An agent is representing the seller. An agent at the same firm is representing a buyer. denied, 114 S.Ct. hired an agent to oversee the construction of the Illinois State Capitol IT is discovered after a sale that the land parcel is 10% smaller than the owner represented it to be. A fiduciary is defined as a broker in a relationship of trust and confidence between the broker as agent and the seller or a buyer as principal. IV. agent to plot and map the new development and they agreed to split the profit Co. v. Leveque, 30 Ill. App. purchase more than $500 worth on Principals behalf. Is a broker required to retain the brokerage relationship disclosure documents, and if so, for how long, if a written nonresidential transaction that utilized designated sales associates fails to close? 497 (1895). An agency problem occurs when the agent (management) makes decisions that are in the best interest of principals (owners). C. The principal must furnish legally adequate consideration for the agent's services. principal can also be held directly liable for a tort committed by the agent if Find MoreCities in Utah that start with H, Post Office Suburb:AMERICAN FORK, UT, 84003-9998,