undisclosed agency

undisclosed agency

The failure of an agent to disclose that he or she is working for another, called the principal. Most states require real estate agency disclosure before a person reveals any confidential information.

Example:  Ralph asks his next-door neighbor, real estate agent Beronda, to help him find a house. Beronda agrees, but she must disclose to Ralph that she will work as a subagent for the sellers (the typical situation) and will not be Ralph's agent. She will owe Ralph only the duty of honesty and no other duties.

References in periodicals archive ?
Kilgore Insurance also charged illegal and undisclosed agency fees to this family's other company, Reliable, during the same period.
Mass. Insurance Agency to Pay $5M Restitution for Overcharging Customers
During 2013, however, the company entered into an undisclosed agency agreement with Magnet Limited, which means the financial statements include the results from the Magnet brand.
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The agency beat incumbentOMDandone other undisclosed agency.
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The disclosure made by US Defence Secretary Leon Panetta about Pakistan starting a new offensive in an undisclosed agency of the Federally Administered Tribal Areas (FATA) is likely to trigger heated debate in Islamabad about the feasibility of starting a military operation at this stage.
North Waziristan in the crosshairs
AFTC's other company, Reliable, was also allegedly charged illegal and undisclosed agency fees during the same period.
Mass. Insurance Agency to Pay $5M Restitution for Agent Overcharging Customers
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