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