The 5 Types of Agents: Understanding the Different Roles They Play

When we hear the word “agent,” we frequently think of someone who works on behalf of a customer or a business. However, depending on the situation, agents can play a variety of functions. The five different sorts of agents and the functions they perform will be covered in this article.

Initial Universal Agent A person who has the power to act on behalf of a client in all circumstances is known as a universal agent. This kind of agent is often chosen through the use of a power of attorney, which gives them the authority to act as the client’s representative and engage into agreements. When a client is unable to act on their own, such as during a medical emergency or legal proceedings, universal agents are frequently used.

Secondly, General Agent

A general agent is someone who has been given the go-ahead to represent a client in a particular situation or industry. A general agent who is permitted to act on behalf of the seller or buyer in real estate transactions is a real estate agent, for instance. General agents are only permitted to act in the confines of their particular field of competence and have a very limited range of jurisdiction.

Three. Special Agent

A person who is hired for a particular job or objective is known as a special agent. This kind of agent is often employed when the customer has a particular requirement that necessitates specialist knowledge. To negotiate a contract with a foreign supplier, for instance, a business might engage a special agent.

A sort of agency when the agent has a personal stake in the situation is called an agency coupled with an interest. For instance, a lender with a security interest in a piece of property may designate a representative to represent them in a foreclosure action. In this instance, the agent’s interests and those of the lender coincide. 5. Subcontractor

A subagent is a person hired by an agent to carry out a certain duty or act on the agent’s behalf. For instance, a real estate agent might designate a subagent to take a prospective buyer to a property. The subagent represents the agent and is controlled by them.

An agent is a person who acts on behalf of another individual or organization.

Unless expressly provided for in a contract or agreement, an agent often does not have the right to share profits. However, depending on the volume of business they bring in, some agents, such as sales agents, could be compensated with commissions or bonuses. In certain situations, the agent might get a cut of the profits, but that doesn’t mean they have a legal claim to a piece of the pie.