Chapter 5.1 National Brokerage
What is special about a universal agent? A universal agent has power of attorney. A universal agent has veto power. universal agent has unilateral power. A universal agent has statutory powers.
A universal agent has power of attorney.
Agent Sam told a buyer that the fence line also marked the property line. Agent Sam knew that the property line did not extend to the fence line. Agent Sam's actions are an example of what? Passive fraud Unintended fraud Active fraud Puffing
Active fraud
Which of the following is NOT a form of agency? Express agency Implied agency Closed agency Ostensible agency
Closed agency
The principles of an agency relationship include all of these factors except which one? Mutual consent Authorization Compensation Fiduciary duties
Compensation
When the real estate agent has produced a buyer who is ready, willing and able, the agent has generally done what? Accounted to the principal Earned a commission Consummated the sale Established personal competence
Earned a commission
An actual agency created by written or oral agreement between the principal and the agent. Through this agreement the principal authorizes a person to act as the principal's agent. For example, a written listing agreement between a seller of real estate and broker is this.
Express agency
Which of the following types of information can a licensee legally provided to both a principal and a customer? Counsel Facts Legal Advice
Facts
An agency created from the conduct of the principal and agent. It is generally inferred by circumstances that imply an intention to create an agency relationship. A(n) ______ is an actual agency, and is a fact to be proved by deductions or inferences from other facts.
Implied agency
An agent's duties to a principal include all of the following except which? Loyalty Accounting Notice Legal advice
Legal advice
Which of the following is a common complaint buyers have against brokers? Excessive paper work Compensation fees Misrepresentation of the facts Failure to respond to questions
Misrepresentation of the facts
Under what conditions can an agent provide advice and counsel to the customer? Upon a verbal request by the customer Upon a written request by the customer. When the request benefits the agent's client Never
Never
What is a form of implied agency relationship created by the actions of the parties involved rather than by written agreement? Defined agency Ostensible agency At-Large agency Non-Facto agency
Ostensible agency
A person who has been given the appearance of being an employee or acting (an agent) for another (principal), which would make anyone dealing with the _______ reasonably believe he/she was an employee or agent.
Ostensible agent
The authority to act for another person in specified or all legal or financial matters.
Power of attorney
"Everyone charges the same so you might as well list with me" is an example of what? Price fixing Boycott Market allocation Tying agreement
Price fixing
A person who hires an agent to represent his or her interests is known as what? Customer Referral Advocate Principal
Principal
Puffing is best characterized as which of the following Fraud Subjective opinion Objective opinion Misrepresentation
Subjective opinion
Obedience of the agent to the principal means what? The agent may disobey those instructions in good faith if the agent feels it is necessary The agent must follow all the instructions of the seller even if they violate state law The agent must follow those instructions regardless of personal feelings about them, as long as they do not violate the state or federal laws. The agent must follow all those instructions regardless of the consequences.
The agent must follow those instructions regardless of personal feelings about them, as long as they do not violate the state or federal laws.
A special agent is also known as a single or solo agent. directed or assigned agent. limited or specific agent. general or area agent.
limited or specific agent.
Antitrust laws prohibit market allocation. trade unions. market coops. volume discounting
market allocation.
Paul Shafer is acting as the agent of David Smith. He can agree to a change in price without Smith's approval. may share his commission with a licensed attorney. must report all offers to Smith. can make a profit in addition to his commission.
must report all offers to Smith.
An agent is one who is the source of another's authority one who represents and acts for another one who has conferred authority to another one who has been paid a commission by another
one who represents and acts for another