SU # 10__Agency Coupled with an Interest Flashcards
What two terms are comparable with agency coupled with interest?
Power coupled with an interest.
A power given as security.
When can a Principal terminate an agency coupled with an interest?
A Principal cannot terminate an agency coupled with interest before its expiration. The terms of the agreement must be completed.
In Illinois, which statement is correct regarding agency coupled with an interest?
Agency coupled with an interest is allowed.
This form of agency is allowed only when no principal is assigned.
This type of agency requires approval by the brokerage.
A designated agent must be assigned to the transaction.
Agency coupled with an interest is allowed.
Which of the following actions terminate terms of the agency?
Death
Expiration
Incapacity
Bankruptcy
Expiration
When a licensee leaves a brokerage, what becomes of the agency coupled with an interest agreement?
It is transferred.
It terminates.
It remains in force.
It is sent to escrow.
It remains in force.
How long is an agency coupled with an interest enforced?
No longer than 2 years
Until the interest ends
Upon the death of the licensee
Upon the death of the principal
Until the interest ends
What actions can the principal take to abolish the agency?
The principal can stop payment of funds.
The principal cannot terminate the agency.
The principal can defer payments to an escrow account.
The principal can reassign the rights to another stakeholder.
The principal cannot terminate the agency.
