Flashcards in ﹂ Chapter 8: Real Estate Agency Law Deck (20)
The party granting authority to another to act in the party's behalf is known as the __________ .
The duty of loyalty means that the agent must not to do: (name two)
1. make any secret profits from the agency relationship.
2. place the agent's interests above those of the principal.
A person authorized to act for another under a properly executed power of attorney is known as:
an attorney in fact.
An agency relationship that is created when a party gives approval to unauthorized actions after the fact is known as an:
agency by ratification.
A real estate salesperson owes legal duties to: (name three)
1. third parties.
2. his/her broker.
3. the principal.
A person holding a position of trust is known as a __________ .
An agency relationship can be terminated by: *(name three)
1. either the principal or agent without agreement of the other.
3. the death of either party.
A principal can be held liable for the actions of his/her agent while acting within the scope of authority given in the agency agreement under the principle of:
John and Mary have accepted an offer to purchase their house. John will be in Asia at the time of the closing and wants to authorize Mary to sign the closing papers for him. John will need to execute __________ authorizing Mary to sign his name to all closing documentation in his absence.
a special power of attorney
The parties to an agency relationship are the:
principal and agent.
A listing agreement must:
be in writing
The fiduciary duties of good faith and obedience are owed to:
Agency relationships can be created by all of the following ways, EXCEPT by:
A dual agent must:
disclose the dual agency in writing and obtain the written consent of all parties to the transaction.
The highest level of fiduciary duties owed by a real estate agent are owed to:
An individual given the authority to act for another in all matters, personal or business, is known as a:
The relationship of a broker to his/her salesperson is:
a principal/agent relationship.
A real estate salesperson acting as a buyer's agent:
is an agent of his/her broker and a subagent to the buyer.
A person representing another's interest with no expectation of compensation is known as a: