National Test- Unit 5 Law of Agency

General Agent

An agent that is given limited authority usually works with property management contracts

Special Agency

Limited authority to act on behalf of the principal, such as created by a listing. Agreement

Buyer Representative Contract

Which of the following is an example of a Principal- Agency Contract

Customer

A third party not represented by an agent in RE sales contract but must be treated fairly and honestly is a ?

After act of Sale

An Agency Agreement would terminate under which of the following conditions?

Care; Obedience; Accounting, Loyalty; Disclosure;

COALD stands for responsibility ofAgents to Sellers and Buyers as Principal

An Expressed Agency

Can be either in writing or oral

Principal or Broker

Hires and gives the authority to the agent to act on his or her behalf

Universal Agent

One to whom a principal delegates the power to act in all matters that can be delegated in place of the principal.

Fiduciary Duty

That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure.

Exclusive Right to Sell Listing

Which of the following types of Listing Agreements do not require the agent to prove he or she was the Procuring Cause of the Sale to earn a commission?

Puffing

exaggeration of a property's benefits non factual statements about the property

Revocation by Principal

may be revoked at any time by principal by giving agent notice but principal may still owe agent for services