Chapter 4

Question 1

Define agency

Answer 1

A relationship in which a real estate broker or licensee, weather directly or through an affiliated licensee, represents a consumer by the consumers consent, whether Express or implied, and real property transaction

Question 2

Define agent

Answer 2

The individual who is authorized and consent to represent the interest of another person

Question 3

Define brokerage agreement

Answer 3

An agreement, written or oral, between a sponsoring broker and a consumer for licensed activities to be provided to a consumer in return for compensation or the right to receive compensation from another.

Question 4

Define consumer

Answer 4

Means a person or entity seeking or receiving license activities

Question 5

Define client

Answer 5

A person who’s being represented by a licensee

Question 6

Define customer

Answer 6

A consumer who is not being represented by the licensee but for whom the licensee is performing ministerial Acts

Question 7

Define Minstrel acts

Answer 7

Those acts that a licensee May perform for a consumer that informative or clerical in nature do not rise to the level of active representation on behalf of a consumer