on behalf of an insurer and, if authorized to do so by an insurer, to effectuate and countersign insurance contracts".
It is common practice for an intermediary to provide real estate owners with dedicated sales and marketing support in exchange for commission.In North America, this intermediary is referred to as a real estate agent, real estate broker or realtor; whilst in the United Kingdom, the intermediary would be referred to as an estate agent.
The appointment of a managing agent can only be decided by a majority vote at a general meeting in accordance with section 27 as the Strata Schemes Management Act 1996. Agents carry out some or all of the functions or duties or powers of the owners corporation including administrative matters such as calling meetings and collecting levies. [8] [16]
The term "agent" is not to be confused with salesperson or broker. An agent is simply a licensee that has entered into an agency relationship with a client. A broker can also be an agent for a client. It is commonly the firm that has the actual legal relationship with the client through one of their sales staff, be they salespersons or brokers.
An estate agent is a person or business in the United Kingdom that arranges the selling, renting, or managing of properties and other buildings. An agent that specialises in renting is often called a letting or management agent.
Management (or managing) is the administration of organizations, whether they are a business, a nonprofit organization, or a government body through business administration, nonprofit management, or the political science sub-field of public administration respectively. It is the process of managing the resources of businesses, governments, and ...
The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, who is authorized to act on behalf of another (called the principal) to create legal relations with a third party. [1]
A general agent is an agent, i.e., ... Managing general agent This page was last edited on 21 October 2022, at 12:00 (UTC). Text is available under the ...