Chapter 1
The relationship that exists between the principal and the agent representing him is called:
What is Agency
The agent acting under a power of attorney is called a(n)
Attorney in fact
Under a property management agreement, the broker’s client is the:
What is the owner of the property.
The only person who can give legal advice is the:
What is attorney
In a buyer agency situation, the broker represents the buyer as a:
What is the client
Customers may be referred to as
What is third parties
The seller’s broker is also known as the seller’s:
What is representative or listing agent.
Psychological stigmas:
What is having no physical affect on the property.
The Seller’s Disclosure Notice must be filled out by:
What is the seller.
A Buyer’s Representation Agreement is only enforceable:
What is within the market area named in the agreement
Agent is defined as:
What is one who is authorized to act for or in the place of another
A broker representing both the seller and the buyer in the same transaction is a(n)
What is an intermediary.
Misrepresentations can only be heard in a:
What is civil court.
When the broker is a subagent of the seller, he is working with the buyer as a(n)
What is customer.
____ of the TR Residential Buyer/Tenant Representation Agreement gives information about intermediary.
What is paragraph 8
Agency is defined as:
What is the relationship between a principal and the person’s agent
Fiduciary duties include:
What is accounting, confidentiality, and obedience.
In general, a false statement of fact that has the effect of inducing someone into a contract is:
What is misrepresentation
The broker will not receive a commission if the seller sells the property. This is an example of:
What is exclusive agency.
When the agent meets with the prospect, the agent will need to give them:
What is information about brokerage services.
The broker must always understand and explain agency to his/her ____
A _____________ may perform any acts or transactions the principal may perform.
What is a universal agent.
The party for whom professional services are rendered, anyone under the patronage of, or receiving the benefits and services of, another person is a:
What is client
The listing agreement must be in writing to satisfy:
What is the statute of frauds
An oral agreement is not an exclusive agreement and is:
What is not enforceable in a court of law.