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Flashcards in Law of Agency Deck (28)
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1

In an agency relationship, the ________ is the person who does the hiring

principal

2

A real estate licensee who is authorized to assist the "real" agent is referred to as a subagent.

True

3

When the "other party" knows there is a principal, but not who the principal is, that is a partially disclosed principal. This is:

Legal

4

When the agent acts as if he/she were the principal, the principal is undisclosed. Usually this is:

Illegal

5

Name the 4 real estate agent’s fiduciary responsibilities:

O.D.A.MI
The Rule of Obedience
The Rule of Disclosure,
The Rule of Accounting
The Rule of Monetary Interest

6

The principal's obligation to the agent is to pay compensation, to perform, and to legally indemnify the agent in possible legal actions

True

7

A licensee listed a house and represents the:

Seller

8

The listing agent had both parties sign the Limited Agency Consent Agreement. He/she represents the:

Buyer and Seller

9

A licensee has a contract to help the buyers find a property. He/she represents the:

Buyer

10

Dual, or limited, agency is _______________as long as both parties agree to it in writing; or in other words, the agent obtained informed consent.

Legal

11

The two primary people in ANY agency relationship are the

Agent and Principal

12

A broker who has signed a listing with a seller is an example of a:

Specific Agent

13

An agent who does all things for and in behalf of his principal is a(n) __________ agent.

Universal

14

An agent who uses his/her expertise to accomplish the objectives of the principal is a(n) __________________ agent (an example is a property manager).

General

15

An agent who is authorized to sign documents for the principal is a(n) ________ __ ____, and has a Power of Attorney.

an attorney-in-fact,

16

19. Fiduciary. This term is sometimes used as a noun to refer to the agent.

True

17

When the agent of the seller suggested the buyer might want to offer 90% of the listed price, he/she might have created implied or dual/limited agency.

True

18

In Utah, in order to represent someone as an agent, you must have a(n) _________________ contract.

Written

19

When the principal approves the agency after it is performed and agrees to pay a commission, it is said to be:

Ratified

20

A sheriff's sale would be an example of agency by:

Statute

21

The court “stopping the stopping” would create agency by:

Estoppel

22

A principal who is known to the "other party" or customer is _______________ disclosed.

Fully

23

Agency can be terminated by ____________ agreement.

Mutual

24

Agency can be terminated by fulfilling terms of the:

Contract

25

Agency can be terminated by________ by the agent.

Abandonment

26

T/F. Agency can be terminated by death or insanity of either parties.

True

27

Agency can be terminated by destruction of the:

Property

28

Agency can be terminated by change of law, such as a change in _________ for the area.

Zoning