Flashcards in Law of Agency Deck (28)
In an agency relationship, the ________ is the person who does the hiring
A real estate licensee who is authorized to assist the "real" agent is referred to as a subagent.
When the "other party" knows there is a principal, but not who the principal is, that is a partially disclosed principal. This is:
When the agent acts as if he/she were the principal, the principal is undisclosed. Usually this is:
Name the 4 real estate agent’s fiduciary responsibilities:
The Rule of Obedience
The Rule of Disclosure,
The Rule of Accounting
The Rule of Monetary Interest
The principal's obligation to the agent is to pay compensation, to perform, and to legally indemnify the agent in possible legal actions
A licensee listed a house and represents the:
The listing agent had both parties sign the Limited Agency Consent Agreement. He/she represents the:
Buyer and Seller
A licensee has a contract to help the buyers find a property. He/she represents the:
Dual, or limited, agency is _______________as long as both parties agree to it in writing; or in other words, the agent obtained informed consent.
The two primary people in ANY agency relationship are the
Agent and Principal
A broker who has signed a listing with a seller is an example of a:
An agent who does all things for and in behalf of his principal is a(n) __________ agent.
An agent who uses his/her expertise to accomplish the objectives of the principal is a(n) __________________ agent (an example is a property manager).
An agent who is authorized to sign documents for the principal is a(n) ________ __ ____, and has a Power of Attorney.
19. Fiduciary. This term is sometimes used as a noun to refer to the agent.
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.
In Utah, in order to represent someone as an agent, you must have a(n) _________________ contract.
When the principal approves the agency after it is performed and agrees to pay a commission, it is said to be:
A sheriff's sale would be an example of agency by:
The court “stopping the stopping” would create agency by:
A principal who is known to the "other party" or customer is _______________ disclosed.
Agency can be terminated by ____________ agreement.
Agency can be terminated by fulfilling terms of the:
Agency can be terminated by________ by the agent.
T/F. Agency can be terminated by death or insanity of either parties.
Agency can be terminated by destruction of the: