4.1 (1.1&1.4)The Law of Agency

Implied Agency

Agency that exists as a result of actions of the parties.

Express Agency

An agency relationship created by oral or written agreement between principal and the agent.

A broker will work for a client and with a...?

Customer

This refers to the party the agent brings to the principal as seller or buyer of the property...?

Customer

An agency relationship may be terminated by which of the following...?

Destruction of the property, Expiration of the term of an agency, Mutual agreement of the parties

An agent with full authority over one property of the principal is known as a...?

General Agent

Agency that exists as a result of actions of the parties is known as...?

Implied Agency

An agent with limited authority to act on behalf of the principal is referred to as a...?

Special Agent

The real estate agent in a transaction is considered a ............ to his/her broker?

Sub-agent

The sale of the property results in the ............................ of the agency relationship?

Termination

A seller's agent is entitled to a commission after...?

The agent finds a buyer who is ready, willing, and able to purchase the property

Agency

The relationship between the principal and the principal's agent which arises out of a contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to do certain acts dealing with a third party.