Laws Of Agency

Question 0

Client

Answer 0

Principal who has an agency relationship with an agent

Question 1

Sub agent

Answer 1

A realtor is a sub agent to the broker

Question 2

Customer

Answer 2

Person who is not in a brokerage relationship but a agent may perform ministerial acts

Question 3

Fiduciary

Answer 3

Person of trust and confidence such as between the agent and principal

Question 4

Single Agency

Answer 4

Broker represents only one party

Question 5

Dual agency

Answer 5

Same agent represents multiple parties

Question 6

Designated Agency

Answer 6

One brokerage designates a agent to represent a seller and another agent to represent buyer

Question 7

Special agent

Answer 7

Realtor authorized to perform a particular act

Question 8

General Agent

Answer 8

Property manager to perform all services

Question 9

Universal Agent

Answer 9

Is a power of attorney

Question 10

Sub agent

Answer 10

A realtor helping another agent

Question 11

Expressed Agreement

Answer 11

Parties clearly state agency relationship in writing or orally

Question 12

Implied agreement

Answer 12

Actions or statements showing agency agreement

Question 13

Ratification

Answer 13

Approve
Sanction
Validate

Question 14

Estoppel

Answer 14

Legal doctrine that stops or prevents a person from canceling a contract

Question 15

Disclosure of representation

Answer 15

Must occur before substantive discussions about a property or transaction